Bank Of Industry MD, Rasheed Olaoluwa On The Run Over Multiple Fraud

As President Buhari is hell bent on eradicating corruption in high places in Nigeria, it’s devastating to know that some prominent Nigerians have continued to promote corruption and move from one badness to the other. And among such people is the Managing Director of Bank of Industry (BOI), Rasheed Olaoluwa.

A recent finding revealed that the acclaimed Nigeria’s oldest, largest and most successful development financing institution’s MD has gone low-key, and 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 sometimes ago has resorted to low-key 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.