Former First Bank ED’s $40m: Dauda Lawal in fresh trouble, as FG is set to begin investigation into the source of the funds, other assets.
The Federal Government of Nigeria is set to begin series of investigations into the sources of funds and other assets belonging to the former Executive Director of the First Bank, Dauda Lawal Dare.
The former Executive Director has recently secured a court judgment for the release of $40m the Economic and Finacial Crimes Commission EFCC confiscated from him on allegation that the money is a proceed of corruption.
The Federal Government said though it has agreed and accepted the court judgment, the former executive director must account for how he got the $40m, since his salary and earnings as the executive director of the bank could not have placed him on the position to acquire such amount of money and that the bank rules prevent him from carrying out any businesses while in office.
Meanwhile the anti-grafts agencies have despatched letters of invitation to the former ED to present his assets declaration forms completed before and after he joined the services of the bank.
The agencies said the series of investigations are set to commence immediately after Sallah break.
Other assets belonging to the former ED of the first bank which are also to be investigated by the agencies include his fertilezer company, Zamzam hotel, Alminium production company, properties he acquired in both London and Dubai.