N20bn Bailout: Kogi Assembly Extends Ultimatum For Appearance Of Sterling Bank MD

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria, News From The State Wednesday, November 17th, 2021

(AFRICAN EXAMINER) – The Kogi Assembly has extended its ultimatum for Sterling Bank Plc. Managing Director, Mr Abubakar Suleiman to appear before it to Dec. 8.

The house announced the extension at plenary on Tuesday, Following the failure of the Sterling bank to appear before it today (Nov. 16.).

African Examiner recalls that the house on Nov. 9, threatened to issue a warrant of arrest against the managing director if he failed to appear before it today.

The assembly had summoned the managing director to appear before it in person for clarification on the N20 billion Bailout Fund the bank claimed to have sent back to the Central Bank of Nigeria (CBN) after initial claims that the Kogi government deposited it in a fixed deposit account.

Upon resumption of plenary, the Sterling bank MD sent a letter to the assembly,, urging it to reschedule his appearance.

According to the letter, the managing director is currently attending AFREXIM Trade fair holding in South Africa.

The Speaker, Mr Matthew Kolawole, after reading the letter on the floor of the house, said it was not written on the bank’s letter head, pointing out that the paper did not carry the logo or name of the bank.

Kolawole, however, said that for equity and fairness, the house had agreed that the bank MD be rescheduled to appear on Dec. 8, in person as no form of representation would be accepted.

It would be recalled that the managing director of the bank had failed to honour the invitation of the house on three occasions he was summoned, resulting in a threat to issue a warrant of arrested on him.

The speaker said that further failure to appear on the agreed date would compel the house to issue a Warrant of Arrest against the MD.

African Examiner reports that the house also confirmed the appointments of Mr Irojah Femi and Mr Abu Adams as Permanent Commissioners in Kogi State Contributory Pension Commission, representing Kogi West and East Senatorial Districts respectively.

The confirmation followed their screening at the “Committee of the Whole” of the house at plenary.

The speaker urged them to justify the confidence reposed in them by bringing their wealth of experiences to bear in discharging their duties .