Nigeria steps up bank graft trials

By Incorrect Author 5 November 2009

Two former directors of Bank PHB in Nigeria are the latest executives to face criminal charges after a $4 billion central bank bailout stopped nine financial institutions from going to the wall. Nigerian anti-corruption police accused the two of mismanaging depositor funds and granting credit without collateral in a 26-count charge. Both pleaded not guilty. The banking regulator has charged numerous other senior bankers following a preliminary audit of lenders which found lax governance posed a systemic risk. The charges range from recklessly granting loans to share price manipulation. Read more: Reuters

Gallery

AMABHUNGANE

The Trojan Horse that wheeled R600m out of state-owned entities

By Susan Comrie for amaBhungane

Some firing squads are all issued with blank cartridges with the exception of one person. This helps alleviate personal responsibility for the execution squad.

0