How Zenith Bank Plotted With Former Governor Peter Odili To Loot N89 Billion Rivers State Fund - New EFCC Report Reveals

The name Zenith bank is becoming synonymous with bank fraud and money laundering. If the bank is not mentioned in questionable loan drafts without collaterals and total disregard for standard regulations, its employees would be involved in diverting customers’ funds to personal accounts. Reports from the Economic and Financial Crimes Commission reveal how Dr. Peter Odili, former Governor of Rivers state looted several billion of the state and disbursed same to cronies. Seyi Oduyela writes.

An insight into the loot of Odili as contained in the EFCC investigative report shows that a total of about N89billion was fleeced from the state treasury. Of the amount, about N73billion is in local currency while a whooping N16billion in (current forex rate) equivalent was conveniently carted away in US Dollars, Euros and Pound Sterling. The breakdown further revealed that about 129million is in Dollars, one million in Euro and the balance 2Million in Pounds.
Analyses drawn from the EFCC report shows that, one Emmanuel Nkatah a personal staff of the Governor working at the Rivers state liaison office Abuja was a loyal and willing tool in hands of Odili. In the looting spree, series of questionable withdrawals were made from Government House Zenith Bank account No. 6010916587 placed at the disposal of the former governor. All withdrawals were in cash and without any official transaction and documentation. The account ran like a GSM number dedicated to a live Radio program. Between 15 December 2004 and 11 September 2006, a total of 86 curious withdrawals of various sums were made by Nkatah on behalf of Odili. By September when EFCC spread its dragnet over the state, a total of N4.012billion has been withdrawn from the account. All withdrawals were made in Abuja leaving officials of the commission to wonder whether the government was being run from outside the state. Surprisingly, the withdrawals were hardly reported to the relevant security agencies including the Nigeria Financial Intelligence Unit, NFIU, an arm of the EFCC charged with the responsibility of monitoring transactions made within and among Banks. In the conclusion of the EFCC, the act is a clear violation of relevant laws and an offence punishable under sections 390(8) (b) of the Criminal Code, Laws of the Federation of Nigeria, 2004. (See Box for breakdown of all withdrawal).
In the enormous pursuit for Odili, the former governor may however not be the only one to stand prosecution. Some of the accused that will be charged alongside Dr. Peter Odili according to the source include Mr. Johnson Arumemi-Ikhide, Rockson Engineering Co. Ltd, Ojemai Farms Ltd, Ojemai Investments Ltd, Prof. Babalola Borisade, Dr. Ahmadu Alli, Mr. Barnabas Gemade, Paul T, Mrs. Olufemi A, Ike Nwachukwu, Godsonic Oil Coy Ltd and Prof. Ukandi Damanchi. Others are Courage Communications Ltd, Attn Ltd, Ragolis Water Ltd, M/S Wetland Health Services Ltd, Transky Ltd, Foby Eng. Ltd, First Medical/Sterile Company Ltd, Habila Resources Ltd and four Media Houses.
See below the withdrawals:
TABLE OF SOME OF THE QUESTIONABLE WITHDRAWALS
Date Amouth Bank A/C No. Venue Beneficiary
15/12/2004 N30Million Zenith 6010916587 Abuja Emmanuel Nkatah
17/12/2004 N15Million Zenith 6010916587 Abuja Emmanuel Nkatah
23/12/2004 N30Million Zenith 6010916587 Abuja Emmanuel Nkatah
04/01/2005 N15Million Zenith 6010916587 Abuja Emmanuel Nkatah
11/01/2005 N20Million Zenith 6010916587 Abuja Emmanuel Nkatah
17/01/2005 N20Million Zenith 6010916587 Abuja Emmanuel Nkatah
09/02/2005 N10Million Zenith 6010916587 Abuja Emmanuel Nkatah
11/02/2005 N10Million Zenith 6010916587 Abuja Emmanuel Nkatah
14/02/2005 N15Million Zenith 6010916587 Abuja Emmanuel Nkatah
17/02/2005 N10Million Zenith 6010916587 Abuja Emmanuel Nkatah
28/02/2005 N25Million Zenith 6010916587 Abuja Emmanuel Nkatah
14/03/2005 N20Million Zenith 6010916587 Abuja Emmanuel Nkatah
21/03/2005 N65Million Zenith 6010916587 Abuja Emmanuel Nkatah
07/04/2005 N10Million Zenith 6010916587 Abuja Emmanuel Nkatah
25/04/2005 N15Million Zenith 6010916587 Abuja Emmanuel Nkatah
27/04/2005 N30Million Zenith 6010916587 Abuja Emmanuel Nkatah
31/05/2005 N10Million Zenith 6010916587 Abuja Emmanuel Nkatah
02/06/2005 N10Million Zenith 6010916587 Abuja Emmanuel Nkatah
