CACOL urges BOI to comply with PCC, compensate firm

The Centre for Anti-Corruption and Open Leadership (CACOL) has urged the Bank of Industry (BoI) to pay N18m compensation recommended by the Public Complaints Commission (PCC) to Frederickson Co. Ltd.

CACOL’s Executive Chairman, Mr. Debo Adeniran said in December 2016, PCC asked BoI to pay the compensation for the financial, physical and other losses, which Frederickson Co. Ltd allegedly suffered, while trying to access a N40m loan from the bank.

He said the process for the loan, which started in April 2010, was for a toilet roll company and ironically, Dr. Lai Banwo, who owns Frederickson Co. Ltd, has not been able to access it till date.

According to Adeniran, the intervention followed a complaint by Banwo, adding that part of the efforts to ensure justice was done, led CACOL to petition the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other related offences Commission (ICPC), but the anti-graft agencies failed to act.

He said: “We remain worried that a public institution like the BoI, established to bring succour to Nigerians in terms of promoting industry, enterprise and investments, may have acted contrary to the ultimate vision behind its establishment. We are appalled that in spite of PCC’s recommendations on December 13, 2016 on the situation, the BoI has failed to act according to the commission’s proposition for resolutions.”