Bank Manager flees Nigeria over N7.4bn fraud

A  Deputy Manager with the Zone 7 Branch of a new generation bank, Abuja, (names withheld) is said to be on the run following the discovery of  N7.4 billion fraud in his depart ment.

Investigations revealed that the manager, who was in charge of investments by the Primary Mortgage Institutions (PMIs) and Small scale Enterprises (SMEs), is being sought after by the Force Criminal Investigations Department (FCID) in Abuja.

It was confirmed that the Police have interrogated a number of suspects including a diplomat in relation to the alleged fraud. Investigations confirmed that the funds at the disposal of the embattled banker as at January 2010 stood at  N7,437,500 billion.

It was also confirmed that by law, the PMIs are mandated to keep their investments with the big banks through whose cheques they are to clear their withdrawals from the Central Bank.

It was also confirmed that the runaway banker had given a loan of N3.1 billion to one Ambassador, who had been interrogated by the FCID. The Public  Relations Officer of the Police in Zone 7, Mr. Bernard Okuta, confirmed that the Police were investigating the fraud and that there would be no cover up.

But sources in the Bank said that the organisation will not respond formally to the fraud.  Source said the management has been advised to shun joining issues in the media over the matter so as not to soil the bank’s image.

But sources confirmed to the Sunday Tribune  that the Ambassador had admitted  to the FCID that he took a “personal loan” of N3.1 billion from the embattled bank manager.

It was also confirmed that investment funds and PMIs savings under the management of the manager were managed without respect to due process by the said suspect.

He was said to have relocated his family from Nigerian while sources said  the Police believe that he has moved to one European country.

Sources also said the matter may be taken over by the Economic and Financial Crimes Commission (EFCC) since the issue has now become an international money laundering case.

A source said that the PMIs involved plan to petition the Commission so as to forestall further branding of Nigeria as a country that supports money laundering and terrorism.

The lid was added to have been blown off the alleged fraud on March 8, 2010, following the interaction between the PMIs and the Treasury Department of Zenith.

Apart from  the N3.1 billon said to have been loaned to the Ambassador, the sum of N4 billion  was also lost through the manipulations by the banker.

Sources gave the name of Aso Savings and Loans Limited, Abuja, as one of the PMIs whose funds  got trapped in the fraud.

He however shocked the bank when he  ran out of Nigeria with members of his entire family, 24 hours after the discovery of the  fraud.

Sources at the FCID also said no fewer than seven officials of the bank have been interrogated by the Police.

“ We have interrogated not fewer than seven staff of the bank  and some of the beneficiaries. But the major beneficiary remains the runaway bank manager, we are sure to get him,” the source said.