SIGNATURE BANK: Dr. Alex Otti Lands In Trouble As Central Bank Demand He Disclose His Source of Wealth, Funding
Promoters, shareholders and owners of financial institutions must henceforth disclose now be obliged to the sources of their wealth when applying for a license from the Central Bank of Nigeria(CBN).
This is in an effort to ensure that laundered funds or terrorism inflows do not find their way into establishing financial institutions in the country.
This is even as the country is grappling with corruption, terrorism, banditry, kidnapping for ransom, and increased insecurity across the states.
The new stipulation is provided in the Guidelines for ‘Licensing Banks and Other Financial institutions in Nigerian on Anti Money Laundering, Combating Financing Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction.’
CBN, in a circular issued by the director, Financial Policy and Regulation Department, Chibuzo Efobi, said the guidelines was part of efforts at promoting compliance with AML/CFT/CPF laws and regulations. The guideline represents the minimum requirements for licensing new financial institutions.
The guideline, which is applicable to both new and pending request for license, requires that promoters of financial institutions are required, in addition to complying with other licensing requirements specified in relevant institution-type guidelines, to submit with the application for Approval-in-Principle, a completed and personally signed beneficial owners’ declaration Form and notarised statement of net-worth for all beneficial owners.
Dr. Otti has a huge moral question on how someone that is opening a bank is seeking to also become the Governor of Abia state.
It is believed in many quarters that the Arochukwu LGA born banker, having worked in the public sector of the banking industry and aware of how that sector operates may be targeting Abia state Federal allocation and the state IGR to run his regional.bank.
An insider told our reporter that, to open a commercial bank, the investors must cough out N25 billion, it it has a National spread and N10 billion for a new regional commercial bank.
The question on the lip of Abians and a challenge to Dr. Alex Otti is; who are the owners of SIGNATURE BANK? How much is his financial involvement in the bank ? How did his make his money? Is he targeting Abia state treasury? Is it morally right to run a bank and run for governorship election, knowing that the state money will be deposited with the bank if he ever emerges.