06/06/2005 N20Million Zenith 6010916587 Abuja Emmanuel Nkatah
09/06/2005 N20Million Zenith 6010916587 Abuja Emmanuel Nkatah
13/06/2005 N25Million Zenith 6010916587 Abuja Emmanuel Nkatah
16/06/2005 N15Million Zenith 6010916587 Abuja Emmanuel Nkatah
20/06/2005 N25Million Zenith 6010916587 Abuja Emmanuel Nkatah
27/06/2005 N16.3Million Zenith 6010916587 Abuja Emmanuel Nkatah
30/06/2005 N10Million Zenith 6010916587 Abuja Emmanuel Nkatah
06/07/2005 N10Million Zenith 6010916587 Abuja Emmanuel Nkatah
12/07/2005 N15Million Zenith 6010916587 Abuja Emmanuel Nkatah
14/07/2005 N10Million Zenith 6010916587 Abuja Emmanuel Nkatah
18/07/2005 N20Million Zenith 6010916587 Abuja Emmanuel Nkatah
27/07/2005 N10Million Zenith 6010916587 Abuja Emmanuel Nkatah
29/07/2005 N15Million Zenith 6010916587 Abuja Emmanuel Nkatah
25/08/2005 N20Million Zenith 6010916587 Abuja Emmanuel Nkatah
29/08/2005 N20Million Zenith 6010916587 Abuja Emmanuel Nkatah
01/09/2005 N10Million Zenith 6010916587 Abuja Emmanuel Nkatah
08/09/2005 N40Million Zenith 6010916587 Abuja Emmanuel Nkatah
12/09/2005 N30Million Zenith 6010916587 Abuja Emmanuel Nkatah
22/09/2005 N10Million Zenith 6010916587 Abuja Emmanuel Nkatah
29/09/2005 N15Million Zenith 6010916587 Abuja Emmanuel Nkatah
14/10/2005 N100Million Zenith 6010916587 Abuja Emmanuel Nkatah
07/10/2005 N20Million Zenith 6010916587 Abuja Emmanuel Nkatah
12/10/2005 N20Million Zenith 6010916587 Abuja Emmanuel Nkatah
14/10/2005 N10Million Zenith 6010916587 Abuja Emmanuel Nkatah
18/10/2005 N10Million Zenith 6010916587 Abuja Emmanuel Nkatah
20/10/2005 N12Million Zenith 6010916587 Abuja Emmanuel Nkatah
24/10/2005 N20Million Zenith 6010916587 Abuja Emmanuel Nkatah
26/10/2005 N25Million Zenith 6010916587 Abuja Emmanuel Nkatah
01/11/2005 N10Million Zenith 6010916587 Abuja Emmanuel Nkatah
09/11/2005 N30Million Zenith 6010916587 Abuja Emmanuel Nkatah
10/11/2005 N22Million Zenith 6010916587 Abuja Emmanuel Nkatah
28/11/2005 N50Million Zenith 6010916587 Abuja Emmanuel Nkatah
29/11/2005 N100Million Zenith 6010916587 Abuja Emmanuel Nkatah
05/12/2005 N100Million Zenith 6010916587 Abuja Emmanuel Nkatah
06/12/2005 N70Million Zenith 6010916587 Abuja Emmanuel Nkatah
08/12/2005 N100Million Zenith 6010916587 Abuja Emmanuel Nkatah
17/01/2006 N20Million Zenith 6010916587 Abuja Emmanuel Nkatah
25/01/2006 N15Million Zenith 6010916587 Abuja Emmanuel Nkatah
07/02/2006 N20Million Zenith 6010916587 Abuja Emmanuel Nkatah
16/02/2006 N50Million Zenith 6010916587 Abuja Emmanuel Nkatah
17/02/2006 N50Million Zenith 6010916587 Abuja Emmanuel Nkatah
08/03/2006 N10Million Zenith 6010916587 Abuja Emmanuel Nkatah
10/03/2006 N4Million Zenith 6010916587 Abuja Emmanuel Nkatah
13/03/2006 N40Million Zenith 6010916587 Abuja Emmanuel Nkatah
16/03/2006 N20Million Zenith 6010916587 Abuja Emmanuel Nkatah
28/03/2006 N20Million Zenith 6010916587 Abuja Emmanuel Nkatah
11/04/2006 N65Million Zenith 6010916587 Abuja Emmanuel Nkatah
13/04/2006 N100Million Zenith 6010916587 Abuja Emmanuel Nkatah
18/04/2006 N100Million Zenith 6010916587 Abuja Emmanuel Nkatah
04/05/2006 N50Million Zenith 6010916587 Abuja Emmanuel Nkatah
25/05/2006 N500Million Zenith 6010916587 Abuja Emmanuel Nkatah
30/05/2006 N100Million Zenith 6010916587 Abuja Emmanuel Nkatah
05/06/2006 N200Million Zenith 6010916587 Abuja Emmanuel Nkatah
19/06/2006 N100Million Zenith 6010916587 Abuja Emmanuel Nkatah
21/06/2006 N100Million Zenith 6010916587 Abuja Emmanuel Nkatah
03/07/2006 N50Million Zenith 6010916587 Abuja Emmanuel Nkatah
12/07/2006 N50Million Zenith 6010916587 Abuja Emmanuel Nkatah
14/07/2006 N100Million Zenith 6010916587 Abuja Emmanuel Nkatah
19/07/2006 N100Million Zenith 6010916587 Abuja Emmanuel Nkatah
31/07/2006 N20Million Zenith 6010916587 Abuja Emmanuel Nkatah
02/08/2006 N50Million Zenith 6010916587 Abuja Emmanuel Nkatah
08/08/2006 N100Million Zenith 6010916587 Abuja Emmanuel Nkatah
15/08/2006 N50Million Zenith 6010916587 Abuja Emmanuel Nkatah
22/08/2006 N100Million Zenith 6010916587 Abuja Emmanuel Nkatah
28/08/2006 N100Million Zenith 6010916587 Abuja Emmanuel Nkatah
06/09/2006 N100Million Zenith 6010916587 Abuja Emmanuel Nkatah
07/09/2006 N50Million Zenith 6010916587 Abuja Emmanuel Nkatah
11/09/2006 N50Million Zenith 6010916587 Abuja Emmanuel Nkatah
2004-2006 N30, 031,446,589.70 Zenith 6010914407 Abuja Rockson Eng. Co Ltd.

To be continued……..