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How Rasheed Olaoluwa, Former MD Bank Of Industry Was Caught By DSS



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Rasheed Olaoluwa, Former MD Bank Of Industry
Rasheed Olaoluwa, Former MD Bank Of Industry
  • Allegedly in SSS custody on 7th of January 2016


  • Invitation believed to border around alleged massive embezzlement, illegal disposal of BOI Prime Properties and Shares.


  • Group {NATIONAL INTEGRITY FORUM} alleges massive embezzlement by Mr Rasheed; calls for indebt probe of the MD and his cronies; challenges BOI to publicly publish names and addresses of companies and individuals that bought the shares and property.


  • Rasheed Olaoluwa allegedly donated N1billion to PDP on the directives of his Engr. Ezekiel Olajide {Former FERMA Chairman}

If information availed us would be anything to go by, Mr Rasheed Olaoluwa {The immediate past Managing Director of Bank of Industry} popularly known as BOI is among the many public office holders that have been caught in the net of the anti-corruption crusade of President Muhammadu Buhari who is head-bent on ending the epidemic of corruption in the polity. Information we exclusive received revealed a strong case of corruption allegation on Mr Rasheed Olaoluwa bordering on mismanagement of the bank’s fund, massive corruption, bribe-for-loan allegations and alleged illegal disposal of the Bank’s Shares and Prime assets to his proxies among other fraudulent activities which feelers believe is already hauling the fortunes of BOI to a near-moribund status.

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On Thursday the 7th January, 2016 as we reliably gathered, Mr Rasheed Olaoluwa was a guest at the State Security Service Office Abuja to respond to huge allegations of misappropriation of funds, massive embezzlement, diversion of public funds, illegal sales of BOI prime properties and sales of government shares of N40billion to his cronies; nepotism, serving the interests of his ‘masters’, and running a Strategic Government Own bank as a personal business thereby frustrating the core objective for which the bank is established.

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Among the numerous allegations that may nail Mr Rasheed are the following:


Expertise advice and profound investigation revealed that BOI N40b shares sold may have been undervalued by close to N3b by Rasheed Ololuwa led team.  Stocks and Shares experts believe that the contentious N40B shares may have been undervalued by over N3b naira thereby denying the nation to that tune or more.  The shares which was not accorded any publicity was believed to have been sold from the back door thereby availing it to Mr Rasheed proxies.


From information made available to us, the decision to dispose the bank’s shares and prime property was Mr Rasheed Olaoluwa and his caucus sole decision that was not captured anywhere in the Management Minutes of Meeting.  It was believed that the decision was rooted in deep intent to commit corruption.  In this regard, a group {National Integrity Forum} has called on President Buhari-led Federal Government and Anti-Corruption agencies via Petitions made to EFCC and exclusively made available to us, appealed that a broad investigation be launched on the person of Rasheed Olaoluwa and his team to ascertain the level of their culpability in ruining the fortunes of a pro-investment bank like BOI and thus compel Mr Rasheed and his cohorts in BIO to make public the names, addresses and contacts details of all the individuals and corporate organisations that bought both the shares and the BOI prime properties.


BGL, an affiliate of UBA {previous employer of Mr Rasheed Olaoluwa} who allegedly oversaw the sales of the shares was in Technical Suspension by Security and Exchange Commission as at the time the shares was sold thereby nullifying the transaction according to National Integrity Group.  Therefore, it is advisable that SEC should revoke the sale of the shares on this basis that the transaction was carried out in illegality as BPE, BPP were allegedly not brought in the picture in disposal of the property as no public advert was made.

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Rasheed Olaoluwa and his team have been accused of extending loan to their cronies and those who could ‘play games’.  According to information exclusively made available to us, Mr Rasheed Olooluwa is secretly feeding the pockets of his cronies through BOI thereby frustrating the noble objective for which the Bank was established.  ‘Rasheed is still toeing the line of his predecessor who used the resources of the bank to serve the interest of her godfathers.  A situation where loans are consistently extended to a class of people either to their companies directly or to their proxy companies is simply a disservice to the nation.   The fund was tactically severed from hard working and innovative Nigerians who could have been availed it to grow their ideas and businesses’.  An insider who spoke to us on condition of anonymity said.

In the same vein, the former MD of BOI became so partisan that he was alleged to have routed N1billion belonging to the Bank to President Goodluck Jonathan’s campaign Office on the orders of Engr. Ezekiel Olajide who we understood recommended Rasheed to Jonathan for the BOI Job. Engr. Ezekiel was Jonathan’s prominent campaigner and mobilizer in South West.

In national interest, it is only expedient that the current wave of anti-corruption crusade sweeps through Rasheed-led management of BOI’s to unravel the level of disservice, corruption and embezzlement that characterised the operation of BOI under his leadership.

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