17th September, 2010
Fresh facts have emerged that the Kola Daisi family are behind the false allegations ofÂ fraud leveled against the current management of Spring Bank Plc. The media were awashed onÂ Monday with reports alleging a fraud of N5.2billion perpetrated by the Group ManagingÂ Director/Chief Executive Officer, Mrs Sola Ayodele and other top officials of the bank.
Unknown to the public however, the allegation is part of a long drawn criminal manipulationÂ of facts by the National Sports Lottery (NSL) and its subsidiary, Strands Capital PartnersÂ Limited, owned by the Kola Daisi family to fraudulently obtain the sum of N5.2 billion fromÂ the vaults of Spring Bank Plc in 2008.
The Daisis are irked that their various attempts to ride on the back of the two companies toÂ defraud the bank were frustrated by the staff of Spring Bank which they now accused. HavingÂ tried every possible means to flee from justice in another suit filed by Spring Bank Plc toÂ reclaim an indebtedness of over N7bn form NSL, the Kola Daisis resorted to a cheap blackmailÂ and intimidation of the Management of Spring Bank Plc through the press. This is in spite ofÂ the fact that Mrs. Sola Ayodele-led management of Spring Bank only assumed duties in theÂ bank a year after the transaction involving N5.2billion was terminated by the previousÂ Charles Ojo â€“ led administration under the directive of the apex bank.
In a swift reaction however, the CBN in a statement released on Tuesday established the factÂ that the Kola Daisi family has been feeding the media as well as the public with falsehoodÂ just to cover the fact that they are actually indebted to the bank. Aside from that, theÂ apex bank advised that it was baseless to continue to contest a claim that cannot beÂ substantiated adding that NSL should allow the case, which is already before a competentÂ court to run its course.
The CBN statement, entitled â€œSpring Bank Plc Underwriting Commitment/Agreement In respect OfÂ National Sports Lottery (NSL) Plc Public Offer,â€ and dated September 14, 2010, chronicledÂ the apex bankâ€™s thorough investigations into the case.
The statement among other facts deposed that â€œâ€¦at the meeting of the CBN examiners with theÂ petitioner (NSL) on January 19, 2009, and the subsequent meeting held with the Director ofÂ Banking Supervision, CBN, on February 23, 2010, your claim that Spring Bankâ€™s offer letterÂ of July 7, 2008, extending a N5.208 billion underwriting line facility to Strand CapitalÂ partners Limited was irrevocable underwriting agreement in accordance with the enablingÂ statutes between Spring Bank Plc and NSL could not be established because you failed toÂ provide a copy of an executed underwriting agreement between the bank and NSL.
â€œYour assertion that the offer of an underwriting facility could be construed and treated inÂ a similar manner as an underwriting commitment could not also be substantiated while yourÂ promise to provide evidence as requested by the CBN has not been complied with up till theÂ time of writing this letterâ€¦â€
The statement further added that the account referred to was an internal suspense accountÂ created by the bank which does not qualify as a customerâ€™s operating account moreso, whenÂ NSL did not open any account with the bank at this time in question.
According to the CBN, the conditions precedent to drawdown in the purported account of theÂ NSL and Strand Capital Partners Limited were not met, which meant that the two companies andÂ their owners have no basis to claim the N5.2bn which is still intact in the bank in the formÂ of customersâ€™ deposits.