As the alleged involvement of a distinguished senator of the federal republic and two-term governor of Kwara State, Dr. Abubakar Bukola Saraki, in the financial scam of the Intercontinental Bank Plc becomes the major subject of national discuss, our Kwara coresspondent, Arowona Abdulazeez examines the situation.

The untold story of the financial mismanagement by the leadership of Intercontinental Bank Plc, which was revealed by the embattled former managing director/chief executive officer of the bank, Chief Erastus Akingbola, in a petition he filed to the Attorney General of the Federation and Minister of Justice, as well as security agencies alleging dirty deals of over N41.115 billion by the new managing director of the bank, Mr. Mahmoud Lai Alabi, perhaps, is the major document which led to the alleged involvement of Senator Saraki in the scam

Senator Bukola Saraki, the immediate past governor of Kwara State, was said to be involved in the financial scam to the tune of N21 billion with Joy Petroleum, said to be one of his companies.

Akingbola, in the petition dated August 3, 2010 and addressed to the office of Minister of Justice and Attorney General of the Federation, said "Mr. Mohmoud Lai Alabi was appointed by the CBN as the new CEO of Intercontinental Bank Plc. Mr. Alabi is an employee of Bukola Saraki as chairman of Shonga Farms and several development funds in the state.

"On resuming, his first task was to write off Dr. Saraki's loan to the tune of N8.115 billion (papers and letters attached). He also wrote off loans totaling N32 billion to friends of Dr. Saraki. All these in a bank that they were meant to be rescuing."

Akingbola said that all the written-off loans had been classified as 'good' and 'performing' by the Central Bank of Nigeria, CBN, examiners and had been secured with properties in Ikoyi (Lagos) Victoria Island (Lagos) and Abuja. The CBN examination report of May 2010 complained about this massive loan or 'cash gift' to Dr. Saraki.

The petition which further chronicled how the Sarakis and his friends "created the crisis in the Intercontinental Bank with the sole aim of taking over the bank," said it was obvious that both Dr. Saraki and his friend in the CBN used the opportunity of the worldwide financial crisis of 2008 to 2009 to jump into certain banking institutions and took them over.

Akingbola added, "The crisis had been acknowledged and was being well-managed by Professor Chukwuma Soludo, the former CBN governor. The entire industry was affected, as others worldwide. The Nigerian economy was hit by four economic catastrophes."

The former bank chief executive officer, who is currently being tried by the Economic and Financial Crimes Commission, EFCC, for alleged financial crimes, said the new CEO of the Intercontinental Bank had recruited former Societe Generale Bank staff as executive directors and loan managers, like Mr. Gbenga Alade.

Continuing, the embattled former Intercontinental Bank boss said "Mr. Alabi proceeded to sack the entire senior management of IB Plc and replaced them with former Societe Generale Bank staff. It is clear, from these actions, that I was removed to smooth the take-over of the IB Plc for dr. Saraki," Akingbola stated.

However, Senator Saraki issued a statement claiming that a temporary injunction had been granted preventing the Special Fraud Unit of the Nigerian Police from arresting and interrogating him over the bank loan fraud involving some of his aides and companies.

Saraki's lawyer, Lawal Rabana (SAN) had approached a Federal High Court in Abuja with an ex-parte motion application to obtain an interim injunction against the Nigerian Police. The application sought to enforce the senator's constitutional rights, but the judge, Justice Gladys Olotu of the Federal High Court, Abuja, refused to accept the ex-parte application and advised that the police be served with the motion on notice, which was filed alongside the ex-parte application to enable the court hear both parties on the substantive motion slated for Thursday, April 26th 2012.

Spokesperson to Saraki, Akintoba Fatigun in a statement, said: "As a law-abiding citizen, Senator Saraki has decided to seek legal redress to put an end to what appears to be an orchestrated frenzy calculated at smearing his name, assaulting his dignity and intimidating his person through deliberately garbled accounts and serial leaks concerning loans granted to a company that he has no connection with.

"Senator Saraki is indeed in receipt of a letter from the Police Special Anti-Fraud Unit, Lagos, inviting him to assist its investigations of a case of conspiracy, forgery and stealing of the sum of N21 billion belonging to Joy Petroleum Ltd.

"Saraki has made it clear on many occasions that he has no relations with Joy Petroleum and wishes to so restate.

