By
Jeph Ajobaju, Chief Copy Editor
Plans have been concluded by the Independent Corrupt Practices Commission (ICPC) to prosecute suspects in alleged illegal sale of N40 billion government shares in WAMCO Nigeria, makers of Peak Milk, by Bank of Industry (BOI).
Suspects may also appear in court soon for alleged unauthorised sale of N15 billion government property in Ikoyi and Victoria Island, push areas in Lagos.
BOI held in trust on behalf of the government, 127 million units of shares in WAMCO, which the bank allegedly sold under its former management headed by Rasheed Olaoluwa.
The Presidency reportedly ordered the ICPC to investigate the alleged sale of the shares and of government property in Ikoyi and Victoria Island.
The shares were allegedly sold off without due process and board approval on June 15, 2015, two weeks after President Muhammadu Buhari was sworn in for a second term on May 29, 2015.
The approving authority in BOI is its board of directors with representatives drawn from the Ministry of Trade and Investment and the Central Bank of Nigeria (CBN).
The sale was allegedly done a few days before Buhari dissolved the boards of federal agencies and parastatals.
