Nigerian Anti-Corruption Unit Brings Criminal Charges Against Bank Executives

Former Finbank chief Okey Nwosu appeared in court on Monday to answer to criminal charges brought by Nigerian anti-corruption police, marking the beginning of a series of trials targeting executives of five banks that received bail-out money when their institutions faced collapse.

Nwosu pled not-guilty to 11 charges relating to his bank’s accumulation of bad debt under his management and several more executives are expected to answer to charges over the coming days.

The five banks, including Afribank, Intercontinental Bank, Finbank, Oceanic Bank and Union Bank, received $2.6 billion in bail-out funds after carrying low cash reserves due to bad loans.

According to the country’s Economic and Financial Crimes Commission many of those loans were unsecured or did not receive board approval. The EFCC also stated that many of the loans went to individuals or companies using fictitious names.

All five bank bosses were removed from their position and now face criminal charges while another 15 executives are being questioned by police.

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