"While taking note of and displeased with the tendentious attempts to prosecute and persecute him on the pages of the media, Senator Saraki has asked the court to determine whether he could be invited by the police to assist in investigating a matter in which he is not linked and for which no specific allegation has been made against him."

However, a reliable source disclosed that Saraki met the Inspector General of Police, Mohammed Abubakar, at his Maitama residence to plead with the police chief to stop the charges. But sources said the SFU might press ahead with the charges as it briefed fiery Lagos lawyer, Femi Falana (SAN) to handle the case of prosecuting Saraki and deconstructing all the legal hurdles that may stand in the course of his prosecution.

Meanwhile, the SFU on Saturday, declared Bukola Saraki wanted after he declined to show up for interrogation in the past two weeks.

Also wanted by the SFU is his wife, Toyin Saraki, over alleged N4 billion loan fraud allegedly collected from Access Bank through her firm, DALTRADE.

The police had threatened to use maximum force to arrest him and secured a court order to arrest him on Friday, while Saraki at the weekend, declared that he was ready to appear before the police to answer the allegations.

Saraki's legal counsel, Lawal Rabana (SAN) said that since the police were hell bent in declaring Saraki wanted, he would on his own, appear before them.  According to him, Saraki had gone to court hoping that the police would respect the court having submitted to the jurisdiction.

"Now that the police have made it clear that they do not have respect for the judiciary, Dr. Saraki will appear before the court," he said.  Rabana said that the former Kwara governor was not on the run and had no cause to run as a distinguished person.

Also in regards to another alleged fraud levelled against his wife's firm, Daltrade, spokesperson to the former first lady of Kwara State and wife of Sen. Saraki, Lore Dada in a statement, posited that Mrs. Saraki has not received any communication from any investigative body let alone the SFU of the Nigerian Police Force.

According to the statement, "Mrs. Saraki held no bank accounts with Access Bank and had never heard of Messrs Daltrade Ltd, the speculation may pertain to issues of unlawful impersonation and fraudulent misrepresentation."

Interestingly, since the Saraki saga assumed national prominence, scores of supporters had hidden no love for their political mentor and leader since Monday, as they left Ilorin and Abuja and stormed the Special Fraud Unit, SFU, Milverton Road, Ikoyi, Lagos, where the senator and former Kwara governor was expected to be quizzed.

The groups, which comprised politicians, market women among other unions from Kwara State, stormed the SFU office in 10 hired Toyota Hiace buses while activities paralysed in the state.

They carried placards with inscription of Bukola Saraki's photograph. They were chanting solidarity songs such as, "Sai Bukola, Sai Saraki," "Olu omo of Kwara State."

However, in an address, Kwara State PDP chairman, Alhaji Ishola Balogun Fulani said: "Bukola Saraki is a man of integrity, very transparent, very plain. He is not guilty of the allegation levelled against him.

"He is not a criminal. He believes in the rule of law. He has freed Kwara State from oppression. He is a trustworthy leader."

While those loyal to Bukola Saraki, including the incumbent government, were busy in far away Lagos in solidarity  with their political benefactor, opposition groups in the state like the Action Congress of Nigeria, ACN, in Kwara State and the Kwara Freedom Network, KFN, lashed at the PDP and the Abdul Fatah Ahmed-led government for  allegedly paralysing  governance in the state.

The two opposition groups accused the state government of relinquishing governance to the background in solidarity with Senator Bukola Saraki who was billed to appear at the Special Fraud Unit, SFU, in Lagos over a N9.7 billion loan write-off.

While speaking with journalists in Ilorin, the chairman of the group, Chief Iyiola Oyedepo said that "it is very sad that ex-Governor Saraki's case paralysed governance in the state.

"How can the entire government functionaries be solidarising with somebody alleged to have committed fraud?"

He urged the police to properly investigate and prosecute the fraud allegation levelled against Saraki while he was governor. His words: "We are in one with the police in this investigation. In fact, we are ready to give the police more evidence. We have piles of petitions lodged against him at the ICPC and EFCC."

Chairman of ACN, Kayode Olawepo said: "We denounce in the strongest terms the public show of shame, impunity and the lack of decorum by the PDP-led Kwara State government, which on Monday deployed around 200 government vehicles to Lagos to show solidarity with former Governor Bukola Saraki.

"The decision to deploy government's vehicles bought with public fund for such a shameful venture indicates that governance is at its lowest ebb in our dear state. It reminds us of similar behaviour by PDP when one of its godfathers was returning from jail over corruption.

