How Bank Paid Ex-IGP Ehindero N10.3m Interest On Police Funds, Witness Says

A banker has told a Federal Capital Territory High Court 7, Apo, Abuja, how a former Inspector General of Police (IGP), Mr. Sunday Ehindero, allegedly received interest fraudulently on Nigeria Police funds lodged in a fixed deposit account with the bank.

The banker, a Business Development Manager with WEMA Bank Plc, Mr. Aibangbe Maifuwa, who testified before Justice S. C. Oriji, in a case brought against Ehindero by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) said the money which was N10.3 million was part of proceeds from a N300 million police fund he allegedly kept in a fixed deposit account with the bank.

The banker, who was led in evidence by ICPC’s lawyer, Zainab Nass, told the court that the retired police boss had fixed the money at a 10% interest rate per annum, between 11th July 2006 and 19th January 2007.

Maifuwa, also in response to questions put to him during cross-examination by Ehindero’s lawyer, K. O. Omolola, said that the former IGP had written to the bank requesting that the accrued interest on the N300 million fixed deposit, amounting to the sum of N10, 364,283.77, be paid to him in cash, while the principal sum be paid through a WEMA bank cheque in his favour.

The retired IGP is facing multiple charges alongside a former Commissioner of Police in charge of Budget at the Police Force Headquarters, Mr. John Obaniyi, bordering on mismanagement of police funds and abuse of office.

The accused persons were both present in court during the trial, and the case has been adjourned to 13th May 2019 for continuation of hearing.