Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Diezani: EFCC releases Access, Sterling Bank chiefs after refund of billions

    Diezani: EFCC releases Access, Sterling Bank chiefs after refund of billions

    May 8, 2016
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Diezani Alison-Madueke, Nigeria's embattled former minister of petroleum resources.
    *Diezani Alison-Madueke, Nigeria’s embattled former minister of petroleum resources.

    Oscarline Onwuemenyi

    08 May 2016, Sweetcrude, Houston, Texas – The Economic and Financial Crimes Commission (EFCC) has released the chief executive officers of two Nigerian banks after the men returned billions of naira they had illicitly acquired from political slush funds during the administration of President Goodluck Jonathan.

    Reliable sources from the anti-corruption agency revealed to our correspondent that Sterling Bank’s CEO, Yemi Adeola, who was arrested on Wednesday in a raid on his bank by EFCC operatives, was released last night after he deposited a payment of N5 billion.

    Also released last night was Herbert Wigwe, the Managing Director of Access Bank Plc., who was arrested yesterday after EFCC agents raided the bank headquarters in Lagos.

    According to one of our sources, the money returned by Mr. Adeola was in partial restitution for a transaction of $88 million he received from Nigeria’s former Petroleum Minister, Diezani Alison-Madueke.

    Mr. Adeola is expected to pay back a total of N17 billion to the recovery accounts of the Nigerian treasury within two weeks.

    A source at the EFCC said that some notable personalities, including Oba Akiolu of Lagos and the bank’s former CEO, Aig-Imokhuede, had pressured the anti-corruption agency to grant Mr. Wigwe bail. “We refused all such entreaties until Mr. Wigwe returned $5 million.”

    EFCC investigators said Zenith Bank had illicitly transferred the $5 million to Access Bank from a slush fund arranged by Ms. Alison-Madueke.

    He also disclosed that the agency was conducting discreet investigations and recoveries of plundered funds from rogue bank CEOs who assisted Ms. Alison-Madueke and other officials of
    President Jonathan’s administration to launder funds.

    He added that most of the funds were laundered through opaque accounts that were kept “off records” by bank MDS.

    The case of Access Bank was also linked to oil businessmen Jide Omokore and Kola Aluko, now a fugitive. Between them, both men are suspected to have stolen more than $6 billion from oil proceeds that should have accrued to the Nigerian government treasury.

    According to an EFCC source, the two oil businessmen’s link at Access Bank is an executive director, Angela Ebagua, who is Omokore’s wife. EFCC investigators who recently searched Ms. Ebagua Lagos home found her in possession of a $600k wristwatch.

    Related News

    Rivers Govt warns residents of imminent flood risk

    IMF approves $367 million disbursement to Ghana after fourth review

    Nigeria backs BRICS push for global financial reform

    E-book
    Resilience Exhibition

    Latest News

    NNPC/Shell’s ‘Vision First’ initiative in Lagos benefit thousands

    July 8, 2025

    AEC condemns Greenpeace for ‘calculated attacks’ to hinder energy development

    July 8, 2025

    Ghana launches task force to curb gold smuggling losses

    July 8, 2025

    Oil prices ease as traders assess US tariffs and OPEC+ output boost

    July 8, 2025

    Rivers Govt warns residents of imminent flood risk

    July 8, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.