$286m loan: EFCC asked to step into Uba, Maduka, Access Bank saga

  • Written by  Lanre Adewole -Lagos
  • Thursday, 07 February 2013 00:00

THE Economic and Financial Crimes Commission (EFCC), has been invited to take immediate interest in the $286 million triangular loan saga among the Access Bank, Vincent Maduka of the Coscharis Motors and Andy Uba of the Capital Oil.

Coalition Against Corrupt Leaders (CACOL), in a statement on Wednesday, in Lagos, also asked judges to stop treating corruption cases with kid gloves.

The coalition, in a statement signed by its executive chairman, Debo Adeniran, said its intervention had become imperative, following recent development in the nation’s judicial system, where cases that bordered on fraud and diversion of public funds were handled in less than transparent manner and with levity.

According to the coalition, “we are worried that soon, corruption cases stalled or dismissed in our courts have always speedily sailed through in London courts and in other jurisdictions. We are worried that our judicial officers, especially our judges, are giving the impression that they are there, doing the bidding of  the very corrupt persons before their courts, while the victims are harassed and intimidated.

“Of particular interest is the ongoing case involving an oil marketer, Mr Andy Uba and Access bank/Coscharis Maduka, wherein the former was alleged to have diverted a loan of over $286 million into buying properties abroad, instead of using same to trade in importation of petroleum products for which the loan was given. The failure of the businessman to pay the loan has, therefore, led to the case being taken to court for resolution, as a result of which the Access Bank had obtained a mareva injunction, freezing Uba’s assets worldwide.

“It is, however, alarming when we read in the papers the complaint of Mr Uba’s lawyer in London, that the judge hearing  the case at a  federal high court in Lagos,  Justice Abang, had gone beyond the prayers of his client, by ordering the Access Bank to withdraw the case in London.

“We will like to tell our judges that it is their failure to stand by and defend the course of justice in the Nigerian courts which is leading litigants to seek justice where they are sure their grievances will not only be heard, but determined by  facts of their case, rather than other factors, as it is the case in Nigeria.

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