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EXPOSED!!! How Saraki Diverted N45million Kwara state fund to acquire land in Lagos, Abuja.
A detective with the Economic and Financial Crimes Commission, Mr. Michael Wetkas, on Tuesday narrated to the Code of Conduct Tribunal how the Senate President, Dr. Bukola Saraki, allegedly diverted Kwara State Government’s funds as the governor of the state.
The witness said Saraki, who was the governor of Kwara State between 2003 and 2011, used the proceeds of the loot to repay personal bank loans which the former governor allegedly expended on the acquisition of landed assets in Lagos and Abuja.
Saraki is being prosecuted on 13 counts of false and anticipatory asset declaration which he made at the beginning and at the end of each of his two terms as governor.
Wetkas was the Federal Government’s first prosecution witness in a trial which only commenced on Tuesday after about six months of delay caused by a series of interlocutory applications and appeals deployed by Saraki.
The witness said, “It was discovered that the properties were acquired through the loans.
“The loans were repaid, through cash lodgements collected from the defendant at the Kwara State Government House and made in GTB, GRA, Ilorin branch.”
Wetkas said it was discovered that some of the individuals, who lodged funds into the accounts, were bank officials.
He added that the bank officials and some aides to the former governor collected the funds lodged into the accounts directly from Saraki at the Kwara State Government House.
He explained that Saraki paid back the loans with Kwara State Government’s fund through his aides, one of whom lodged between N600,000 and N900,000 in the former governor’s account 50 times on a particular day.
He said, “Because of the suspicious inflows into the account, the bank (GTB) officials were invited. The reason for the invitation of the officials was that some of the individuals, who were making the cash lodgements into the account, were bank officials.
“One Oluwatujimu reported to the commission.”
From our interactions with him, we discovered that some of the lodgements were made through his superior at the bank, Bayo Daudu, who was the Relationship Manager of the account.
“In our interaction with Daudu, it was discovered that the cash sums were handed over to him by the defendant (Saraki) for lodgement in the account.
“According to Daudu, he goes to Kwara State Government House to collect the money from the defendant for lodgement into the account at the GRA Ilorin branch of GTB.
“We discovered one name, Abdul Adama, who made transaction 50 times into the account in a single day. The sum was broken down to N600, 000 and N900, 000 and was lodged in the same day.
“Subsequently, after that one, Ubi made a lodgement on the same day about 20 times in the same range of N600,000 and N900,000. Adama reported that the cash sums were handed over to him by the defendant and stated further that the cash sums that were lodged in by Ubi into the same account were from the defendant.
“Adama and Ubi were personal assistants to the defendant while he was governor. Further investigations revealed that other individuals, who made lodgements into the account, were fictitious.
“From the lodgements into the accounts, we observed and discovered that one Ubi (we don’t have his surname) made five lodgements of over N37m in cash.”
According to the witness, Saraki failed to declare many of the landed assets as of 2011 when he completed his second term as governor.
The prosecution, led by Mr. Rotimi Jacobs (SAN), crossed the last legal hurdle before it could call its first witness on Tuesday after the tribunal dismissed another request for an adjournment by the defence.
The defence team had sought another adjournment on the basis of a fresh application for stay of proceedings and appeals, both of which they only filed on Monday, against a ruling of the tribunal which had been delivered on March 24.
Wetkas, who was led in evidence by Jacobs, said the EFCC received a number of petitions, accusing Saraki of abuse of office, misappropriation of public funds and money laundering shortly after the Senate President completed his second term as governor.
The witness said this prompted the then Chairman of the EFCC, Mr. Ibrahim Lamorde, to set up an investigative team, which he (Wetkas) headed in 2014.
He said his team, which later harmonised its findings with another broad investigative team, comprising operatives of the Department of State Services and the Code of Conduct Bureau, revealed that Saraki operated a number of companies which had accounts with Zenith and Guaranty Trust banks.
He said investigation revealed that between 2005 and 2013, a GTB account of one of the firms had an inflow of about N4bn, with the major source of the fund coming from the N2.5bn loans which he took from the bank within the period.
He said between 2009 and 2013, the dollar account operated by Saraki’s firm, Tiny Tee Properties Ltd, had an inflow of $6m.
The witness said, “The commission received several petitions from various groups. One of the petitioners was Kwara Freedom Network. They brought several petitions all bordering on abuse of office by the defendant, misappropriation of public funds and money laundering.
“Sometime in 2014, the then executive chairman of the EFCC, Ibrahim Lamorde received intelligence reports of suspicious transactions involving the defendant. He set up a team of investigators. Our task was to investigate the intelligence reports.
