Former Nigerian Ports Authority (NPA) Executive Director (Finance and Administration), Adetola Atekoja, and the authority’s debt collector, Noble Sholotan, may have gone into hiding over the financial mess allegedly involving First City Monument Bank (FCMB).
TheNiche reported exclusively on November 2 that officials of the NPA and First City Monument Bank (FCMB) allegedly connived 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 yet to be identified banks between 1990 and 1994.
The foreign exchange (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 Sholotan to investigate and recover the letters of credit in 2007.
Sholotan discovered that FCMB, which acquired CDB, and the seven other banks were unwilling to remit the various sums to the account of the NPA.
The matter remains contentious, with allegations of FCMB paying bribes to NPA officials to quash it.
Sholotan’s office locked
When TheNiche visited the office of Nobel Sholotan Nigeria Limited in Ikeja, Lagos last week, the iron doors leading to the fourth floor were locked with big padlocks.
Other occupants of the building declined to answer questions on the whereabouts of the staff of the consulting firm. But a source disclosed that the office has been under lock and key for weeks.
When TheNiche called the telephone numbers on the signboard of the firm, someone who answered but declined to identify himself said: “FCMB is lying. It should pay the debt. It started the payment but later stopped.
“FCMB should face its problems with the NPA. We never asked FCMB for any settlement.”
When asked to name the other seven banks and how much they owe the NPA, the man said all information about Sholotan’s investigation about the letters of credit are in both the legal and finance departments of the NPA.
Are you aware that FCMB allegedly bribed Mohammed and Atekoja to avoid repayment? he was asked.
He riposted: “Go and do your investigation” and then hung up.
Investigation showed that Sholotan and Atekoja have had several meetings since TheNiche broke the story on November 2.
Atekoja is alleged to be the brain behind the Memorandum of Understanding (MoU) between FCMB and the NPA on the one year repayment plan. He was a banker before he joined the NPA.
NPA mum on findings
Sholotan’s findings are kept secret at the NPA. Its Assistant General Manager (Public Affairs), Musa Iliya, said he could not make the documents public because of circumstances beyond his control.
Efforts to reach Mohammed and Atekoja failed. Mohammed did not respond to telephone calls and text messages sent to his number.
When TheNiche contacted FCMB Media and Communications Head, Louis Ibe, for comment, he pleaded for more time to conclude investigation into the matter.
He promised to respond after the investigation but did not do so at press time.