Remember him? Austin Jay Jay Okocha. He is arguably the finest footballer to ever come out of Nigeria. Towards the end of his retire, he had put some of his personal savings in a Nigerian bank called Societe Generale Bank (SGBN). For those who do not remember the history, this bank suddenly went down taking with it the lives of a lot of Nigerians. Depriving them in the process of their hard earnings and savings.

Super Eagles Captain, Austin Jay Jay Okocha, is presently a troubled man. Okocha's troubles have to do with the sum of N120m which he lodged with a Lagos branch of the distressed Societe Generale Bank.


gathered this morning from Okocha's close aide, Friday Nwankwo Kujah, that Okocha discovered that the bank was distressed when he felt the need to buy a house in a highbrow area of Lagos and raised a cheque for N106 million, only for the cheque to be returned to the drawer, as the bank lacked the ability to meet its obligation to its numerous customers. The painful thing is that some of those who support him now probably lost or have someone who lost money because of Saraki and his family.

http://allafrica.com/stories/200401150669.html

This 2008 report details how Saraki and his father did it and how YarÁdua of PDP prevented his prosecution because of his closeness to him. I assume all the families who were affected by this recklessness will not care about witch hunting considering the number of families that lost fortunes in this debacle.

How Saraki, others Looted Societe Generale Bank of Nigeria • Over N1b Looted

THE last may not have been heard of the reckless Boardroom manipulations that crippled the once beloved Societe Generale Bank of Nigeria (SGBN) as exclusive details of the charges to be preferred against some of its directors by operatives of the Economic and Financial Crimes Commission (EFCC) under the leadership of the Former Chairman, Mallam Nuhu Ribadu, an Assistant Inspector General of Police (AIG), at the time of collapse obtained exposed a can of worms in the board management of the bank.
HE last may not have been heard of the reckless Boardroom manipulations that crippled the once beloved Societe Generale Bank of Nigeria (SGBN) as exclusive details of the charges to be preferred against some of its directors by operatives of the Economic and Financial Crimes Commission (EFCC) under the leadership of the Former Chairman, Mallam Nuhu Ribadu, an Assistant Inspector General of Police (AIG), at the time of collapse obtained exposed a can of worms in the board management of the bank.

Sources within the anti-corruption agency disclosed that specifically, the chairman, Council of Elders Northern Union, Dr. Olusola Saraki who is also father of the Kwara State Governor, Dr. Bukola Saraki and other directors of the crippled bank had been investigated and were due to be arraigned on a 30-count charge before high-power politics and maneuver swept off Ribadu and his team at the EFCC who had sworn to ensure that persons who played any role(s) in the alleged looting of the bank are brought to book.

As the July 31, 2008, deadline of a two-month extension granted to the embattled SGBN by the country's apex bank, the Central Bank of Nigeria (CBN) to enable it tidy its merger arrangements, draws near, it is apparent the submerged charge sheet which is key to the roots of the bank's troubles is very much relevant.

The suit, had it proceeded, would have held at the Lagos, Federal High Court, and would have been between the Federal Republic of Nigeria and Dr. Olusola Saraki, joined with nine others to wit :- Robert Mbonu, Hafiz Bakare, Toyin Idowu, G. A. Oyenola, Yinka Fagbemi, Kennedy Izuagbe, Dele Iluyomade, Noah Olopoenia and Lana Haastrup as accused persons.

National Daily gathered that Ribadu intended to prosecute Bukola Saraki but could not because he enjoys the immunity clause bestowed on serving governors by the constitution of the country. The trial of Bukola's father and his accomplice would however had commenced pending the expiration of the son's tenure as governor but for the tenacity of Bukola Saraki who as a member of President Umaru Musa Yar'Adua's kitchen cabinet worked round the clock to ensure that the suit got thwarted and Ribadu disgraced. Bukola was also identified as the man behind the ouster of Ibrahim Larmode
Documents made available to National Daily revealed eight of the 30-count charge were directed at Dr. Olusola Saraki alone, and three solely for the defunct bank's MD Monu. The charges hinged mainly on transactions without collaterals spanning periods from 1999 to 2003 include that Dr. Olusola Saraki while being Director of SGBN Plc between 2002 and 2003 at Lagos the Lagos Judicial Division of the Federal High Court and having personal interest in the grant of a loan facility accounting to N210,000,000.00 (Two Hundred and Ten Million Naira) granted by the Societe Generale Bank Nigeria Plc to Peoples Democratic Party (PDP), Kwara State Chapter and failed in his duty to declare the nature of his interest in PDP and the loan to the Board of Directors of Societe Generale Bank Nigeria Plc and thereby committed an offence punishable under Section 18(11) of the Banks and Other Financial Institutions Act Cap B3 Laws of the Federation of Nigeria, 2004.

http://saharareporters.com/2008/07/06/how-saraki-others-looted-societe-generale-bank-nigeria-%E2%80%A2-over-n1b-looted

