Breaking News:As Nigeria threatens to freeze FIB Bank- Gov't removes Kalu's name from shareholders!
Breaking News:As Nigeria threatens to freeze FIB Bank- Gov't removes Kalu's name from shareholders!
By News Researcher Justice Sam, Banjul.
Paid for And Commissioned by The Freedom
Newspaper.

As  Nigerian Court has ordered for the freezing of  all assets and bank accounts of the disgraced former Governor of South-East Abia  State Orji Uzor Kalu, well placed sources in the heart of the Gambian Government say President Yahya Jammeh is a shareholder to First International Bank, which was co financed by Governor Kalu and some business heavy weights in the impoverished tiny West African country. Kalu who is a majority shareholder in the said business venture, recently opened a sister Bank in neighboring Guinea Bissau, a nation which  has just emerged from years of political turmoil. A prominent Gambian business Executive  in the person of Edrissa Jobe was recruited by President Yahya Jammeh to serve as his power of attorney in the said bank while Governor professor J.O Irukuwu San served as the Bank's board chairman, the Freedom Newspaper can authoritatively reveal.  Professor San is a close body of the disgraced Governor. He was hired to monitor the activities of the First International Bank, which is currently being probed by Nigeria's anti economic crimes commission.

Edrissa Jobe is not new to the Nigerian Authorities. Jobe and Amadou Samaba acted on behalf of President Yahya Jammeh to facilitate the transfer of crude oil proceeds from Nigeria amounting to millions of dollars. The said crude oil scam  came to the attention of the anti graft commission in Nigeria. "Acting on the advice of Amadou Samba and Edrissa Jobe, Gambian government's consultants to the oil business. The Gambia as represented by a Nigerian company entered into a Memorandum Of Understanding (MOU) dated October 4, with the NNPC 2002. The Petition alleges that The Gambia signed an operating and export concession which is at variance in volume and configuration with that requested by the President of Gambia. Who participated in the development and implementation of the excesses, variations and increases? Who approved them?" The popular ThisDay online journal asked.

Sources close to the Gambian Presidency informed the Freedom Newspaper that Edrissa Jobe has been acting as Jammeh's "secret" shareholder in major businesses in the West African country. To be precise, Eddi Jobe as he is fondly called has been running secret errands for Jammeh over the years. The same Eddi Jobe is the Board Chairman of GAMTEL, the nation's main Telecommunication Company. Jobe is also a Board member of Elton oil Company. Jobe also had hands in NAWEC, the nation's main Water and Electricity Company. Mr.Jobe handles Jammeh's crude oil deals. Last, but not the list, Jobe is the representative of President Jammeh at the First International Bank.

The Freedom Newspaper News Researcher Justice Sam  who just returned from overseas trip was able to get hold of the list of the FIB Bank Board of Directors and Management Members. Here is the list of the Board. 
………………………………................................
BOARD OF DIRECTORS
 
1.  Professor J.O. Irukwu, SAN- Chairman
2.  Alh. A.B. Dandeh-Njie   -Vice Chairman
3.  Mr. Edrissa Jobe    -Member
4.  Mr. Festus C. Abone -Member
5.  Alh. Abdoulie Touray -Member
6.   Mr. Bassadi Jabbie     -Member
7. Mr. Momodou S. Musa -Managing Director/CEO
8.  Barrister Bennett Edet -Secretary
 
  MANAGEMENT TEAM
 
1.  Momodou S. Musa -Managing Director/CEO
2.  Yassin Bayo -GM (Ops & Customer Service.)
3.  Bennett Edet -AGM (Legal & Administration)
4.  Bridget Chinyere Nnabugwu -Head, Internal Audit
5.  Binta Janneh -Head, Credit and Marketing
6.  Pa Ousman Njie- Finance Manager
7.  Ahmed Tijan Sylva -Operations Manager
8.  Cyril Ijoma -Head, Management Information Systems

Meanwhile, as Governor Kalu is in jail awaiting his fate to be decided  on this high profile graft, ever committed in Nigeria, reports have it that the Gambian authorities have already instructed the Director of Companies at the state Law offices in Banjul to delete the Governor's name as a list of shareholder to the Bank. This  action,  according to well placed government sources, was intended to block any move taken by the Nigerian anti graft commission to freeze the assets of the detained Governor. " We have been asked to effect some changes in relation to the FIB Bank shareholders. Governor Kalu's name has been removed from the list of shareholders. We received a directive that  his name should be  taken out of the list for administrative reasons. The directive came from the President's office. Edrissa Jobe is the President's representative at the Bank. " said a source close to  the  Presidency in Banjul.