“The investigation report was reviewed by my team. In the course of our investigation, we discovered that there were several companies which were linked to the defendant. Some of them include Carlisle Properties Investment Ltd, Skyview Properties Ltd, Limkars Ltd, and Tiny-Tee Ltd. Some of the companies maintain accounts with Guaranty Trust Bank, Zenith Bank, Access Bank and other banks.
“From the investigation, it was discovered that the defendant maintained three accounts with the GTB. The first account is a naira currency account, the second is a US dollar account and the third is a pound sterling account.
“The naira account was analysed and it was discovered that between 2005 and 2013, the account had an inflow of about N4bn. The major source of inflow into the account was loans taken from GTB within the period. The loans were about N2.5bn, and the other source of inflow into the account was massive lodgements by individuals. Other inflows into the account were from the companies.
“It was discovered that the money was used for the purchase of property. The dollar account was also analysed. The major source of inflow into the dollar account was Tiny Tee Properties Ltd, which was about $2m. Other source was from bureau de change companies. And the rest was cash lodgements by individuals.
“The cash in the dollar account between 2009 and 2013 was $6m. We discovered that up to $3.4m was wired to American Express Services Europe Limited, which was used to fund the defendant’s American Express Service New York card account number 374588216836009.
“The defendant wired over 1.5m pound sterling to Fortis Bank for the purchase of a property in the UK.”
He said Saraki failed to list the assets in his asset declaration form.
Wetkas added, “My team searched the office of Carslie Properties and Investment Limited in Lagos at 30 Saka Tinubu, Victoria Island, Lagos, where the team discovered documents containing the list of documents of properties linked to the first defendant.
“Some of them were purchased from Presidential Implementation Committee on Government Properties.
“Some were bought from the Central Bank of Nigeria. We had to write a number of land registries in Abuja, Lagos Land Registry and we also wrote the CBN.
“These properties were not in the asset declaration forms.
“In analysing the forms, some infractions were observed on some of the forms.
“We discovered that property, known as 15 Mcdonald, Ikoyi, Lagos, which was purchased through a company, Hitel Limited, was not declared in the forms. We also discovered that 17A and 17B of Mcdonald, Ikoyi, Lagos, were bought for aggregate sum of N497.2m in 2006.”
He said the Senate President failed to declare his property at Plot 2A Glover Road, Ikoyi, Lagos, which he bought for N325,000,000 between 2007 and 2008, through his company called Carlisle Properties.
He said the accused also failed to declare the property at 37A Glover Road, Ikoyi, Lagos, which he allegedly bought through Carlisle Properties.
He stated that the defendant failed to declare the property at No. 1 Targus Street, Maitama, Abuja, otherwise known as 2482, Cadastral Zone A06, Abuja, on September 16, 2003.
The accused allegedly failed to declare the property at No. 3 Targus Street, Maitama, Abuja, otherwise known as 2482, Cadastral Zone A06, Abuja, which he acquired from one Alhaji Attahiru Adamu.
He was said to have failed to declare his leasehold interest in No. 42 Remi Fani-Kayode Street, Ikeja, Lagos, which he acquired through his company, Skyview Properties Limited, from First Finance Trust Limited.
His asset declaration forms, which he submitted to the CCB at the beginning and at the end of each of his tenure as governor in 2003 and 2011, were admitted as exhibits.
Also admitted was the asset declaration forms he has submitted to the CCB as a senator since 2011.
The defence, led by Mr. Paul Usoro (SAN), said he would defer his objection to the admissibility of the documents in his final written address.
Saraki was accompanied to the Tuesday’s proceedings by some senators.
The trial continues on Wednesday (today). -PUNCH
Recapitalisation Without Transformation is a Risk Nigeria Cannot Afford
BY BLAISE UDUNZE
In barely two weeks, Nigeria’s banking sector will once again be at a historic turning point. As the deadline for the latest recapitalisation exercise approaches on March 31, 2026, with no fewer than 31 banks having met the new capital rule, leaving out two that are reportedly awaiting verification. As exercise progresses and draws to an end, policymakers are optimistic that stronger banks will anchor financial stability and support the country’s ambition of building a $1 trillion economy.
The reform, driven by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso, requires banks to significantly raise their capital thresholds, which are set at N500 billion for international banks, N200 billion for national banks, and N50 billion for regional lenders. According to the apex bank, 33 banks have already tapped the capital market through rights issues and public offerings; collectively, the total verified and approved capital raised by the banks amounts to N4.05 trillion.
No doubt, at first glance, the strategy definitely appears straightforward with the idea that bigger capital means stronger banks, and stronger banks should finance economic growth. But history offers a cautionary reminder that capital alone does not guarantee resilience, as it would be recalled that Nigeria has travelled this road before.
