How the EFCC abandoned its case against former Heritage Bank chief Ifie Sekibo

Five years have passed since the Economic and Financial Crimes Commission (EFCC) lodged a criminal lawsuit against Ifie Sekibo, the former CEO of Heritage Bank. Surprisingly, it appears that the EFCC has quietly abandoned the case.

The news of the criminal charges against the banker, who hails from Rivers State, sent shockwaves through the banking industry when the EFCC initially revealed them. This event took place during the tenure of Ibrahim Magu as the head of the agency. However, Magu’s reputation later plummeted dramatically due to allegations of corruption and accepting bribes to manipulate cases.

What’s intriguing is that both Magu’s interim successor and his permanent replacement have chosen not to provide any updates on the current status of the criminal case against Sekibo.

In 2018, the anti-corruption agency had charged the Managing Director of Heritage Bank, Ifiesimama Sekibo, before a Federal High Court in Lagos for allegedly perpetrating a fraud in the sum of N605,321,051.05.

Joined with Sekibo in the charge sheet marked FHC/C/95C/18 was Kolapo Kola Daisi and a company, Greame Properties Limited.

The EFCC, in the first count, alleged that Sekibo, on July 29, 2016, “while being a bank employee, to wit: Managing Director of Heritage Bank, acquired the sum of N180m beyond your legitimate income through Greame Properties Limited, a company owned by you.”

The EFCC prosecutor, Ekene Iheanacho, who signed the charge sheet, said the bank chief violated Section 7(1) of the Bank Employees, Etc (Declaration of Assets) Act, Cap B1, Laws of the Federation of Nigeria 2004 and he is liable to be punished under Section 7(2) of the same Act.

In the second count, the anti-graft agency alleged that Sekibo and Greame Properties Limited “did retain in the Diamond Bank Plc account number 0006129214 operated by Greame Properties Limited the sum of N180m received from the account of Vlamings Professionals Limited when you reasonably ought to know that the said money was direct proceeds of your unlawful activity, to wit: conspiracy and fraud.”

According to Mr Iheanacho, Sekibo and Greame Properties Limited acted contrary to Section 15(2)(d) of the Money Laundering Act 2011 (as amended by Act No. 1 of 2012) and are liable to punishment under Section 15(3) of the same Act.

In the third count, the EFCC alleged that Sekibo “acquired N125, 321, 051.05 beyond your legitimate income through the Diamond Bank Plc account of FIFC Development and Management Limited operated by you.”

In count four, the EFCC alleged that Sekibo conspired with Daisi “to transfer the sum of N300m proceeds of unlawful activity,” into the account of Hiltrans Global Investment Limited “when you reasonably ought to know that the said fund was fraudulently withdrawn from the account of Heritage Bank Company Limited in Access Bank Plc.”