Ecobank MD, In Trouble As Reps Order IGP To Arrest Him, Probes Oxford Group
The House of Representatives Committee on Public Petitions has ordered the Inspector General of Police to produce Jeremy Awori, Managing Director/Chief Executive Officer of Ecobank Plc, at its sitting on September 17, 2024. Awori is required to respond to allegations of wrongful, illegal, and fraudulent operations of the personal account of Grace Nwamina.
Expressing dissatisfaction with Ecobank’s handling of the matter, Committee Chairman Mike Etaba directed on Tuesday, July 23, 2024, that the MD be brought in person to ensure the matter is resolved. Etaba emphasized that a police report had indicted the bank on several grounds, and only the MD could provide the necessary resolution.
In a related development, the committee has launched a full-scale investigation into the Oxford Group of companies, accused of defrauding innocent Nigerians through misleading investment schemes. Representing over 500 aggrieved investors, Olamilekan Akinduro recounted how the Oxford International Group’s enticing investment offers since 2021 turned out to be a scam, with the company failing to fulfill its promises. Akinduro revealed that the Executive Chairman of the group, previously known as Teni Adesanya, had changed his name to Babatunde Adesanya. Investors, many of whom invested over ₦50 million each, have been unable to recover their investments.
Chairman Etaba, recognizing the widespread nature of the scam, ordered the involvement of the Securities and Exchange Commission, Corporate Affairs Commission, and relevant law enforcement agencies in the investigation. The committee will reconvene on September 18 to further address the issue.
In response to the allegations, Segun Akinloye, Counsel to the Oxford Group, stated that his client is making daily repayments to investors but declined further comment, citing the sub judice status of the matter.
