BANKING RECKLESSNESS – THE ALEX OTTI STYLE!
Mazi Alex Otti and his supporters will have you believe that the man is a banker from heaven. They clothe him with utopian qualities and present him as a first class manager.
The collapse of his known last place of work, Diamond Bank raised questions about his competence but his goons adopt a strategy of shifting the blame. They will tell you that under Otti, Diamond Bank was excellent and that their regulatory compliance was top notch.
But facts are emerging and the truth is coming out.
What kind of banker was Alex Otti?
How did he run Diamond Bank?
Now listen to this!
Senator Musuliu Obanikoro told a Lagos High Court yesterday a shocking story of the kind of banker Otti was.
At the resumed hearing of the case filed by the Federal Government against former Ekiti State Governor, Ayo Fayose, Obanikoro made some startling revelations.
Obanikoro, a former Minister of State, Defence told the Court under cross examination that he VERBALLY asked Alex Otti who was then the MD of Diamond Bank to release a whopping sum of 1.2 Billion Naira from the account of a company Sylvan McNamara Ltd and that Otti did exactly that.
Obanikoro admitted that he is not a Director of the Company and his name is not on the CAC FORM CO7 which is the particulars of the Directors of the company. He is also not a signatory to the account. He also admitted that the company’s account has a mandate with the bank making it clear that withdrawals are only permissible when authorized by the Directors via a resolution of the Board.
I am not a banker but I am a lawyer. I understand the rules that govern corporate accounts. When a corporate body operates a bank account, certain clear rules apply. Withdrawals can only be made from that account with the WRITTEN AUTHORIZATION of the Directors. This is a fundamental requirement.
Obanikoro told the Court how Otti approved his VERBAL request to pull out 1.2 Billion Naira in liquid cash from the account of a company where is not a director!
A man with a First Class degree acceded to such outlandish request?
No letter?
No resolution of the Board of Directors?
No document whatsoever?
Only God knows how many more of such funny things happened under Otti’s watch!
And knowing how things are done in this country, you can imagine what actually went down while the cash was changing hands. Otti must have taken a decent cut from the money. No doubts about that.
No wonder he had loads of cash to throw around and hire helicopters in 2015!
This kind of recklessness is enough to earn any banker an outright sack. No serious financial institution can tolerate such banker in its fold. Such banker is a danger to the financial system.
And you still wonder why Diamond Bank went down? Which bank will survive such manner of recklessness from its number one officer. If the MD can brazenly and shamelessly disregard clear rules, you can only imagine what went on in that bank under his watch!
No wonder he hurriedly ran away from the bank and returned to Abia, against all permutations to seek to become Governor.
No wonder he wanted to Governor at all costs.
Was he running away from possible arrest and prosecution?
No wonder he kept changing his origin. I am from Arochukwu, no no…I am actually from Isiala Ngwa. Well…ancestrally, I am from Arochukwu.
What kind of man is this?
This is the kind of character that wants to be Governor of Abia State!
The good Lord will never allow it.
God is not a man. His timings are perfect. Is it not instructive that such revelations came up when elections are at hand? Could this be a warning to the people of Abia State?
If Alex Otti could blatantly ignore clear laws in a highly regulated industry like Banking, you can only imagine what he will do when he becomes Governor.
Fellow Abians, the Lord is good. This revelation at a time like this is not ordinary.
The choice is yours!
Let me hear pim again about Banking Expert and see if I won’t break somebody’s emm…emm…