Bank PHB in financial scandal
Bank PHB, Based in Nigeria with a branch here in Freetown by the Bus Station along Wallace Johnson Street has been named as one of the financial institutions operating under dubious systems with the chief executive officer and other senior executives sacked while investigations continue.
Nigerian Central Bank Governor Mr. Lamido Sanusi has launched investigations and has discovered that Bank PHB is one of the defaulter financial institutions whose books were audited and “adjudged to be in a grave situation.”
The head of Bank PHB has been suspended while the Bank Governor has brought in government appointed consultants to manage them.
According to reports, Bank PHB has been granting billions of Naira in loans and support to make friends and through corrupt deals.
“These banks are taking depositor’s money and using it recklessly claiming they are loans,” said a senior economist.
The bank was investigated by the Economic and Financial Crimes Commission, Nigeria’s version of the Anti-Corruption Commission.
Bank PHB and other defaulting banks have been targeted principally because they had run up bad loans totaling 1.14 trillion Naira.
 Four of the chief executives, including the CEO of Bank PHB have now appeared in court charged with fraud.
The Nigerian Central Bank has been able to recover $300 million but billions of dollars are yet to be seen.
Although the Bank PHB’s operations in Nigeria have links with the Bank PHB here in Sierra Leone, there has not been any effect here in Freetown.
Officials of Bank PHB are yet to make a comment on the issue.
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