Why EFCC Quizzes NIPC Boss Yewande Sadiku

August 27, 2021
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Insiders at the NIPC said some board members and management staff are crossed with Ms Yewande Sadiku for insisting on due process and accountability in the running of the agency.

The Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku, appeared for interrogation at the Economic and Financial Crimes Commission (EFCC) in Abuja on Monday.

Sources familiar with her case with the commission said she was invited to respond to allegations of corruption made against her.

Our source was told that she arrived at the headquarters of the EFCC in Abuja at about 11 a.m. on Monday.

As of Monday evening, this newspaper was informed that she was still being interviewed by a team of operatives of the commission.

One of the sources familiar with the investigation disclosed that some petitioners accused the NIPC boss of abuse of office, contract irregularities and receipt of certain allowances.

As of the time of filing this report, she had spent over nine hours with her interrogators.

“She is cooperating and has volunteered, but there is still a lot of grounds to be covered,” the source said.

When contacted, EFCC spokesperson, Wilson Uwujaren, confirmed her presence in the commission but declined further comment.

Although details of the allegations against her are sketchy, our source is aware that some aggrieved board members in her organisation have repeatedly accused her of wrongdoing, duplicating petitions to several investigative agencies and the presidency.

The official has consistently denied any wrongdoing and all the agencies that have investigated her, including the ICPC and the Code of Conduct Bureau, have not established any wrongdoing so far.

Insiders at the NIPC said some board members and management staff are crossed with Ms Sadiku for insisting on due process and accountability in the running of the agency.

Ms Sadiku has been Executive Secretary/CEO of NIPC, Nigeria’s foremost investment promotion agency, since November 2016.

Until October 2016 prior, she was the Executive Director responsible for Stanbic IBTC Group’s Corporate and Investment Banking business, ensuring the realisation of business opportunities in Nigeria’s complex operating environment.

Her profile on the NIPC website said she managed key relationships with regulators, and several of Nigeria’s leading corporate and multinational clients. Ms Sadiku was previously Chief Executive of Stanbic IBTC’s investment banking business.

It was also said that Ms Sadiku, who is said to have put in 23 years into her banking career, handled assignments for clients in virtually every sector of the Nigerian economy, providing financial advice on a variety of assignments, while ensuring strict legal and regulatory compliance.

She was also said to have played an active role in the development of the capital market by participating in industry committees and chairing the Rules and Compliance Sub-Committee, which advised SEC on the rules that guide the operation of Nigeria’s Investments and Securities Act for 12 years.

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