EFCC Arrests Ojo, Ex-Spring Bank MD

Written by Duncan Sunday, 18 October 2009

Economic and Financial Crimes Commission (EFCC), Friday night, picked up the sacked Managing Director of Spring Bank, Mr. Charles Ojo, in its drive to investigate the five new banks recently taken over by the Central Bank of Nigeria (CBN).

Ojo was picked up about 11.pm at the new terminal of the Murtala Muhammed Airport, Lagos on his way from Abuja. Sources said he was alone at the time he was picked up by operatives of the commission.

Officials of the commission told THISDAY last night that they had intensified search for Mr. Ike Orakwuotu, former managing director of Equatorial trust Bank (ETB), and said he might be formally declared wanted if he did not voluntarily report at the commission’s office by Monday. 

Ojo, now in EFCC’s detention, brings the number of persons currently detained by the commission since the apex bank released the second audit reports on 14 banks earlier in the month to three. Earlier on Friday, the anti-graft agency arrested the former managing director of Bank PHB, Mr. Francis Atuche, and the chief executive officer of Falcon Security, a stock broking firm, Mr. Peter Ololo.

EFCC officials told THISDAY last night that Ojo was cooperating in the course of their investigations.

EFCC said Ojo has made such statements that would assist the commission in its investigations, especially as it concerns Spring Bank.

Although, there was no word on when the detai-ned persons would be arraigned, EFCC stated that the moment it kept accused persons in detention for more than 24 hours, “you should know we have court orders to do so. But at least, they are still cooperating and their cooperation has been helpful.”