Sterling Bank’s CEO, Yemi Adeola and Herbert Wigwe, the Managing Director of Access Bank Plc have reportedly returned the sum of N5billion each, totaling N10 billion to the coffers of the Federal Government from political slush funds fraudulent acquired during the administration of President Goodluck Jonathan, through the embattled former Petroleum Minister, Diezani Alison-Madueke, Sahara Reporters says.

Bothe bank executives have since been released after the part payments

Sterling Bank’s CEO, Yemi Adeola, who was arrested on Wednesday in a raid on his bank by EFCC operatives, was released last night after he deposited a payment of N5 billion, Sahara Reporters confirmed from EFCC sources.

According to one of our sources, the money returned by Mr. Adeola was in partial restitution for a transaction of $88 million he received from Nigeria's former Petroleum Minister, Diezani Alison-Madueke.

Mr. Adeola is expected to pay back a total of N17 billion to the recovery accounts of the Nigerian treasury within two weeks.

Also released last night was Herbert Wigwe, the Managing Director of Access Bank Plc., who was arrested yesterday after EFCC agents raided the bank headquarters in Lagos. 

A source at the EFCC told SaharaReporters that some notable personalities, including Oba Akiolu of Lagos and the bank's former CEO, Aig-Imokhuede, had pressured the anti-corruption agency to grant Mr. Wigwe bail. “We refused all such entreaties until Mr. Wigwe returned $5 million.” EFCC investigators said Zenith Bank had illicitly transferred the $5 million to Access Bank from a slush fund arranged by Ms. Alison-Madueke.

The EFCC source said the agency was conducting discreet investigations and recoveries of plundered funds from rogue bank CEOs who assisted Ms. Alison-Madueke and other officials of President Jonathan’s administration to launder funds. He added that most of the funds were laundered through opaque accounts that were kept “off records” by bank MDS.


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