WATCH THE VIDEO HERE The Federal High Court in Lagos, presided over by Justice Dan Osiagor, has scheduled February 21, 24, and 28, 2025, for the continuation of hearings in the case against the former Managing Director/Chief Executive Officer of the defunct Gulf Bank, Babajide Rogers, along with other defendants. The case was brought by the Nigeria Deposit Insurance Corporation (NDIC). The defendants, including former Director and shareholder Prince Adekunle Adeyeba, ex-Company Secretary Uche Uwechia, Gareth Mervyn Wilcox, Ibom Power Company, and Lyk Engineering Company Ltd, face 28 charges filed by Rotimi Jacobs (SAN) The charges were filed under a fiat granted by the Attorney General of the Federation in 2023. The allegations involve financial malpractices totaling N6.27 billion and $64.10 million. The charges, filed as far back as 2013 by the NDIC in collaboration with the Police Special Fraud Unit (PSFU), accuse the defendants of granting unsecured credit facilities, engaging in money laundering, and financial misappropriation during their tenure at Gulf Bank. At the hearing in Lagos yesterday, the prosecution presented its first witness, Mr. Joseph Okechukwu Okolonji, a retired Deputy Director and former Head of the Criminal Investigation Unit at the NDIC. Okolonji provided detailed testimony regarding the alleged financial malpractices that contributed to the bank’s collapse. The Central Bank of Nigeria (CBN) revoked Gulf Bank’s operating license on January 16, 2006, citing its inability to meet recapitalisation requirements. This development marked the bank’s descent into insolvency, triggering the NDIC’s intervention.
“Gulf Bank’s License Was Revoked Over Malpractices” — NDIC Presents Evidence In N6.27bn Trial
