Exclusive Document: How Sanusi, Saraki, Lai Alabi Allegedly Fraudulently Acquired Intercontinental Bank Plc

SAN FRANCISCO, February 21, (THEWILL) – THEWILL has exclusively obtained a letter addressed to President Goodluck Ebele Jonathan detailing how Mallam Sanusi Lamido Sanusi, the suspended Governor of the Central Bank of Nigeria, Senator Bukola Saraki and Mahmoud Lai Alabi took over the now defunct Intercontinental Bank from its founder and deposed Group Managing Director, Mr. Erastus Akingbola.

The 7-page letter dated February 09, 2014, which was written by Mr. Akingbola revealed the intrigues and private conversations between himself, billionaire Aliko Dangote, Senator Saraki and Mallam Sanusi before Sanusi eased him out of the bank.

Click here to download the Letter

The letter is reproduced below:





Facebook Comments


  • Ukaegbu Ogwo

    This is just the beginning. More of the crimes and injustice of Sanusi will soon be revealed. APC had better distance itself from the likes of these fellows before the coming embarrassments will erupt.

    • buzzkitchen

      I do not understand what you are talking about….

      This a letter written by a man that is facing fraud charges

      How about the 20billion Dollars that is missing from the NNPC

      Nigeria’s problem is Nigerians

      • Denis Kemjika

        You donot understand Nigerian politics. Sanusi has succeeded in deceiving Nigerians, making them believe he is a saint. God will catch up with him. Just wait ans see.

        • kunle

          Denis, you are the one who doesn’t understand Nigerian politics. Sanusi blew the whistle on corruption and missing NNPC monies and NOW he is being persecuted? Why didn’t we hear about this nonsense, made-up document before NOW? Remove the wool over your face!!!

          • akinlara

            U definitely don’t understand nigerian elite politics, sanusi commited all these attrocities when he was in good term with the presidency and he also new abt nnpc saga for months but he did not talk. Sanusi and the presidency fellout and both parties promised to exposed each other, sanusi started it by blowing the supposed whistle he would not have blown if he had not quarelled with the presidency, then the presidency also decided to expose sanusi’s attrocities. So u see it will be stupid for ordinary citizen like u and I to take side on this mater. Sanusi is as useless as the presidency.

          • biotite

            I subscribe to this argument. Our leaders are taking us for fools and playing politics with our economy

          • micheal

            Either its nigeria or not but surely there must be an honest person somewhere in nigeria who knows the truth or can investigate for the full and final truth,.

          • Rude Ola

            Kunle… I don’t know of Intercontinental, but I had a friend who knew ppl in CBN tell me that Oceanic was a case of witch hunt… Sanusi took a lot of nice actions which I personally admire. You can’t say for sure that the contents of this letter are made up. I remember then that there was a lot of noise about Sanusi wanting to sell the banks to politicians at cheap price. Also mind u… Sanusi is also not completely pure. Just wait till some things start coming out on him too… That’s Nigeria for u

            ========PERSONAL OPINION====================

            I also believe there’s a religious dimension to it because Erastus and Ibru were outspoken Christians who used their positions to preach the gospel to people. Sanusi is a moslem so is Saraki and all the other people Erastus accused.

          • bayoolla273

            Sanusi also has some clandestine motives, though he did not do badly during is tenure.

  • gomanuel

    If this is another ploy to bring back the bad days of Cecilia ibru , Jim ovia and akingbola, Nigerians will fight hard to keep our country sane. The past is history. If the president has made a mistake in appointing Jim ovia’s boy to head our central bank we will truncate any further move to return known criminals to run our economy.

    • boladez

      what is sanity in a CBN governor abusing his office for personal gains and vendetta. Can you say he did well in the banking reforms where shareholders loat everything, he sold the banks to his cronies for peanuts, he forcefully took over the banks without a valid and agreed report (this was confirmed by Adigwe of Afribank at the House of reps hearing)………..as at today thousands of young Nigerian bankers are jobless and a large number almost destitute.

