Bank Of Industry’s MD, Rasheed Olaoluwa Goes ‘Lowkey’ Over Multiple Allegation Of Fraud

Information filtering has it that the table has turned on the celebrity status of Bank of Industry (BOI) Managing Director, Rasheed Olaoluwa.

A finding by societyreelnews unearthed that the acclaimed Nigeria’s oldest, largest and most successful development financing institution’s MD has gone lowkey.

This development is attributed to multiple allegations against him- borrowing from BOI with his personal organization and refusal to service loan, including granting of loans to his key loyalists.

Reliable sources revealed that Managing Director of Bank of Industry, Rasheed Olaoluwa who was elected as interim chairman of Ikeja Hotel Plc has resorted to lowkey lifestyle after his activities came under the searchlight of the Board of directors of the bank. It was gathered that few months ago with the directives of the board of directors of BOI to adopt a hard stance against debtors, publishing on its website, 24 blacklisted companies, which allegedly failed to repay loans granted to them, the directors found out that a particular company’s name was omitted.

After several finding according to our sources, it was revealed that the ‘sacred cow’ company is owned by the BOI’s MD. This aggravated the annoyance of the Chairman of BOI’s board of directors, Mr. Abdulsamad Rabiu who then summoned Mr. Olaoluwa to an emergency but private meeting.

 Insider of the bank alleged that Mr. Olaoluwa was given private reproof and warning that if such reoccur, it might lead to his exist from the bank.

Insider of the bank claimed that after the meeting, Mr. Olaoluwa activities both official and personal has gone lowkey which is very unlike him.

Further digs revealed that less than a year of Mr. Olaoluwa’s tenure as MD, BOI has become a beehive of fraudulent activities. Another alleged fraud of granting loans but not documented, to some top executives of the bank, who are Mr. Olaoluwa’s loyalists was discovered. Those in the known alleged that Dangote BOI fund and CBN intervention fund was the purse used to perpetuate the allege fraud.

When contacted to respond to these allegations, BOI corporate communication officer, Hadiza Olaosebikan sent the below via SMS:

How possible is that? The MD just resumed some few months ago!

 …loan approvals goes through the board and the makeup of our board are people of integrity who only accepted the job to serve our nation.

 You can go on our website www.boinigeria.com to checkout what we have done.

 I appreciate your feedback and the opportunity given for us to react.

 My office is open for further discussions.


source: societyreelnews