Mr. Dauda Lawal, ED Public Sector First Bank Plc
The impeachable image of First Bank Plc might have been blighted with the recent arrest of one of the financial institutions Executive Director (ED), in person of Mr. Dauda Lawal.
Mr. Dauda Lawal, who is the ED Public Sector of First Bank Plc, was arrested by the Economic and Financial Crimes Commission (EFCC), in the ongoing industry wide investigation of Nigeria’s former Petroleum Resources Minister, Diezani Alison-Madueke.
Alison-Madueke allegedly purchased Port Harcourt’s Le Meridien Hotel using the First Bank of Nigeria executive, as her front.
The development has thus seen First Bank Plc plunged deep into the $55m Deziani slush funds investigation which has earlier consumed some financial institutions.
Interestingly, FBN Holdings Plc, the parent and holding company for First Bank of Nigeria and its former subsidiaries, confirmed that the EFCC was investigating the bank because of alleged connections to Diezani’s funds.
In a regulatory filing at the Nigerian Stock Exchange (NSE), the company confirmed that EFCC has invited an executive director of First Bank, Mr. Dauda Lawal in connection with the Diezani’s funds and he has been cooperating fully with the anti-corruption agency.
Reports have it that barely two weeks after Lawal was picked up by the
EFCC the ED has reportedly returned huge amounts of money laundered through him by the ex-oil minister, with whom he was reported to be “extremely close.” Mr. Lawal is said to have returned millions of dollars to the EFCC as the agency prepared to let him go.
No doubt, this will be the first time that the financial institution will be dragged into a mess as big as this.
Additional report: Sahara Reporters
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