      Gomanuel, what have you based your arguement on? mind you Sanusi is anti people as shown in his position regrding the subsidy removal.Sanusi is trying to whip up sentiments to make nigerians speak up for him……but he has failed. Have you read the Report that nailed him?

      The past is history probably because you benefit from the present. I hope he is prosecuted and jailed for abuse of office and fraud

      • Lanus

        How about millions that would’ve lost their savings if SLS hadn’t rescued the situation?
        Were you expecting Adigwe to say the truth?

        • Betty

          What situation ? A global situation that affected all financial institutions the world over. And proactive Central Bankers did something about it in their various climes. How many bank CEOs were hounded around like common criminals? Our saving grace was that our financial system was not as developed. Other wise all the Sanusi razzmatazz would have collapsed the entire economy, not just the banking system.

        • Rude Ola

          In the US, where the whole thing started, The government bailed out a lot of the affected financial institutions and they did not have to close down any of them. Those companies are declaring huge profits now… What if Adigwe was telling the truth…

      • boladez

        Lanus, What of the thousands that lost their livelihood and all the further
        tens of thousands that depended on them! The banks he targeted had no
        proof of Illiquidity or inability to meet the obligations. They all had
        clean CBN reports and they were still active in clearing and Interbank.
        Yes there were bad loans , but what successes has AMCON achieved and at
        what price?

        The RESCUING of the banks was just a figment of SLS’s
        imagination and his drive to lash back at bank CEOs who seemed to
        intimidate him. When he hit the banks, what did he do to make them
        better……by writing off loans in Intercontinental etc…….

        you did not watch Adigwe’s defence that was backed with reports ,
        letters, and figures. Go and watch it before you discuss it here.

    • Denis Kemjika

      You are definitely a neophite. You are yet to understand Nigeria. If that was the case, why has the situation not improved? Boy put your ears down.

      • kunle

        You need to put your ears up and down! Get real, man.

    • Bosah

      Are you saying that Jim Ovia is a criminal?

  • Harris Okon Emmanuel

    In other clime, people like Saraki wouldnt ve been a senator. He should ve been behind the bar by now because of Societe Generale bank, but in Naija, anything goes. As for Sanusi, Nigerians shld stop being sentimental and allow justice takes it course.

  • OmobaOladele Osinuga

    Presumably ‘Dr’ Erastus thinks we have short memories. He should explain what happened to 165 billion Naira looted from Intercontinental Bank http://saharareporters.com/news-page/rogue-banker-erastus-akingbola-looted-intercontinental-bank-uk-court-finds-%E2%80%A6ordered-refund

    • Vincent Ahanmisi

      do you have the proof or is it because Sanusi alleged it

      • OmobaOladele Osinuga

        @Vincent Ahanmisi presumably the ruling of Burton J at the High Court in London when he held inter-alia is also a forgery?

        Per Burton J at para 148 of the judgment:

        I return to the question I raised in paragraph 97 above with regard to the Court’s power to grant relief. I have studied the section, and have, so far as English authorities are concerned, considered in particular Barings plc v Coopers & Lybrand [2003] Lloyd’s Rep IR 556 at 1128-1134. I cannot see that, in the light of the findings I have made, the Defendant can be said to have acted, either in relation to the first and second heads of claim, to which alone this issue is directed, “honestly and reasonably”: certainly not so far as the Tropics Payments Claim is concerned, and as for his Strategy for the company to buy its own shares into the box, quite apart from being contrary to Nigerian law, it was simply wrong-headed, and was plainly a substantial contributing factor to the collapse of the Bank.

