I would have loved to have the last say on this matter, but I guess it will not be so, because of the huge marauding push by the cadavers who are bent on smearing a legacy that should be carved in stone on the mountains like the Americans did with their great Presidents.
I have woken up to a barrage of banal messages, attacks both ethnic and sacrilegious, all aimed at cowing me and making me doubt my very strong resolve in never doubting the integrity of this soul.
In response, I will throw up very strong positions showing that indeed the Bank was raped very wickedly by previous owners and left to bleed to death with her legs wide open and her dignity exposed for the world to see.
My first point is that indeed Mr. E built a remarkable institution and attained significant relevance not only in the industry but in the country.
However, the Empire immediately started showing signs of covid following a “string of allegations that led to its dramatic fall from grace”.
While the markets were busy struggling with the enormity of the situation, a London Court found E guilty of stealing and diverting billions of depositors’ funds, setting the stage for a legal battle of “epic proportions”.
E’s mismanagement and “questionable dealings played a pivotal role in the financial distress and ultimate collapse of the Bank”.
Now listen carefully, E instituted a questionable strategy which led to “his Bank buying its own shares at a loss of about N145b”, a move that would later haunt him.
This incestuous relationship between Bank, owners, and other shady characters was very prevalent with the 5 banks who lost their MDs at that time. It was a wicked game that involved using depositors’ funds to buy control of the institution and then turn back to rape it wickedly.
As if that was not enough, E was accused of “siphoning bank funds into companies he and his family controlled, creating an intricate web of financial improprieties”.
E’s lifestyle during the period made Hollywood stars cringe with envy, “purchasing expensive real estate in the UK with bank funds further deepening his legal woes”.
By this time, he had started facing “allegations of bypassing banking protocols to transfer millions of dollars and pounds offshore without following standard procedures” and as the allegations piled up, he was removed from his post as Managing Director of a once beautiful institution.
To be fair to him, he constantly denied all allegations of wrongdoing and fought very strenuously to clear his name even as “mounting evidence pointed to severe financial irregularities and losing several high-profile cases both locally and internationally”.
At some point, a London court handed down a record order requiring E to repay “more than $1b in connection with the fraudulent activities”.
Let me quote an authority at this juncture:
“the collapse of E’s Bank, once one of Nigeria’s largest financial institutions, left a lasting scar on the country’s banking landscape and one may argue that the sectorial issues that resulted from this were directly or indirectly tied to the misgivings of one man who had no regard for morality and public probity.
Oya wait small, I’m sure those of you shouting – ohh they stole his bank, ohh the cowboys lassoed him and grabbed his Bank are not even aware that his activities created an international dimension, “highlighting the challenges of tracing and recovering the proceeds of corruption and fraud across borders.”
It must also be very instructive to note that throughout his legal ordeal, E made several efforts to “avoid legal consequences and even tried to regain control of the Bank every time there was a change of guard in Government”.
I have tried very hard to be dispassionate in this write-up, having seen documents, court rulings both local and international, and having discussed with critical stakeholders on all sides of the divide including past and present regulators, strengthening my position on this matter.
I would then like to say at this juncture, that the events of the last few days and since the sad and shocking passing of Herbert Wigwe as related to the acquisition of this Bank remain stupendously shameful.
Can Herbert now be allowed to rest in peace?
– Duke of Shomolu