During the 2004-2005 consolidation led by former CBN Governor Charles Soludo, the number of banks in the country shrank dramatically from 89 to 25. The reform created larger institutions that were celebrated as national champions. The truth is that Nigeria has been here before because, despite all said and done, barely five years later, the banking system plunged into crisis, forcing regulatory intervention, bailouts, and the creation of the Asset Management Corporation of Nigeria (AMCON) to absorb toxic assets.
The lesson from that experience is simple in the sense that recapitalisation without structural reform only postpones deeper problems.
Today, as banks race to meet the new capital thresholds, the real question is not how much capital has been raised but whether the reform will transform the fundamentals of Nigerian banking. The underlying fact is that if the exercise merely inflates balance sheets without addressing deeper vulnerabilities, Nigeria risks repeating a familiar cycle of apparent stability followed by systemic stress, as the resultant effect will be distressed banks less capable of bringing the economy out of the woods.
The real measure of success is far simpler. That is to say, stronger banks must stimulate economic productivity, stabilise the financial system, and expand access to credit for businesses and households. Anything less will amount to a missed opportunity.
One of the most critical issues surrounding the recapitalisation drive is the quality of the capital being raised.
Nigeria’s banking sector has reportedly secured more than N4.5 trillion in new capital commitments across different categories of banks. No doubt, on paper, these numbers may appear impressive. Going by the trends of events in Nigeria’s economy, numbers alone can be deceptive.
Past recapitalisation cycles revealed troubling practices, whereby funds raised through related-party transactions, borrowed money disguised as equity, or complex financial arrangements that recycled risks back into the banking system. If such practices resurface, recapitalisation becomes little more than an accounting exercise.
To avert a repeat of failure, the CBN must therefore ensure that every naira raised represents genuine, loss-absorbing capital. Transparency around capital sources, ownership structures, and funding arrangements must be non-negotiable. Without credible capital, balance sheet strength becomes an illusion that will make every recapitalization exercise futile.
In financial systems, credibility is itself a form of capital. If there is one recurring factor behind banking crises in Nigeria, it is corporate governance failure.
Many past collapses were not triggered by global shocks but by insider lending, weak board oversight, excessive executive power, and poor risk culture. Recapitalisation provides regulators with a rare opportunity to reset governance standards across the industry.
Boards must be independent not only in structure but also in substance. Risk committees must be empowered to challenge executive decisions. Insider lending rules must be enforced without compromise because, over the years, they have proven to be an anathema against the stability of the financial sector. The stakes are high.
When governance fails, fresh capital can quickly become fresh fuel for old excesses. Without governance reform, recapitalisation risks reinforcing the very weaknesses it seeks to eliminate.
Another structural vulnerability lies in Nigeria’s increasing amount of non-performing loans (NPLs), which recently caused the CBN to raise concerns, as Nigeria experiences a rise in bad loans threatening banking stability.
Industry data suggests that the banking sector’s NPL ratio has climbed above the prudential benchmark of 5 percent, reaching roughly 7 percent in recent assessments. Many of these troubled loans are concentrated in sectors such as oil and gas, power, and government-linked infrastructure projects, alongside other factors such as FX instability, high interest rates, and the withdrawal of Covid-era forbearance, which threaten bank stability.
While regulatory forbearance has helped maintain short-term stability, it has also obscured deeper asset-quality concerns. A credible recapitalisation process must confront this reality directly.
Loan classification standards must reflect economic truth rather than regulatory convenience. Banks should not carry impaired assets indefinitely while presenting healthy balance sheets to investors and depositors.
Transparency about asset quality strengthens trust. Concealment destroys it. Few forces have disrupted Nigerian bank balance sheets in recent years as severely as exchange-rate volatility.
Many banks still operate with significant foreign exchange mismatches, borrowing short-term in foreign currencies while lending long-term to clients earning revenues in naira. When the naira depreciates sharply, these mismatches can erode capital faster than any credit loss.
Recapitalisation must therefore be accompanied by stricter supervision of foreign exchange exposure, as this part calls for the regulator to heighten its supervision. Banks should be required to disclose currency risks more transparently and undergo rigorous stress testing at intervals that assume adverse currency scenarios rather than best-case outcomes. In a structurally import-dependent economy, ignoring FX risk is no longer an option.
Nigeria’s banking system has long been characterised by excessive concentration in a few sectors and corporate clients, which calls for adequate monitoring and the need to be addressed quickly for the recapitalization drive to yield maximum results.
Growth in most advanced economies comes from the small and medium-sized enterprises that are well-funded. Anything short of this undermines it, since the concentration of huge loans to large oil and gas companies, government-related entities, and major conglomerates absorbs a disproportionate share of bank lending. This has continued to pose a major threat to the system, as the case is with small and medium-sized enterprises, the backbone of job creation, which remain chronically underfinanced. This imbalance weakens the economy.