        The defendant referred to above is no other than ‘Dr’ Revd Erastus Akingbola! See Access Bank v Erastus Bankole Oladipo Akingbola and others [2012] EWHC 1124 (Comm)


        And for those that don’t know this was a trial that was conducted with Akingbola giving evidence via videolink from Sheraton Hotel Ikeja (can’t go back to London I guess!) with 10 English Lawyers over the course of days. His evidence was transmitted live via link into the court room on New Fetter Lane, London. That’s at the cost of video transmission for the period running to millions of Naira borne by the litigants both Nigerian entities and money from our taxes.

        • Ben Enok

          Have you read what happened after the forensic expert report? Some media should just be ashamed of their cash and carry prostitution. Why can they feed us back on the outcome of the forensic expert reports?


    Thank you very much! Keep digging becuase more dirt is coming out. He who put his hand in the bee hive should not cry whn they respond positively.

  • Latunde A. Sapara


    • micheal

      True , they all seem to expect GOD to sort out everything, its so pityful for citizens,

  • Peace

    The sad truth is that this is just a tale of corrupt men… a play for power and relevance tainted with spite and revenge… no a second’s thought is given to the everyday Nigerian. The Presidemcy does not care for the conducts of the CBN governor as much as the opposition does not care for honest truth. ps: i wouldn’t take ny evidence from Akingbola cause he has no clean hands

    • Ukaegbu Ogwo

      Apart from Sanusi, who and what else gives Akimgbola a bad record? Please educate me

    • Rude Ola

      Sanusi also does not have clean hands

  • nalfa abubakar

    you guys don’t know what you are saying. Nigerians never like people who want to bring about a change. Sanusi is an international hero and the federal government has just confirmed it. they are boosting the mans CV and am surprised that they cant see their folly.

  • Bosa Odaro

    Niggerianns!! What is with stealing? Will money save u from the wrath of the Almighty? U will all speak the truth at the end on the last day. Babangida is the cause of all this shit. Him and Abacha. They both devalued the naira. Gulf war, Ibrahim. Do u remember? Abacha, u dead now but because of ur evil policies the Canadian high commission left Nigeria and went to Ghana!! U were a punkass nigga. I had no money to go to Ghana to get my passport so I could return to Canada . Damn u muthafuckas!!

    • Adekunle Testimony

      You didnt have money to go collect ur passport in Ghana and you want to return to Canada … I dont get it !!!!

  • Oshomokhai Okoyomoh

    only the blind will not know that SLS did extremely well by turning CBN to father Xmas up to the extent of giving N100m of tax payers money to bomb victims in Kano and when Christians complained that the first victims were Christians at Madala he had to quickly dole out N40m, who is stupid enough not to know that the CBN Governor is the 37th Governor in Nigeria and so must make political statements even before politicians? so even if he makes unsubstantiated comments such as legislators taking a large chunk of the nations annual budget, it’s normal. It is his fundamental right of freedom of worship so can use his position to promote Islamic banking not caring whose ox is gored, yes, that is why he is employed as CBN helmsman to remind the government that the cause of Boko Haram’s slaughtering of innocent Nigerians as well as the blood letting that took place after the presidential elections in 2011 which claimed the lives of many including Youth Corpers is because of Federal Govt induced poverty target at the North whereas other parts of the country are swimming in affluence. Who is asking how Unity bank passed the capital adequacy ratio, e.t.c whereas bigger banks failed, only a fool does not know UNity bank is a mega bank.

    • Betty


  • Betty

    The publication of this letter is belated. Much damage has been done over the last five years of Sanusi’s vendetta, on the psyche of staff and ex-staff of those banks. And not to mention the investments of thousands of Nigeria washed down the drain. I have always known Sanusi had a reason for not supporting the capital market like Bernanke did in the United States. He copied a lot of what the FED was doing but could not effectively implement them here because the markets are totally different . But a singular action of QE was not even considered not to talk of being implemented. He did print more cash of course. To finance the acquisition of the banks he considered distressed. In my opinion, some of those decisions were coloured. Nigerians would eventually suffer the consequences. It”s only a matter of time. I know that eventually, every dirty deal done in the dark would be shouted at the roof tops.

