Wema Bank has denied that a former Inspector-General of Police, Sunday Ehindero, got accrued 10 per cent interest on the funds of the Nigeria Police Force (NPF) lodged in a fixed deposit account with the bank.
The bank denied that its official, Mr Aibangbe Maifuwa, who gave evidence in the trial last week, told the court that Ehindero got the accrued 10 per cent interest on the fixed police funds.
The bank stated this in reaction to an account of the court proceedings made available to journalists on Sunday by the Independent Corrupt Practices and other related offences Commission in a form of a statement.
Disagreeing with the ICPC account of the proceedings, Wema Bank said, “We were misrepresented during the proceedings in the charge filed by the ICPC against the former Inspector-General of Police (Sunday Ehindero) and the then Commissioner for Police Budget (J.O. Obaniyi) on Thursday, March 21, 2019.
“Contrary to how the story was published, the evidence given by our staff was that on the instructions of the Commissioner of Police (Budget), a sum of N300,000,000.00 was invested in fixed deposit for 90 days at 10 per annum. Upon maturity, the bank received a letter from the office of the Police Commissioner for Budget, requesting that the principal sum of N300m be rolled over at the same rate of 10 per cent for 30 days while the interest be made available for office Operational Expenses.
“Upon maturity of the second tenure of 30 days, the bank received another mandate from the Commissioner for Police Budget to pay the accrued interest in cash to the office to meet Operational Expenses, while the investment was to be terminated.
“The investment was terminated, and the principal sum was paid via a Wema Bank cheque dated November 9, 2006 in favour of ‘the Inspector-General of Police’ as instructed.
“The staff never mentioned Sunday Ehindero as the beneficiary of either the investment sum or the interest thereon.”
The bank denied that its official, Mr Aibangbe Maifuwa, who gave evidence in the trial last week, told the court that Ehindero got the accrued 10 per cent interest on the fixed police funds.
The bank stated this in reaction to an account of the court proceedings made available to journalists on Sunday by the Independent Corrupt Practices and other related offences Commission in a form of a statement.
Disagreeing with the ICPC account of the proceedings, Wema Bank said, “We were misrepresented during the proceedings in the charge filed by the ICPC against the former Inspector-General of Police (Sunday Ehindero) and the then Commissioner for Police Budget (J.O. Obaniyi) on Thursday, March 21, 2019.
“Contrary to how the story was published, the evidence given by our staff was that on the instructions of the Commissioner of Police (Budget), a sum of N300,000,000.00 was invested in fixed deposit for 90 days at 10 per annum. Upon maturity, the bank received a letter from the office of the Police Commissioner for Budget, requesting that the principal sum of N300m be rolled over at the same rate of 10 per cent for 30 days while the interest be made available for office Operational Expenses.
“Upon maturity of the second tenure of 30 days, the bank received another mandate from the Commissioner for Police Budget to pay the accrued interest in cash to the office to meet Operational Expenses, while the investment was to be terminated.
“The investment was terminated, and the principal sum was paid via a Wema Bank cheque dated November 9, 2006 in favour of ‘the Inspector-General of Police’ as instructed.
“The staff never mentioned Sunday Ehindero as the beneficiary of either the investment sum or the interest thereon.”
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