The FIB Bank is steadily growing in The Gambia, competing with major Banks, such as the Standard Chartered Bank and the Trust Bank. Due to its growing customer demand, the bank expanded  its operations in major towns in the Gambia. Just recently, it had extended its business to Guinea Bissau. The FIB also had offices in Liberia and Sierra Leone.

Banking legal experts in Banjul, informed the Freedom Newspaper that for Lagos to freeze the said Bank was going to be difficult in view of the recent change of shareholders names. The Lagos Economic and Financial Crimes Commission, they went on ought to have ordered for the freezing of Kalu's assets before the transfer of the said names. "Now that the shareholders names have been changed, it's going to be difficult to freeze the bank. Remember, that the state had interest in the said Bank. Just look at the composition of the Board Members. Most of the Board members are government functionaries, supporters or sympathizers. From a legal point of view, the authorities in Banjul stands to be accused of fraud for allowing the name of the Governor to be removed from the list of the shareholders. The Director of Companies at the state law offices have a case to answer." said the legal mind who spoke to us on conditions of strict anonymity.

A  former Commissioner in Abia State, Mr. Moses Agoh, in a statement was quoted by a Nigeria paper as saying that " ""I am a shareholder in First International Bank in Gambia. The Governor of Abia State {Kalu} is also a shareholder. The bank was incorporated in 1998 and that was the year I became a shareholder.  The Governor was the person who invited me to invest in the bank."

Nigeria's Federal Government is prosecuting Kalu on 107 count charge of stealing public funds , during his period in office. Kalu is yet to be granted bail, even though his supporters are becoming inpatient about his continued detention.

Governor Kalu visited Banjul prior to the setting up of the First International Bank. He had private talks with President Jammeh during his visit. He was treated as a "millionaire" interested in investing in the Gambia.  His visit was well covered by the state media and the private press. 

Beside, owning a bank in The Gambia, Governor Kalu also had estates in The Gambia and a holiday resort situated in Tanji, few kilometers away from the Capital City Banjul. Kalu also owns a local Insurance Firm in Banjul, which is yet to come to the knowledge of Nigeria's Financial and Economic Crimes Commission. Government sources  say Kalu invested in almost all sectors of development. Source of his wealth was never a concern to his host nation the Gambia. The Government which  is in desperate need of investment,  allowed any so called investor into the country without putting into consideration the dangers of allowing corrupt and runaway investors into the Gambia.

Meanwhile anxiety continues to grip staffers of FIB Bank in The Gambia. A senior member of the Bank told the Freedom Newspaper that the bank was likely to close if the said information reaches  the attention of its customers. "Customers would not like spend their money with banks associated with scams. We hope and pray that the situation is put under control. This bank risk losing its credibility if something is not done to end the speculations going in the country.  Keeping the confidence of our customers is paramount as long serious banking is concerned." said FIB banking officer.

Attempts to reach the Bank's CEO Mr.Musa for comments proved futile during the weekend.

 The editor can be reached at the following addresses:editor@freedomnewspaper.com or panderrymbai@gmail.com If you know that it's happening or is about to happen please contact us. It's easy. Just type your info on our contact us file and  then click send. The Freedom Newspaper is your leading and most authoritative  source of news. We have the required professionals to serve you round the clock. Get your morning breakfast news by reading Freedom. We have good stuffs  every morning. At Freedom, we mean business. 

Posted on Friday, July 27, 2007 (Archive on Wednesday, August 29, 2007)
Posted by PNMBAI  Contributed by PNMBAI
Return