Energy bank of Ghana is in deep board crisis over how to recover loan granted to Bar Jimoh Ibrahim, the chairman of the Bank. The loans were taken by companies within the Energy Group and most of the loans were diverted. The bank secretary has summoned several board meeting, which cannot hold, as most directors refused to attend. The directors are jittery over the huge loan taken by Nigerian corporate virus Jimoh Ibrahim popularly called the corporate undertaker. The bubble is about to burst due to non-repayment of various fraudulent loans granted to his companies within the Energy group including Air Nigeria with forged bank resolution, which were diverted into Jimoh Ibrahim personal account without the knowledge of the company directors. One of the items in the board meeting- agenda is the adoption of Jimoh Ibrahim $5,598million loan consolidation proposal into a newly floated company called ENERGY INVESTMENT (GHANA) LTD. The company is headed by a former First Bank dismissed credit officer.
This company is also the investment arm of the bank as the MD/CEO has no power to invest, a dollar or cedi of the depositors fund. It should be noted that even the MD/CEO of Energy Bank of Ghana, has been under three months contract in the last four years, which is renewable by Jimoh Ibrahim every three months. Bar Jimoh Ibrahim used the companies within the Energy Group to obtain various loans from Energy Bank of Ghana without the consent of the directors of the companies. The board resolution is usually signed by Jimoh in his capacity as the Chairman and any lawyer nominated by him will sign as company secretary. The loan is then diverted into Jimoh Ibrahim personal account and finally to ENERGY INVESTMENT (GHANA) LTD for investment by Jimoh Ibrahim. During the Air Nigeria era, several fraudulent loans were taken in the name of Air Nigeria without the knowledge of the directors but this came to my notice during repayment period. These loans once taken were diverted into Bar Jimoh Ibrahim personal account. These loans were used to finance several other investments, which has now failed. The MD/CEO of Energy Bank of Ghana has been mandated to source for international loan with lower interest rate to restructure these loans but so far no luck. The objective is total restructuring of the loan taken by Jimoh Ibrahim, which is in excess of $5,598million
Since this year 2013, no board meeting has been held by Energy Bank of Ghana. The Energy Bank Managing Director, Samuel, a veteran of the banking industry with over 27years experience is pleading for retirement before the bubble will burst. Samuel, the MD/CEO is finding it very tough to restructure the loans and has offered to resign which Jimoh Ibrahim rejected with threat to assassinate him. This explained why Bar Jimoh Ibrahim published his intention to retire from Energy Group as the GMD in January next year, just to avoid international prosecution. The situation is so bad and every director is now being very careful as the bubble may burst any time from now. Energy Bank will make history as the first Nigerian Bank to fail in Ghana where depositors will lose their money. Some depositors who are aware of this development have started withdrawing their deposit and money from the Bank. One of the branches in Ghana is seriously having a run down on it activities. The bubble is already bursting.
THE LIFE AND JOB OF THE MD/CEO OF ENERGY BANK OF GHANA IS ON THE FIRING LINE.
Where on earth, apart from Energy Group, is the contract of employment of a Managing Director of a bank fixed for three months and is subject to renewal by the chairman. With this type of contract, the Managing Director job is on the firing line every three months. Just few months ago, Dafe the Chairman of National Mirror Editorial Board was alleged to have committed suicide BUT we all know that Jimoh Ibrahim murdered him. This explained the case of Femi Ige, the Managing Director of Newswatch Communications Ltd, who just took over from Ray Ekpu, Dan Agbese, Yakubu Mohammed and Soji Akinrinade group, whose contract was not renewed last two week. All effort made by Femi Ige to explain, how innocent he was, on an irrelevant issue boarding on Mrs Kayode house maid turn secretary that Jimoh Ibrahim has been sleeping with, turned to deaf ear. Femi Ige, who did not know how Jimoh Ibrahim sex scandal involving a staff house maid leaked to the public, was fired. Even Steve Ayorinde, the former MD/CEO of National Mirror has been reduced to CEO without any power to manage the National mirror. Today Jimoh Ibrahim has taken over as the Editor-in-Chief of National Mirror and a junior staff under steve before his elevation as CEO of the newspaper now issues query to steve.
