Who Let The Dogs Out?

Did the 40th U.S. President Ronald Reagan, Wife of the Nigerian President, Aisha Muhammadu Buhari, and the Bahamian group called “Baha Men” unleash the dogs? . . .

In 1986 the 40th United States President, Ronald Reagan, called the Libyan dictator, Muammar Muhammad Abu Minyar al-Gaddafi, better known as Muammar Gaddafi: the “Mad Dog of the Middle East”. Reagan treated Gaddafi as such, launching a bombing raid on Tripoli and Beng- hazi and his compound that scared Gadhafi silly, reining him in for 20 long years. In June 2016, the granddaughter of Alhaji Muhammadu Ribadu, Nigeria’s first Minister of Defence; the former cosmetologist, beauty therapist, author and presently the Nigerian First Lady, officially known as the Wife of the President, Aisha Muhammadu Buhari, called Peter Ayodele Fayose, better known as Ayo Fayose and the present Governor of Ekiti State: “A mad dog that isn’t chained”.

Baha Men

In July 2000 the Bahamian group called “Baha Men” unleashed a hit, a calypso music genre ti- tled, “Who Let The Dogs Out?”. This song was released as a single on July 25, 2000. The song won the Grammy for Best Dance Recording in the 2001 Grammy Awards. So, who let the dogs out? Were Gaddafi and Fayose unleashed or unchained? Ronald Reagan said that Gaddafi was sponsoring violence in Europe, inciting violence and hate against Israel and the United States and creating instability in the Middle East.

In June 20 or thereabouts, the personal account at Zenith Bank Plc in Ado-Ekiti, of the Governor of Ekiti State, Ayo Fayose, was frozen by the Economic and Financial Crimes Commission (EFCC). Fayose exploded and in a press confer- ence vituperated that the President’s wife was indicted over the Halliburton Scandal (sic). He said that when that American, Jefferson, was being sentenced, the President’s wife was men- tioned as having wired $170,000 to Jefferson. Her name was on page 25 of the sentencing of Jef- ferson he claimed. Fayose made the accusations in reaction to the freezing of his Zenith bank account.

Ayo Fayose

Photo: Ayo Fayose, Governor of Ekiti State

Zenith Bank

Savoring his victory and assuming he had secured a major reprieve in his ongoing attacks on the Presidency, the EFCC struck. After an investigation, the EFCC alleged that Fayose was involved in economic and financial corruption. The anti-graft agency claimed it traced about N4.745bil- lion of the diverted $2.1billion arms procurement cash to a former Minister of State (Defence), Musiliu Obanikoro and Ayo Fayose himself. The cash was allegedly sourced from the SAS Im- prest Account of the Office of the National Security Adviser (ONSA) under the ex-NSA Col. Sambo Dasuki (rtd.) prior to the conduct of the June 21, 2014 Ekiti State governorship election.

With these findings, the cankerworms were let loose and Zenith bank whose slogan is “In your best interest” may have revealed whose best interest they have been offering “lucrative banking services” as two top Zenith bank management team visited Governor Ayo Fayose last Thursday in Ado-Ekiti. The duo looked terrified in choreographed and orchestrated youtube videos behav- ing like distraught teenagers caught pickpocketing in Oja Oba market in Ado-Ekiti. Fayose had claimed that Zenith bank bankrolled his 2014 gubernatorial race in Ekiti State but the bank dis- claimed Fayose, saying, according to media reports, that Fayose had come visiting two weeks earlier, before EFCC’s freezing of his account, to perfect his defective bank account documentations and the bank refused. What were two distraught Zenith bank top officials doing in Fayose’s house after disclaiming Fayose’s assertions that the bank funded his campaign in 2014?

Zenith bank bankrolls their adverts on the CNN program, “Inside Africa” but this is happening inside Nigeria and Zenith bank may have to answer some questions associated with the infamous arms procurement cash saga. Fayose said the bank funded his 2014 campaigns. If I go by Fayose’s claims then the bank’s cash was already warehoused before disbursement. Can a bank warehouse billions of Naira for political parties/campaigns in Nigeria without due process? Did the bank transmit the transaction(s) to the Central Bank of Nigeria (CBN) as required by relevant sections of the enabling law: “Banks and Other Financial Institutions Act 1991 (as amended) a.k.a. BOFIA”? If I go by EFCC claims, can Zenith bank warehouse funds of that magnitude ir- respective of the cash’s source and BOFIA Act; and relevant sections of “Money Laundering (Prohibition) Act 2011 LFN?”

Fayose & Zenith Bank Management staff who visited him at Ado Ekiti

Photo: The two distraught Zenith Bank Plc Management officials (left) & Ayo Fayose, Governor of Ekiti State (right)

Was Zenith bank a catalyst in that banking/financial and electoral plot? Zenith bank is in between the devil and the deep blue sea. If I accept that EFCC is right, the bank goofed and if I accept that Fayose is right, the bank goofed again! Whichever way, huge funds were warehoused with- out CBN knowing about it as required by the relevant laws governing banking in Nigeria. If EFCC is right then Fayose may have run afoul of treasonable conduct and corrupt practices de- spite his Constitutional immunity as a governor.

If Fayose is right then Zenith bank is a mysteri- ous/illegal benefactor and may have to explain to CBN whether there is any section or clause in BOFIA that expressly provides for the funding of political campaigns in Nigeria? What was it to Fayose? A loan, debenture, cash/derivative instruments or political contribution? Was a Certifi- cate of Deposit issued? Did Zenith bank meet the International Accounting Standards IAS 32 and 39 as required? Zenith bank may have joined the pack of four-legged Canis familiaris a.k.a. ca- nines, called dogs. Who let the dogs out?

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By Nnamdi Ebo | Political scientist | Legal scholar | Online newspaper publisher | Blogger | Social analyst
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