Others expected to be docked before the judge, include: Sadat Abdullahi Aliyu, Mr Chibundu Edozie, and BGL Capital Limited.

They are to face 13 counts bordering on the alleged sale of BoI shares as slammed against them by the anti-graft agency.

In addressing the court, the Commission’s lawyer, Kehinde Adetoye, said though the case was slated for arraignment, the defendants were duly contacted that their arrangement would come up in court.

The counsel equally informed the judge that the defendants were granted administrative bail in 2020, and ought to be in court for their arrangement.

In his response, Olabode Iranloye, counsel to the 2nd defendant (Sadat Abdullahi Aliyu) tendered an apology for the absence of his client and gave the assurance that the defendants would be in court at the next adjourned date to take their plea.

Back in January 2016, the Department of State Service had invited Olaoluwa 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 and running a Strategic Government Own bank as a personal business thereby frustrating the core objective for which the bank is established.

This was after a group, National Integrity Forum petitioned the EFCC and appealed for a broad investigation to be launched on the person of Olaoluwa and his team to ascertain the level of their culpability in ruining the fortunes of BOI as well as compelling Olaoluwa and his cohorts in BOI 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.

Among the numerous allegations are:

{1} BANK OF INDUSTRY’S SHARES:

Expertise advice and profound investigation revealed that BOI N40b shares sold may have been undervalued by close to N3 billion by Olaoluwa and his team.  Stocks and Shares experts believe that the contentious N40 billion shares may have been undervalued by over N3 billion 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 proxies of Olaoluwa.

{2} DISPOSAL OF THE BANKS SHARES AND PRIME PROPERTY

The decision to dispose the bank’s shares and prime property was Olaoluwa’s sole decision which was not captured anywhere in the Management Minutes of Meetings in the bank.  It was believed that the decision was rooted with deep intent to commit corruption.

{3} SALES OF SHARES WAS IN ABSOLUTE ILLIGALITY

BGL Securities Limited which allegedly oversaw the sales of the shares was in Technical Suspension by Security and Exchange Commission as at the time the shares were sold thereby nullifying the transaction. The transaction was carried out in illegality as Bureau of Public Enterprise, BPE, were allegedly not brought in the picture.

{4} BRIBE-FOR-LOAN ERA:

Olaoluwa and his team were accused of extending loans to their cronies without due process. He was secretly feeding the pockets of his cronies through BOI thereby frustrating the noble objective for which the Bank was established.

In the same vein, Olaoluwa became so partisan that he was alleged to have routed N1 billion belonging to the Bank to President Goodluck Jonathan’s campaign Office on the orders of Engr. Ezekiel Olajide who allegedly recommended Olaoluwa for the BOI Job. Engr. Ezekiel was Jonathan’s prominent campaigner and mobilizer in the Southwest.

Olaoluwa is currently the founder of Niche Capital Limited and Informed Analytics Limited.