It should be recalled that, it was the Afrixim Loan of $40million granted to Air Nigeria that Bar Jimoh Ibrahim diverted into the acquisition of Energy Bank of Ghana. The loan was obtained in Sept 2011, transferred into UBA account in London in faviour of Energy Bank of Ghana and the bank was commissioned in Feb 2012. In addition to the $5000million loan, another loan of $598million dollars was taken for the failed International operations of Air Nigeria. Many Nigerians can recall before the closure of Air Nigeria, how passengers were asked to contribute 50 pounds at London Gatwick Airport, which resulted to scuff between the staff of Air Nigeria and the passengers.
The business strategy of Jimoh Ibrahim is to use Air Nigeria or companies within the Energy Group to raise loan and the loan will be diverted into his personal account. The entire business empire of Jimoh Ibrahim exist on loans, fraud and fraudulent diversion, of which, many of these loans will still be outstanding as at the time Jimoh would have retired from Energy Group. There is no business being generated by his business conglomerate, no business development strategy and no marketing strategy to move the business empire forward. Nicon Insurance Plc is under liquidation, Nigerian Re-Insurance Corporation is out of operational existence due to non- compliance with the statutory requirement, the Sao Tome University and Energy Bank of Sao Tome are closed economy investment. It is only a matter of time before the bubble will burst as Jimoh Ibrahim is currently facing various tax evasion charges by FIRS. A critical review of his entire business group by technocrats will confirm the above assertion.
Energy Bank is in serious crisis with over $5,598Million loan taken by the Chairman, Bar Jimoh Ibrahim; the bank is in grave danger. Energy Bank of Ghana is technically dead and its operations will soon be suspended like Air Nigeria for one year, by Jimoh. The central Bank of Ghana is not aware of the rot in Energy Bank of Ghanan. Nigerians travelling to Ghana and transferring money through this bank should be careful. The fraudulent activities of Jimoh Ibrahim within this bank cannot be numbered. When, I told Nigerians that Air Nigeria was a flying coffin, many believed and those who were lured away by Jimoh Ibrahim CNN advert having been calling me for assistance. Today, another round of CNN advert is being advertised on Energy Group every week. Nigerians should watch out for another drama as Energy Bank of Ghana is about to fall. These CNN advert, were done in the days of Air Nigeria and suddenly the Airline was closed. In the aviation industry, Aircraft are supposed to be insured in line with the aviation rules, that no chairman of an airline should be a Shareholder in the insurancing company. In the case of Air Nigeria, all passengers were insured by Nicon Insurance Plc and re-insured by Nigeria Re-insurance Corporation; these dead companies are owned by Jimoh Ibrahim. It means that in the event of air accident, the beneficiaries of the passengers will not be compensated and even any surviving passenger will not be covered by the airline insurance.
Any bank that accepts Jimoh Ibrahim transaction must be ready to sack the Managing Director of the bank or have the entire board dissolved or the bank must collapse. Afribank now mainstreet bank and Former Oceanic Bank are very good example. In most banks, Jimoh Ibrahim comes with such a heavy loan request, that on default, the board will be in crisis and Jimoh will ask the Directors to provide total solution to the loan problems. At this point, the Directors are all in crisis managing the difficult loan portfolio with daily threat from Jimoh. Most of the securities pledged are structured to expire within the life of the loan, without the critical issue being made known to the bank Directors. A careful study in all the banks where Jimoh Ibrahim has transacted business will reveal this secret.
Most times, the documents pledged are retrieved from the bank using ladies in legal department without the knowledge of the Directors. To achieve this objective, Jimoh will suddenly send cash gift of N5M to the lady during her birth day, child naming ceremony, holiday period and sometimes first class ticket just to draw the lady in question near. Various gifts will normally follow the first N5M and eventually the lady is broken and the deal to withdraw such documents struck. Most senior staff ladies in Energy Group are from the legal department of banks like Union Bank, Oceanic Bank, Afribank, now mainstreet Bank or personal assistance to the bank CEO. Sex and new executive job are offered to the lady, who will pull out the document, while various spiritualists will be working on the lady every day. Sometimes guarantee pledged will expire before the end of the transaction. This is deliberate as Jimoh Ibrahim is just a fraudster from birth.
Jimoh Ibrahim is the grand master of corporate fraud in Nigeria, having been blacklisted by Central Bank of Nigeria.
JOHN I NNOROM
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