Reps Order Arrest Of Ecobank MD, Investigate Oxford Group

The House of Representatives Public Petitions Committee has ordered that the Inspector General of Police bring the Chief Executive of Ecobank Plc before it on September 17, 2024, to answer charges of wrongful illegal and fraudulent operation of Grace Nwamina’s account.

The Chairman of the Committee, Mike Etaba, expressed his dissatisfaction with the bank’s handling of the matter and directed that the managing director be brought in person so that the matter could be resolved permanently.

He stated that the police report on the case indicted the bank on multiple grounds, and only the MD can guarantee its resolution.

In a related development, the committee has ordered a full-scale investigation into a specific Oxford group of companies accused of allegedly defrauding innocent Nigerians who fall for their investment gimmicks.

Narrating the ordeal of over 500 unsuspecting investors who were allegedly defrauded, Olamilekan Akinduro, on behalf of the aggrieved investors, lamented that Oxford International Group’s well-publicized public offers of juicy investment portfolios, which most Nigerians fell for since 2021, turned out to be a scam because the company was unable to meet the promised investments after several years of turning investors around.

He informed the House that the group’s Executive Chairman, previously known as Teni Adesanya, had secretly changed his name to Babatunde Adesanya.

The majority of the investors had invested more than $50 million each, with no trace of their investments remaining.

Sensing a widespread scam involving innocent Nigerians, committee chairman Etaba directed that the Securities and Exchange Commission, Corporate Affairs Commission, and relevant law enforcement agencies be involved in the investigation. The case is scheduled to be heard again on September 18.

In response to the allegations, Segun Akinloye, Counsel to the Oxford Group, stated that his client paid people daily, but that the case was still pending, so he could not say much more.