Independent Corrupt Practices and Other Related offences Commission (ICPC) yesterday continued its investigation in the WEMA Bank Plc fraud when it quizzed the Managing Director/ Chief Executive Officer of Nigerian Deposit Insurance Corporation (NDIC), Alhaji Ganiyu Ogunleye, Acting Group Managing Director of the Bank, Mr. John Aboh, and two senior staff of both organisations.

Daily Champion gathered that the two senior staff interrogated alongside the heads of the two organisations were Director, Field Examination Department of NDIC, Mr. O. M. Sullaimon and former Chairman of Wema Bank Plc, Alhaji Olapade Mohammed.

It was also gathered that the Commission had already dispatched invitation letters to ten other top management staff of the Bank to appear at the ICPC office next week to state their own side of the story in the case.

The NDIC boss, Mr. Aboh, and the two others were said to have be quizzed for hours by officials of the commission over their alleged involvement in fraudulent activities in the banks, running into billions of naira.

The bank officials arrived the ICPC Headquarters, the Nnamdi Azikiwe International Airport Road, Central District Area, Abuja at about 10 a.m, in a black Honda Vitec, with registration number, Lagos CU 466APP and did not leave the premises until after over four hours of interrogation.

While the WEMA Bank group left about 2.20 pm, the NDIC team that also arrived in the early hours of yesterday did not leave till late in the evening as their interrogation took place after the ICPC officials had finished with the staff of WEMA Bank.

Daily Champion gathered that some of the issues raised by the ICPC interrogators included that:

· Mr.Tunde Lemo as the Managing Director of Wema Bank Plc knowingly furnished false returns in respect of non-performing loans granted by him and concealed the debt of N8,125, 011, 003, (N8.125billion) from the regulatory authorities through fictitious recovery from the debtor customers using cheques purchased from other banks

· In 2002/2003 financial year, Mr. Lemo knowingly deceived the regulatory authorities and the general public by declaring as profit on paper the sum of N3. 1 billion, when the actual profit made by the bank was N891, 000,000.00;

· Three months before his exit as Chief Executive Officer (CEO) of the Bank, he approved a loan facility of N4.8 billion to Sirpi Alusteel Construction Limited and Suffolk Engineering and Construction Company Ltd, both company owned by one Mr. Henry Mac Pepple

· Shortly, before his exit he granted lease and overdraft facility of N600 million to Yesin International Oil and Gas Company Limited without any collateral and Board approval. That the disbursement of this loan was concealed from the Board for two months before he presented the loan to the Board for approval.

Chief S. L Adegbite abused his office as Chairman of WEMASEC Board of Directors by using his position to confer undue advantage upon himself to acquire for himself shares that were meant for Wema Bank, thereby diluting Wema Bank’s Holding in WEMASEC.

· Chief S. I Adegbite manipulated the records of WEMASEC to pave way for the payment of salaries and emolumentsto non-exixting staff of WEMASEC;

· Mr. Adegbite used his office as Chairman of WEMASEC Board to cofer undue advantage on himself by paying to himself as a non-executive director, benefits and emoluments totalling N30. 8 million, which he was not entitled to

· Dr. Lekan Are, as a director in WEMASEC used his position to confer undue advantage on himself by acquiring for himself, shares that were meant for Wema Bank, thereby diluting Wema Bank Shares in WEMASEC; and

· Mr. Ganiyu Ogunleye, MD/CEO of NDIC and O. M Sullaimon, used their positions as NDIC officials to conceal a report where it was stated that Tunde Lemo engaged in criminal purchase of bank cheques to manipulate records, thereby protecting him(Lemo) from being sanctioned.