The Economic and Financial Crimes Commission (EFCC) has summoned First City Monument Bank (FCMB) Managing Director (MD), Ladi Balogun, and Nigerian Ports Authority (NPA) MD, Habib Abdullahi, to explain the handling of the $17 million foreign exchange (forex) NPA obtained.
TheNiche reported exclusively on November 2 that officials of the NPA and FCMB allegedly colluded to defraud the authority of $17 million through letters of credit.
The letters of credit were opened at the Co-operative Development Bank (CDB) and seven other banks yet to be identified between 1990 and 1994.
The forex accounts were opened to buy parts for the NPA’s dredger vessel, River Chalawa.
But the funds were allegedly mismanaged by the banks, which led the NPA, under former Managing Director, Abdulsalam Mohammed, to contract Nobel Sholotan to investigate and recover the letters of credit in 2007.
A source at the EFCC disclosed that after the publication by TheNiche, the EFCC – which had previously received a petition about the matter – wrote letters to the FCMB and NPA between November 2 and 4 demanding all documents on the deal.
Both the NPA and FCMB replied on November 4, 2014. NPA requested more time to gather the documents; FCMB insisted it has no question and no documents to tender.
Not satisfied with the replies, the EFCC reportedly invited Balogun and Abdullahi on Tuesday, November 25 to appear before it with the documents or risk arrest.
But NPA Assistant General Manager (Public Affairs), Musa Iliya, and FCMB Media and Communications Head, Louis Ibe, both said they did not know about the invitation.
Ibe promised to find out.
When contacted, EFCC spokesman, Wilson Uwaujeren, said he would confirm the report and get back to TheNiche.
He did not do so at press time.