The Federal High Court in Lagos has remanded the 5 failed Bank executives in prison custody till Friday. Those remanded are Cecilia Ibru of Oceanic bank, Sebastian Adigwe of Afri bank, Okey Nwosu of Fin Bank, and Barth Ebong of Union Bank. Others are Chairman and non executive directors of Intercontinental Bank Plc like Raymond Obiari, Samuel Adegbite etc, as well Peter Ololo.The accused were arraigned by the Economic and Financial Crimes Commission (EFCC) after two weeks in the custody of the commission on charges of corruption and gross professional misconduct. They were brought to court under tight security to the waiting hands of their counsels and journalists.First to be invited to the dock was Okey Nwosu former MD of Fin Bank, he was charged with professional misconduct. The arraignment degenerated to a heated augments between Nwosu’s counsels Wole Olanipekun against Rotimi Jacobs of EFCC. It was however resolved that all the accused be remanded in Prison custordy pending their bail applications.Sebastian Adigwe was charged along with Peter Ololo in a 36 count charge, while Cecilia Ibru got 25 count charges. Barth Ebong is facing 28 charges, while officials of Intercontinental Bank were slammed with 18 charges.Meanwhile some House of Representatives members said they are not against the bailout undertaken by the Lamido Sanusi led CBN team provided the measures are inline with due process of the law. They explained that Nigeria is not the first country to roll out stimulus package for ailing banks. The lawmakers further said they will address all concerns regarding the bailout, especially where the bailout funds came from.Speaking on the issue Chairman House Committee on Gas Resources Hon. Igo Aguma said: ‘‘we know that there are business men who sit down and watch how to exploit and explore Nigeria in order to boost their portfolios. I commend the CBN personally for being proactive this time you would have imagined if the banks have totally gone under. However, in being proactive we want to believe that the rule of law must be followed. This is not the only country that conducted bailout. We all watch other democracies the processes they adopt before carrying out bailouts. We hope and believe that in carrying out these good intentions, we hope that they have done that under the rule of law.’’Moreover, the Congress of Nigeria Political Parties (CNPP) and Civil Liberty of Nigeria (CLO) have also been reacting to this current economic revolution in the Nigeria money market. They decried the planned sale of the ailing banks saying the decision was too hasty. The group said the outcry of the CBN Governor to sell the Banks to foreign investors is unnecessary, saying the development is worrisome in view of its implication and that it lacks the backing of stakeholders in the financial sector. CNPP called on Nigeria lawmakers to organize public hearing to enable Nigerians contribute to the debate. CLO on its part said selling the Banks will further devalue the stocks in the country and send wrong signals to Nigerianinvestors both home and abroad.OtherreportsCelica Ibru slumps in court. Niyi Akintola, her legal counsel, requests that her doctor stand by her in the dock.
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