First Bank

Monday, May 12, 2014

More Trouble For Alleged Rogue Banker, Erastus Akingbola's Associate In NMulti-billion Inter Continental Bank Scam, Bayo Dada As NSE Suspends His Finance House, Tropical Securities

Erastus Akingbola, erstwhile Managing Director/Chief Executive Officer of now defunct Intercontinental Bank Plc, was in the eye of the storm throughout the tenure of the present governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi; and he is yet to be left off the hook. The Okeigbo, Ondo State-born banker with seemingly harmless demeanour has been a regular guest to one court in Nigeria after the other in foreign land.

Taking a closer look at the judicial proceedings and Akingbola’s numerous appearances in a Lagos High Court, one will notice another bespectacled man who is always in the company of the alleged rogue banker that made mincemeat of depositors and shareholders’ money. The man is of a moderate height, of quiet mien and always dressed smartly in suits; his name is Bayo Dada.

Dada’s prospect of journeying into the gaol started with his association with Akingbola, an ordained pastor of the Redeemed Christian Church of God. Dada ran Tropic Securities Limited through which he and Akingbola reportedly siphoned monies, totalling over forty seven billion naira (N47 billion).

Up until they were exposed by Sanusi Lamido Sanusi in the earth-shattering revelations that overhauled and rebuilt the nation’s entire banking industry, Dada wielded awesome powers in Intercontinental Bank. His words were law and could only be countered by the honcho of the bank, Akingbola, who hardly found himself in disagreement with him anyway.

Dada was reputed to be an astute strategist in money matters, especially in those related to wealth creation for his boss. His knowledge of the stock market was said to be legendary. He had as much power and influence in the Nigeria Stock Exchange as much as he had in Intercontinental Bank, as access to capital, no matter how huge, was not a ‘big deal’ for him. Reports have it that many of his transactions were done with verbal communications; paper works regularising them always came much later.

He is said to have been the brain behind Renaissance Professionals, as he made readily available huge funds for the activities of the group which was very vociferous in launching series of venomous media campaign against Sanusi when he took over the headship of the Nigeria’s apex bank. Renaissance Professionals sponsored countless number of advertorials in almost all Nigerian major newsprints, casting aspersions on Sanusi’s activities and alleging that Sanusi had an axe to grind with Akingbola; and therefore, as alleged, he was trying to sell Intercontinental Bank to the then Governor Bukola Saraki with the appointment of Mahmud Lai Alabi as Chief Executive Officer of the bank after Akingbola sack.

Dada’s company, Tropics Securities Limited is one of the thirty seven (37) dealing member firms suspended days back by the Nigeria Stock Exchange for operating without compliance officers as at 22nd April, 2014.
Dada, who has extensive experience in business administrator, started his career in the financial sector with Tropics Finance & Investment Company Limited in 1993, where he worked in different capacities. He served as Director of Intercontinental Bank Plc. He is a member of the Chartered Institute of Stockbrokers and a dealing member at the Nigerian Stock Exchange. He is a Chartered Stockbroker. Dada holds a Bachelor’s Degree in English from the University of Lagos.

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