NIgerian Court Grants Bank Chiefs Bail at 100 Million Naira


A Nigerian high court on Monday granted bail to seven bank chiefs arrested last month in a financial scandal rocking sub-Saharan Africa’s second largest economy.

The executives are part of a group of 16 directors arrested in August by the country’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC) for incurring billions of dollars in bad debts for five banks.

They were ordered to pay a bond of 100 million naira (648,507 dollars, 444,366 euros) each and submit guarantees of properties in upscale suburbs of Abuja and Lagos.

The directors of the troubled banks will also have to surrender their passports to make sure they do not leave the country.

The court is to rule on bail applications for the rest of the group on Tuesday.

“We will comply with the court’s ruling once the accused persons meet the court’s bail conditions,” EFCC’s spokesman Femi Babafemi told AFP after the ruling.

The country’s central bank sacked the heads of the five troubled banks on August 14 for mismanagement and running the institutions into insolvency.

It said the total loan portfolio of the five banks — Afribank, Intercontinental Bank, Union Bank, Oceanic Bank and Finbank — stood at 2.8 trillion naira (17.8 billion dollars, 12.6 billion euros).

Source: Yahoo News