EFCC Quizzes CBN Deputy Governor, Adebayo Adelabu Over Alleged Fraud

Adebayo Adegoke Adelabu, Deputy Governor, Operations Directorate, of the Central Bank of Nigeria, CBN, has his eyes fixed on one goal: to succeed Governor Abiola Ajimobi, after the expiration of his eight-year tenure in 2019.

Unfortunately, a dark cloud currently hovers over Adelabu’s vaulting ambition, as he is currently battling to extricate himself from the web of allegations, bothering on fraud and abuse of office.

Last Monday, 7 August, Adelabu was a guest of the Economic and Financial Crimes Commission ( EFCC). He was quizzed by the anti-graft agency for hours over his role in the alleged siphoning of shareholder funds via phoney loans a first generation bank, where he previously served as Executive Director and Chief Financial Officer.

Sources disclosed that Adelabu, allegedly, connived with a former Managing Director of the apex bank, to arbitrarily approve loans running into several billions of naira which have since gone bad.

Sources disclosed to The ELITES that Adelabu was interrogated for hours on Monday at the Ikoyi, Lagos office of the EFCC and was subsequently released on administrative bail. EFCC sources revealed he is expected to return to the agency for further questioning and may be charged to court for fraud and insider abuse when investigations are concluded.

The EFCC is reportedly beaming its searchlight on investigating the billions of naira in bad loans approved for the popular businessman’s companies during his tenure as Chairman of the bank. The recklessness, vagrantly by the bank’s top shots, prompted the CBN to introduce stiffer corporate governance rules to protect shareholder funds from being abused by insiders.
Findings revealed that the embattled CBN deputy governor set himself up for disgrace by his wanton desire to acquire wealth, like Diezani Alison Madueke, the former Miniter of Petroleum Resources.

In Adelabu’s case, many other accidental deep pockets have probably learnt few hard lessons on the dos and don’ts of executive banking, morality and citizenship. This are certainly the worst of times for him. Adelabu, who is believed to have amassed a huge war chest, is preparing a bid for the governorship of Oyo State in 2019.

A grandson of political icon, late Chief Adegoke Adelabu (aka Penkelemesi), the younger Adelabu has held the positions of General Manager as the West African Regional Head of Finance and Strategy (Consumer Banking Business) for Standard Chartered Bank from where he was head-hunted in 2009. A First Class degree holder in Accounting from Obafemi Awolowo University, Ile-Ife, fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and member of the Institute of Directors of Nigeria (IoD), Adelabu is alleged to be the highly favoured by the incumbent governor to succeed him come 2019.