Face of corruption !!! EFCC allegedly investigating CBN Deputy Governor, Bayo Adelabu over fraud with Deziani, Onasanya

The Economic and Financial Crimes Commission (EFCC) for some hours on Monday grilled a Deputy Governor of Central Bank of Nigeria (CBN) Mr. Adebayo Adelabu over the role he played on the financial allegations with former Minister of Petroleum Resources, Mrs Diezani Alison-Madueke and former Chief Executive Officer of First Bank of Nigeria, Mr. Bisi Onasanya.

DAILY POST learnt Friday morning that Adelabu was interrogated and admitted to administrative bail by the anti-graft agency for abuse of office and his role in the alleged siphoning of shareholder funds via phony loans at First Bank Plc, where he previously served as the Executive Director and Chief Financial Officer.

Adelabu, a grandson of the foremost Ibadan politician in the pre-independence day, Alhaji Adegoke Adelabu, is alleged to have amassed a huge war chest in preparation for his governorship ambition under the platform of the ruling All Progressives Congress (APC) in 2019.
He is believed to be one of the top candidates, Governor Abiola Ajimobi of the state is toasting to succeed him.
Adelabu, DAILY POST learnt was interrogated for more than two hours on Monday at the Ikoyi, Lagos office of the anti-graft agency and was subsequently released on administrative bail.

A source with knowledge of the development reveals that investigators believe that Adelabu, who is presently serving as CBN Deputy Governor in charge of operations, connived with former CEO of the bank, Mr. Bisi Onasanya and a popular businessman who is a former chairman of the bank to arbitrarily approve loans running into several billions of Naira which have since gone bad.

”The EFCC is particularly looking at billions of naira in bad loans approved for a popular businessman’s companies during his tenure as Chairman of the bank. The recklessness of the bank bosses prompted the CBN to introduce stiffer corporate governance rules to protect shareholder funds from being abused by insiders,” the source alleged.

Further findings revealed that the embattled former First Bank Executive Director set himself up for disgrace through his crave for quick money. Sources within First Bank disclosed that he had always carried himself around like a Lord of other people’s manor. He allegedly displayed the proclivities of a man perpetually angling to hit a fortune, particularly through illicit channels.
It was also learnt that Adelabu is expected to return to the anti-graft agency for further questioning and may be charged to court for fraud and insider abuse when investigations are concluded.

Efforts by DAILY POST to get Mr. Adelabu’s reaction as at the time of filling this report on Friday was not successful. - Daily Post