• From The BBC:

    Four senior banking executives in Nigeria have appeared in court to deny charges they were involved in a multi-billion dollar banking scandal.The three men and one woman were chief executives of major banks until being fired from their jobs two weeks ago. Anti-corruption police brought criminal charges against executives from five banks rescued in a 400bn naira ($2.6bn; £1.6bn) government bail-out. All the banks were found to have low cash reserves because of bad loans. Former Finbank chief Okey Nwosu was the first to plead not guilty to 11 charges relating to bad debt built up under his management. The three other banking chief executives, Sebastian Adigwe, Berth Ebong and Cecilia Ibru, all pleaded not guilty to charges put to them at hearings later on Monday. They and their teams are accused of fraud, giving loans to fake companies, lending to businesses they had a personal interest in and conspiring with stockbrokers to drive up share prices, says the BBC’s Caroline Duffield i…

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    Posted by Jon @ 10:22 pm

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