Recapitalisation should therefore be tied to policies that encourage credit diversification and risk-sharing mechanisms that allow banks to lend more confidently to productive sectors such as agriculture, manufacturing, and technology rather than investing their funds into the government’s securities. Bigger banks that remain narrowly exposed do not strengthen the economy. They amplify its fragilities.
Nigeria’s macroeconomic conditions, which are its broad economic settings, are defined by frequent and sometimes sharp changes or instability rather than stability.
Inflation shocks, interest-rate swings, fiscal pressures, and currency adjustments are not rare disruptions; but they have now become a normal part of the economic environment. Despite all these adverse factors, many banks still operate risk models that assume relative stability. Perhaps unbeknownst to the stakeholders, this disconnect is dangerous.
Owing to possible shocks, and when banks increase their capital (recapitalization), it is required that banks adopt more sophisticated risk-management frameworks capable of withstanding severe economic scenarios, with the expectation that stronger banks should also have stronger systems to manage risks and survive economic crises. In Nigeria today, every financial institution’s stress testing must be performed in the face of the economy facing severe shocks like currency depreciation, sovereign debt pressures, and sudden interest-rate spikes.
Risk management should evolve from a compliance obligation into a strategic discipline embedded in every lending decision.
Public confidence in the banking system depends heavily on credible financial reporting.
Investors, analysts, and depositors need to be able to understand banks’ true financial positions without navigating non-transparent disclosures or creative accounting practices, which means the industry must be liberated to an extent that gives room for access to information.
Recapitalisation provides an opportunity to strengthen the enforcement of international financial reporting standards, enhance audit quality, and require clearer disclosure of capital adequacy, asset quality, and related-party transactions. Transparency should not be feared. It is the foundation of trust.
One thing that must be corrected is that while recapitalisation often focuses on financial metrics, the banking sector ultimately runs on human capital.
Another fearful aspect of this exercise for the economy is that consolidation and mergers triggered by the reform could lead to workforce disruptions if not carefully managed. Job losses, casualisation, and declining staff morale can weaken institutional culture and productivity. Strong banks are built by strong people.
If recapitalisation strengthens balance sheets while destabilising the workforce that powers the system, the reform risks undermining its own economic objectives. Human capital stability must therefore form part of the broader reform strategy.
Doubtless, another emerging shift in Nigeria’s financial landscape is the rise of digital financial platforms that are increasingly changing how people access and use money in Nigeria.
Millions of Nigerians are increasingly relying on fintech platforms for payments, microloans, and everyday financial transactions. One of the advantages it offers, is that these services often deliver faster and more user-friendly experiences than traditional banks. While innovation is welcome, it raises important questions about the future structure of financial intermediation.
The point here is that the moment traditional banks retreat from retail banking while fintech platforms dominate customer interactions, systemic liquidity and regulatory oversight could become fragmented.
The CBN must see to it that the recapitalised banks must therefore invest aggressively in digital infrastructure, cybersecurity, and customer experience, while cutting down costs on all less critical areas in the industry.
Nigerians should feel the benefits of recapitalisation not only in stronger balance sheets but also in faster apps, reliable payment systems, and responsive customer service.
As banks grow larger through recapitalisation and consolidation, a new challenge emerges via systemic concentration.
Nigeria’s largest banks already control a significant share of industry assets. Further consolidation could deepen the divide between dominant institutions and smaller players. This creates the risk of “too-big-to-fail” banks whose collapse could threaten the entire financial system.
To address this risk, regulators must strengthen resolution frameworks that allow distressed banks to fail without triggering systemic panic, their collapse does not damage the whole financial system, and do not require taxpayer-funded bailouts to forestall similar mistakes that occurred with the liquidation of Heritage Bank. Market discipline depends on credible failure mechanisms.
It must be understood that Nigeria’s banking recapitalisation is not merely a financial exercise or, better still, increasing banks’ capital. It is a rare opportunity to rebuild trust, strengthen governance, and reposition the financial system as a true engine of economic development.
One fact is that if the reform focuses only on capital numbers, the country risks repeating a familiar pattern of churning out impressive balance sheets followed by another cycle of crisis.
But the actors in this exercise must ensure that the recapitalisation addresses governance failures, asset quality concerns, risk management weaknesses, and transparency gaps; and the moment this is done, the banking sector could emerge stronger and more resilient.
Nigeria does not simply need bigger banks. It needs better banks, institutions capable of financing innovation, supporting entrepreneurs, and building economic opportunity for millions of citizens.
The true capital of any banking system is not just money. It is trust. And whether this recapitalisation ultimately succeeds will depend on whether Nigerians see that trust reflected not only in financial statements but in the everyday experience of saving, borrowing, and investing in the economy. Only then will bigger banks translate into a stronger nation.
Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
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