Bank MD Yemi Adeola Detained After EFCC’s Raid On Sterling Bank

Agents of the Economic and Financial Crimes Commission yesterday raided the offices of Sterling Bank Plc. In Lagos to search for documents related to “a large-scale fraud,” according to a source at the anti-corruption agency. The source declined to provide specific details about the nature of the alleged fraud but told our correspondent that the EFCC decided to send operatives to comb through bank documents after careful investigation.
Agents of the Economic and Financial Crimes Commission yesterday raided the offices of Sterling Bank Plc. In Lagos to search for documents related to “a large-scale fraud,” according to a source at the anti-corruption agency.

The source declined to provide specific details about the nature of the alleged fraud but told our correspondent that the EFCC decided to send operatives to comb through bank documents after careful investigation.

Later yesterday, EFCC agents arrested the bank’s managing director, Yemi Adeola. “We arrested the MD, and he remains in our [EFCC] custody undergoing interrogation,” a source within the agency disclosed.

The source added that the EFCC had no plans, for now, to reveal the reasons for Mr. Adeola’s arrest so as not to alert others who may have collaborated with the MD on the matters being investigated by the anti-corruption agency.

A correspondent of SaharaReporters asked whether Mr. Adeola’s detention and interrogation has to do with any role played by the bank in handling illicit financial transactions during the Presidency of Goodluck Jonathan, but our source stood his ground, restating that the EFCC would not divulge details at this time.