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Rejoinder: Police Pension Account with UBA

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Our attention has been drawn to several newspaper reports on the probe of the Police Pension Fund and wish to state as follows; UBA is one of the banks where the Police Pension Fund account is maintained.

Contrary to reports, the Police P ension Office account was opened   with an approval from the Accountant General of the Federation. There are no records of the account in the name(s) of individuals.

·        The account which was opened for the purpose of paying the pension benefits of retired Police Officers has the authorization of the Office of the Minister of Finance and the Accountant General of the Federation.

·        The account was opened on June 29, 2011; an inflow of N3bn from the Police Pension Fund was credited into the account on July 22, 2011.

·        Till date, there have been no transactions conducted on this account.

·        On September 15, 2011, the Coordinating Minister for the Economy and the Minister of Finance wrote a letter to UBA endorsing the signatories, freezing the account and mandating that no transactions are conducted on the account except through her direct supervision. This mandate has since been upheld.

From the foregoing, it is clear that UBA has acted in a very professional manner and we never hesitated to honour the invitation of the National Assembly.

We have been constrained to issue this press release to put records straight and clear the misrepresentation that the reports have created.

Thank you