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Loan Scam: Court Discharge Saraki

Bukola sarakiFederal High Court in Abuja has discharged a former Governor of Kwara State, Bukola Saraki, of any wrongdoing in an alleged bank loan scam being investigated by the Special Fraud Unit of the Nigerian Police since 2012.

Saraki, a Senator representing Kwara Central, had instituted a fundamental human rights suit, praying the court to bar the Inspector General of Police or any agent of the Nigerian Police Force from arresting or interrogating him over the allegation of fraud.According to information on the SFU’s website, Mr. Saraki’s case had root in loans given to Joy Petroleum Limited, Skyview Properties Ltd, Dicetrade, and Limkers Nigeria Ltd by the defunct Intercontinental Bank under the management of Erastus Akingbola.

The loans were allegedly promoted by Mr. Saraki between 2004 and 2009 when he was a governor.

The SFU said the facilities were used to purchase shares of blue chip companies and choice landed properties in Lagos and Abuja, some of which were used to secure the loans.

However, Mr. Akingbola’s successor, Mahmood Alabi, allegedly granted a waiver of N9.97bn, representing about 82 per cent of N11.97bn indebtedness.

However, delivering judgment Wednesday in the case of enforcement of fundamental human rights Mr. Saraki filed against the Police, Ahmed Mohammed, the presiding judge, stopped the Inspector General of Police from inviting or arresting the former governor over the alleged bank loan scam.

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