First Bank

Tuesday, October 25, 2016

Another Major Scandal Breaks Out At Bank Of Industry As Assets Declared Missing Discovered Sold, Sale Of Shares Worth N39.953billion Covered Up

Another major scandal has broken in the Bank of Industry (BoI), as assets allegedly declared missing by the bank have been sold.

Also sold were 127 million shares of the bank in Friesland Campina WAMCO Nigeria which were yielding good returns according to some staff of the bank.

The assets and the shares in Friesland Campina WAMCO were reportedly sold for N39.953 billion according to its 2015 accounts that is creating ripples in the presidency.

BoI in its previous accounts had declared about 12 assets missing and removed the “missing” assets from its books.

The sale of the assets hitherto declared ” missing” has however raised suspicions in its 2015 accounts that its books might have been cooked up over the years.

In the 2015 accounts exclusively obtained by InsideBusiness correspondent, the BoI, according to item 8 titled ‘other income’ under the ” Notes to the consolidated and separate financial statements” on page 72, reportedly made N800.04 million from the sale of the assets that were hitherto declared missing.

Under item 8.2 on the same page 72 of the accounts, BoI noted that ” gains on the disposal of plant and equipment represent the profit from disposal of properties located at plot 1220a Ahmadu Bello Way, Victoria Island, and 26, Idejo street, Victoria, Lagos.

The two properties- 1220a Ahmadu Bello way, Victoria Island and the one on 26, Idejo street, Victoria Island were among the properties hitherto declared missing by the bank in its previous accounts.

An impeccable source in the Bank told InsideBusiness that the identities of the buyers are known only to the top management staff.

“We are also curious about of the assets and situation is worsened by the fact that the sale was shrouded in secrecy. No one knows the buyers of the assets” a management staff told InsideBusiness on condition of anonymity.

Another worrisome development, according to some staff of the bank, was the sale of BoI’s stake in Friesland Campina West African Milk Company Nigeria (WAMCO), makers of Peak Milk.


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