By Alexandra Mede, Snr Correspondent, Abuja

Former Wema Bank Managing Director, Tunde Lemo, Wema Securities (WEMASEC)Chairman, Samuel Adegbite, and a Director in WEMASEC, Lekan Are, may soon be arraigned by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

The ICPC began investigating them three months ago, and a source in the agency confirmed that a preliminary report, which allegedly indicted the men, has been passed on to Aso Rock which is expected to approve prosecution.

However, ICPC Communication Consultant, Folu Olamiti, explained that "we are yet to complete our investigation (but)I can tell you that the last person has been interrogated on the matter. We are still investigating them and we can't arraign them in court until after the end of the investigation."

Lemo, now Deputy Governor of the Central Bank of Nigeria (CBN), allegedly engaged in corrupt practices in Wema Bank along with the other principal officers.

The ICPC in April published the allegations, saying:

"Lemo, as the MD of Wema Bank, knowingly furnished false returns in respect of non-performing loans granted by him, and concealed the debt of N8, 125,011,003 from the regulatory authorities through fictitious recovery from the debtor-customers using cheques purchased from other banks.

"In 2002/2003 financial year, Lemo knowingly deceived the regulatory authorities and the general public by declaring as profit on paper the sum of N3.1 billion, when the actual profit made by the bank was N891,000,000.

"Three months before his exit as CEO of Wema Bank, (he)approved a loan facility of N4.8 billion to Sirpi Alusteel Construction and Suffolk Engineering and Construction Company, both companies owned by Henry Mac Pepple.

"Shortly before his exit, (he)granted a lease and overdraft facility of N600 million to Yesin International Oil and Gas Company without any collateral and board approval.

"The disbursement of this loan was concealed from the board for two months before he presented it to the board for approval."

The ICPC alleged that Adegbite "abused his office as Chairman of WEMASEC Board of Directors by using his position to confer undue advantage upon himself by acquiring shares that were meant for Wema Bank, thereby diluting Wema Bank's holding in WEMASEC.

"(He)manipulated the records of WEMASEC to pave the way for the payment of salaries and emoluments to non-existing staff of WEMASEC, the fund which eventually entered his pocket.

"Adegbite used his office to confer undue advantage on himself by paying to himself as a non-Executive Director, benefits and emoluments totaling N30,770, 634.61, which he was not entitled to."

In the case of Are, the ICPC said he, "as a Director in WEMASEC, used his position to confer undue advantage on himself by acquiring for himself shares that were meant for Wema Bank, thereby diluting WEMA bank's share in WEMASEC."