Accounts have generated up to N924m interest

Bank accounts listed to have benefited from the huge pension fraud involving illegal transfers of more than N3 billion, were confirmed on Monday at a resumed hearing of the senate committee investigating the scandal.

Three of four suspected accounts used for the transfers without the authorisation of the Accountant General of the Federation (AGF) were confirmed by the Managing Director of Guarantee Trust Bank, (GTB), Segun Agbaje.

The accounts had been listed in names including that of a former Head of Service, Ladapo Afolabi, former Inspector General of Police, Hafiz Ringim, and the Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Lamorde. The three men denied the accusation.

Monies were wired through those accounts, partly for an overseas trip for the verification of pensioners, as well as other mega lodgments that have generated huge interest to the tune of about N924 million.

The disclosures added to the string of shocking revelations the hearing has so far witnessed. Afolabi had denied having an account with the bank linked with his name, GTB.

At a rescheduled meeting of the committee and some of the bank chiefs, it became clear that the bank account attributed to Afolabi had another holder, one Adedokun Oludare Ebenezer, an outcome which the bank chief admitted was highly impossible.

The banks have been accused of colluding with government officials to receive huge lodgments which generate interests, and failing to report such to the appropriate financial regulators.

Agbaje confirmed three other account names; Ugwu Evline, Gadaya Mustafa and Yakubu Fatima.

He however said the account in Afolabi’s name could not be confirmed. The bank chief said he would have to recheck to confirm whether Afolabi was a customer of the bank.

He also said N2 billion was transferred from the pension fund account to EcoBank on the instruction of the pension office, leaving the sum of N1.1 billion.

The accounts, according to Agbaje, have so far generated interest of N924m.   

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