The Hidden Drama Behind Olukayode Pitan’s BOI Resignation”

The former Managing Director of the Bank of Industry (BOI), Olukayode Pitan, resigned in October 2023, years before completing his second five-year tenure. The announcement came as a shock to many, given that he was reappointed in May 2022.

Rumors circulated that his departure might be linked to political shifts under President Bola Tinubu, who was reportedly restructuring key positions. However, a recent investigation by Premium Times has uncovered the real reason behind Pitan’s abrupt exit.

The Economic and Financial Crimes Commission (EFCC) initiated discreet investigations into allegations of mismanagement of public funds by BOI leadership under Pitan. On October 16, 2023, EFCC operatives arrested Pitan in Lagos, later flying him to Abuja for interrogation and detention. He was released on administrative bail on October 18.

Despite the intense scrutiny, the official announcement of Pitan’s resignation on October 19 made no mention of the ongoing EFCC investigation. The presidency swiftly appointed Olasupo Olusi as Pitan’s successor, emphasizing the voluntary nature of Pitan’s departure.

Three months post-release, no charges have been filed against Pitan, and the EFCC remains tight-lipped about the specifics of the financial matters under investigation. The investigation centers around a $750 million loan obtained by BOI in 2018 for supporting small and medium-sized businesses.

Allegations suggest irregularities in the loan’s handling, with claims that funds were initially placed in fixed deposit accounts, earning returns before reaching beneficiaries. Approximately 130 private accounts related to the matter are reportedly under investigation. Pitan was also questioned about a N211 million traced to his Guaranty Trust Bank account.

Pitan denied any wrongdoing, asserting that all foreign proceeds were transferred to the Central Bank of Nigeria (CBN) and that the $750 million loan was repaid in full. BOI’s Head of Corporate Communications declined to comment, while an unnamed official defended Pitan, alleging political motivations behind the EFCC probe.

Pitan, an ordained pastor at the Redeemed Christian Church of God, served a banking career spanning over 30 years. He insists on the voluntary nature of his resignation, countering claims of political pressure.