"It is apposite to state that one reason Saraki is being investigated is on account of his alleged use of public office, through the Ministry of Finance then occupied by the incumbent Governor Ahmed Abdulfattah, for personal gains.

"Rather than show remorse and bury their heads in shame, the PDP-led state government is again using public fund and properties to side with somebody already fingered in corrupt practices.

"This shows their lack of respect for our law, the people of Kwara State and public sentiment against corruption and abuse of public office, around which Bukola Saraki is currently enmeshed.

"Kwara people deserve public apology from the PDP and Governor Abdulfattah for dragging their image in the mud through this shameful conduct and solidarity with corruption. We urge the police to ignore this shameful show of support and do their work thoroughly, because the government clearly does not have the mandate of the people to deploy their resources for anti-progress trip."

Olawepo added that "Saraki's personal business transactions are of no concern to us, but we note from the newspaper accounts that the transactions in question took place while he was governor of Kwara State.

"If that is found to be the case, then he has been guilty of a breach of the Code of Conduct law which forbids a public officer from engaging in any personal business activity while holding office. This is punishable under the law. It also shows that rather than Saraki devote his energy and time to uplifting the lives of the people of Kwara, he was engaged in pursuing his own personal interests."

Fatigun, while reacting to the threat of petitions by the groups, noted that "Senator Abubakar Bukola Saraki is a law abiding citizen," adding that Oyedepo and his co-travelers would continue to send petitions that will always end up in the dustbin of the agency because of lack of merit, and no substance and because those agencies have discovered that it is all concocted lies.

"So whatever he will send will end the same way as the others. He should disengage from subtle blackmail. If he needs help he should approach the distinguished senator for assistance instead of employing blackmail by threatening to send petitions."

Interestingly and away from local Kwara politics, are the strong and widely held views that the embattled governor and current senator of Kwara Central is a victim of a wider intricate political web of uncertainties and coloration.

Flowing from investigation conducted by Pilot Politics Desk, Saraki is seen as a victim and the prime enemy of a wider political intrigue, as well as the 'oil cabals' in the fuel subsidy saga and this allegedly has been the major point of his present travails. His undoing, according to some of his close confidants who spoke to this desk on the guise of anonymity, is covert plans for the 2015 presidency should the north be considered by the PDP as eminently qualified to field the next candidate. He is also said to have reeled out frightening figures of what the oil cabals have been stealing from the treasury as subsidy payments, an action that angered his political traducers and the oil mafias who in turn have engaged in a high level intrigues to pay him back.

Speaking with journalists recently on his preparations towards the 2015 elections, Saraki had said that the country needs public officials who would tackle the many problems of the country, irrespective of the zones they come from. His words:  "What we need is the issue of capacity at all levels. What Nigeria needs at all levels are people that will be able to perform and deliver. Whether you are a councilor, chairman, state and federal legislator, governor, or any political office-holder, what is required is performance. That is the focus and I think we should begin to re-orientate ourselves along that line. We are faced with problems of unemployment, education and power. These are the things that require leadership and capacity.

In addition he stated: "I think we all need to be responsible and we should address the issue of security. Talking about the issue of 2015 now may mean that we are not conscious of our environment. The major problem before us is unemployment, particularly that of youths. There is the need for all of us - federal, state, local governments, executive and legislature to find a mechanism for job creation."

He noted that "as you know, security issue is interwoven with poverty. There are so many challenges there that we have to address them. We should focus on them at the moment. 2015 is a distraction at present. We must join hands and begin to address the problems that are staring us all in the face."

He said attention should be given to the development of agriculture to stimulate the economy, provide employment and boost national food security.

He added that Nigeria should expand its agricultural product processing capacity rather than spending over $5billion on processing agricultural products from other countries.

"I am not aware of any country where there is a domestic need for gas and people are still exporting gas. The priority of this country now is to have enough gas. I believe that the country must move in that direction and all stakeholders must be able to understand that we must put a condition.

"If you want us to expand the Liquefied Natural Gas project, we must set specific target on domestic gas. Nobody will build petrochemical or fertiliser plants in Nigeria when there is no gas. We must direct policies such that our country provides gas. Otherwise the issue of power will have a lot of challenges," he said.

Notwithstanding his warped presidential ambition, the fraud case, which he is presently battling to ease off, may yet be one challenge on his integrity pedigree, especially as one governor who in the opinion of many, provided the best for his people.