Exclusive: How Olaoluwa, Evelyn Oputu, Others Stripped BOI Assets

Past Managing Directors of Bank of Industry (BOI): Mrs Evelyn Oputu (Left), Rasheed Olaoluwa (Right) and the TANGO TOWERS, Ikoyi, Lagos
  •  The Inside Details Of N40BN, TANGO Towers Deals
  •  Investigators, New BOI Team Ferret Dozens Of Documents (PART 1)

By The New Diplomat Economic Intelligence Desk

Fresh revelations have emerged as to how two former Managing Directors of the Bank of Industry (BOI) allegedly stripped the Bank of vital public assets belonging to the bank. Those allegedly fingered in the reported massive deals which saw the bank going down in both monetary and assets index ranking include Mr Rasheed Olaoluwa and Evelyn Oputu, ex-wife of late Senator Fred Brume who abandoned the late Brume when the going became tough for the late respected Senator.

Oputu later hooked Admiral Dan Preston Omotsola, an ex-Government College Ughelli old boy like Brume, when the tides were favourable to Omotsola as Nigeria’s Chief of Naval staff. She gain abandoned Admiral Omotsola when the ex-military chief later left power as the military returned to the barracks in 1999.

Investigations reveal that OPUTU who has a liking for men in power and public stage used unconventional and unauthorized process to acquire TANGO TOWERS, a high rise structure on bourdillon road, Ikoyi with BOI platform. An insider in BOI confided in The New Diplomat ‘’ that Oputu who currently lives on the penthouse used so-called partnership framework as MD to acquire the place.”

Sources reveal that the new management and investigators have commenced a probe into the era of both Oputu and Olaoluwa. This followed series of petitions against the past Managing Director of Bank of Industry(BOI) Mr Rasheed Olaoluwa accusing him and some members of his erstwhile management of unauthorized and unapproved stripping of the assets of BOI to the tune of over N40billion, the Independent Corrupt Practices Commission(ICPC) has nabbed the erstwhile MD Mr Olaluwa for interrogations and to explain his role and why a Board approval and other stipulated industry due process were not followed through in the controversial sale 127 Million units of Federal Government Shares in WAMCO valued at N40.15Billion which were being held in trust by BOI on behalf of the Federal Government of Nigeria. Mr Olaoluwa was appointed MD of BOI by former President Goodluck Jonathan in May 2014.





It was gathered that the current BOI team resolved to re-open the investigations on the prompting of some powerful APC Leaders who are unhappy with both Oputu and Olaoluwa. The New Diplomat investigations reveal that Mr Olaoluwa who has been facing series of questions over his alleged role in the very untidy and most controversial sale of the 127 units of Federal Government Shares in WAMCO in very unedifying circumstances as they were allegedly sold thirtyoluwa days after President Muhammadu Buhari assumed office as President without a documentary  Board approval or any written approval from the supervisory Ministry of BOI-Ministry of Trade and Investment, was at the Financial Investigations Unit(FIU) of the ICPCi Headquarters Abuja on Tuesday 14 June, 2016 in response to an invitation extended him by the anti-graft Commission.

Checks at the ICPC  Head office in Abuja showed that as at mid-day on Tuesday Mr Olaoluwa was quizzed by interrogators who wanted to know why was the over N40 billion Shares sold so hurriedly shortly after President Buhari assumed office? Why was due process not followed? Why was a Board Approval not obtained as stipulated by the guidelines of the BOI and Industry standards and practices? Who are those that bought these shares? In fact, who authorised the sale of the over 127 Million units of Federal government shares in WAMCO which were held in trust by BOI on behalf of the Federal Government of Nigeria?

Reacting to these cases bordering on corruption and alleged impunity which characterised the Jonathan administration, Transparency International urged President Buhari to implement full access to Information in the war against corruption ‘’ so that citizens and the media including members of the Civil Society can have full disclosures on corruption and help fight the scourge.”  Regional Director for West Africa, Mr Kaniba told The New Diplomat on phone that President Buhari’;s integrity and reputation is most high and  unassailable, adding that the president now needs the Media and civil society to join his crusade against corruption in Nigeria.


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