Bank of industry, BoI, is enmeshed in controversial sales of some of its assets to the public without following due process.
Some of the assets of the Development Finance Institution, DFI, that were allegedly disposed in questionable manner include BoI’s shares in WAMCO Nigeria Plc (makers of Peak Milk) as well its equity holdings in Dangote Properties.
Many stakeholders and even economy watchers are said to be piqued at the manners the BoI assets were offloaded into private hands.
Competent sources at the DFI said the management under the leadership of its Managing Director, Rasheed Olaoluwa unilaterally channeled the transaction through BGL Securities Limited.
This is in spite of the fact that one of BoI subsidiaries, Bank of Industry Investment and Trust Company, BOIITC, could have effectively handled the transaction.
The source added that the move to use BGL Securities in place of BOIITC for the sale of WAMCO shares value at N40 billion was aimed at not only ensuring that cronies of the managing director are favoured to snap up the shares, but also to ensure that the details of the transaction are kept secret.
According to the source, by taking the transaction to BGL Securities, BOIITC lost about N400 million representing one per cent of the WAMCO transactions.
The source further stated that BOIITC was not given the benefit of first refusal before BGL Securities were directed to handle the transactions.
It was further gathered that the management of BoI did not observe due process in the disposal of the assets, a situation that has raised questions at the sincerity of the management of the financial institution.
According to laid down rules, the management of BoI should have placed advertorials in at least two national dailies indicating their intention to sell some of the financial institution’s assets.
This development has necessitated an uneasy calm and air of apprehension now hanging around the management of the BoI following the alleged clandestine sale of the assets to the public.

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