  • Tiercel

    I think the Federal Goverment should as much as possible investigate and unravel all issues raised in Akingbola`s letter. And if found to be true, justice should prevail and all wrongs should be made right. In addition, i am fully persuaded that GOD Almighty will arise and deliver the oppresed as well as punish the wicked, it may take time, it will surely come.

  • Banjo Odutola

    These guys are all crooks! Can someone tell Saint Sanusi that nemesis has arrived!

    • kunle

      You can tell GEJ that nemesis has arrived also because we are still waiting to FIND the missing NNPC monies! Duhhhhhhhhh.

      • 2356

        kunle, you are a dumb ass.

        • Jimesco

          True and true, Kunle is!

          • kunle

            Jimesco, Fela got your dumb ass figured out: FOLLOW FOLLOW!

        • kunle

          Banjo, take a good look at yourself!

  • nze

    Jesus, your children are suffering for your sake!

  • Ihediwa Manfred

    The truth still remains that *The King milks the land for his benefit only* it didn’t start with Sanusi and will not end with him…Yet I knew from the onset that something was wrong in the selling of IB plc to Access Bank….There should be a thorough investigation of the process that’s all.

  • Denis Kemjika

    That is how Sanusi raped Union Bank Plc. Till date the Group of foreign investor owners are faceless.

    • kunle

      So can you tell us how GEJ is raping the nation with the likes of the madam Aviation minister, bullet-proof cars, etc?

      • 2356

        stop your divisionary statements. Nigerians are blind folded with paltry of food. God will continue to expose them –the looters.

      • Rude Ola

        Kunle… you’re talking out of point… Please stick to the issue @ hand. I also share ur view and will always defend Sanusi on that matter, but this is a different issue entirely. Let Sanusi’s Banking reforms be audited. There should be an empirical yard-stick for measuring the performance of policies implemented by public office holders and we have to be as objective as possible. If Erastus’ claims are found to be true, then appropriate action should be taken to reverse the sale of IB Plc and correct the anomaly it created

        • kunle

          Rude Ola, do you know about doctored document? They are everywhere. Anyone can make accusations against anybody. My biggest problem is: why now? Why is everyone now going after Sanusi when he blew the whistle on missing NNPC monies?

  • kunle

    Can someone tell me how this nonsense and made-up document is NOW just coming out AFTER Mallam Sanusi blew the whistle on NNPC missing monies?

    • patrick

      Nigerians are talking about NNPC missing monies dam sanusi,what is his business with NNPC monies is that the evil he did in the banking sector look at how Eco bank is struggling with how to care of oceanic bank customer making a mess of the whole system that man sanusi is evil

      • kunle

        Sanusi is ‘evil’, but the people that stole the N20 billion that is unaccounted for are Angels, right? Smart thinking. Oh, by the way, it’s the business of the central bank governor to know about missing monies because the money is supposed to go to his bank. That’s how it works in civilized and a corrupt-free world!

    • Rude Ola

      Have u forgotten FaCrook Lawan? Everyone’s bum bum gets open whenever they become very outspoken… The issues Erastus raised, if confirmed true, can nail Sanusi for life… That’s politics for u

  • Asissi 1

    This is too much for one to bear, Sanusi evils will soon be all reveal. we are all watching, That is why is running away from PDP to APC for support.

  • Gift Nwaorgu U

    Just very happy wt this new development so that Nigerians will know how dubious & complex this man Lamido Sanusi is.You see when u point one finger to some one,d rest goes to u.Lamido Sanusi claims to be good but deep in side me i know he is not @ all.Its left to Mr. President to act based on ds.

  • oria of Esan land

    I thought Akingbola was still under investigations?, Somebody please tell me something. Nigeria, I cry for not me anymore, but for those unborn.

    • Rude Ola

      Being under investigation does not stop one from speaking out on things

  • bayoolla273

    You made yourself vulnerable by mismanaging the Bank for selfish motive and you are therefore in no way better than the other Characters.