If you have time read the article in the link below, it is a very long one so I cant put the whole thing here. If the allegations here are true then I can safely assume that a young law graduate will beat his 80 sans in court.

http://silentreporters..com.ng/2015_06_01_archive.html

Police Documents Reveal How Nigeria’s Senate President Saraki Started As A Petty Thief At His Father’s Bank In 1990



Exclusive documents reveal that Senate President Bukola Saraki, along with other members of his family, played a role in bankrupting Societe Generale Bank of Nigeria (SGBN), in one of the most compelling failed bank dramas in Nigeria’s economic history.
Mr. Saraki, a former governor of Kwara State who has been making headlines in recent weeks after snatching the seat of the Senate President by cobbling together a coalition of loyal Senators from the All Progressives Congress (APC) and the Peoples Democratic Party (PDP), joined his late father, Olusola Saraki, and his sister, Gbemi Saraki, in a stealing spree that led to the collapse of SGBN, a Nigerian affiliate of the multinational bank.

The most revealing documents, which originated from the Office of the Inspector General of Police, detailed a scheme by the siblings Bukola and Gbemi Saraki, along with Tokunbo Salami, Jude Iluyomade, and Mohammed Bashir. From 1990 to 2000, according to the Inspector General’s report dated August 21st 1990, Ms. Gbemi Saraki worked in the Treasury Department of Societe Generale Bank Nigeria while now-Senate President Bukola Saraki was a director of the bank. The Saraki family owned the largest shares of any Nigerian in the bank, a fact they exploited to obtain unsecured loans and engage in several other illicit transactions that saw to the bank’s demise.

In one letter to Nigeria’s Inspector General of Police, Societe Generale Paris, which owned a majority stake of Societe Generale Nigeria, accused the Sarakis and their cohorts of defrauding the bank out of 510,000 Naira through illegal and “unauthorized withdrawals of money.”

I thought they said okocha had about 2 billion ni, na wrong info. Oga o. Okocha should come and testify at the hearing too. But ceteris paribus he should have been paid now, or was the bank not insured ni. I think it's statutory for all banks to be insured with the National Deposit Insurance Commission

Obj promised to pay him but that was mostly based on his status not insurance. No one can independently verify if he eventually got paid. Even if he did, what about the million others who do not have such status. NDIC does not pay more than 500k no matter the amount to the best of my knowledge.

dayowunmi:
I thought they said okocha had about 2 billion ni, na wrong info. Oga o. Okocha should come and testify at the hearing too. But ceteris paribus he should have been paid now, or was the bank not insured ni. I think it's statutory for all banks to be insured with the National Deposit Insurance Commission

9jatriot:
Obj promised to pay him but that was mostly based on his status not insurance. No one can independently verify if he eventually got paid. Even if he did, what about the million others who do not have such status. NDIC does not pay more than 500k no matter the amount to the best of my knowledge.

Oga o

When he was the governor pf Kwara, he stole and people grumbled. Nothing happened and he finished his tenor.

Same game is on course

Saraki saraki saraki how many times did I call u? Maximum prison loading 98.9 percent loading

I see saraki smiling at the end of the day

bump

And when he couldn't pay, he makes him one of the share holder of Kwara state football academy now Abubakar Bukola Saraki (ABS) n funnily, the cunning man invited Mourhino then to the opening but he declined when he heard so many bad things about him.

This crook is what Igbos want Nigeria to elect as president. Anyway not every Nigerian is as foolish as the dull head ipobians from the mud enclave.

Below is what is left of Societe General bank thanks to the ingenious management of Bukola Saraki.

Op how much did they pay you.

I will still vote Saraki come rain come sunshine.

cho cho cho cho cho...you knew all this but kept silence when he decamped from pdp to apc in 2013?

I hope u guys know the SGBN is now Heritage Bank which most of u in the west bank with. And that it paid its old customers by opening account for them in HB. Saraki presidency is going to display the AFonjaness in you guys. You guys are so funny. Uve 4gotn hw fulani herdsmen were killing u guys so soon and your chiefs wer imprisoned 4 fightin back.

9jatriot:
Remember him? Austin Jay Jay Okocha. He is arguably the finest footballer to ever come out of Nigeria. Towards the end of his retire, he had put some of his personal savings in a Nigerian bank called Societe Generale Bank (SGBN). For those who do not remember the history, this bank suddenly went down taking with it the lives of a lot of Nigerians. Depriving them in the process of their hard earnings and savings.


http://allafrica.com/stories/200401150669.html

This 2008 report details how Saraki and his father did it and how YarÁdua of PDP prevented his prosecution because of his closeness to him. I assume all the families who were affected by this recklessness will not care about witch hunting considering the number of families that lost fortunes in this debacle.

http://saharareporters.com/2008/07/06/how-saraki-others-looted-societe-generale-bank-nigeria-%E2%80%A2-over-n1b-looted

This OP need deliverance.