Financial Energy Review
The management of First City Monument Bank (FCMB) has dismissed the allegation that the Managing Director of the bank, Mr. Adam Nuru mistakenly transferred N573 million into the account of an associate of the suspended chairman of the EFCC, Ibrahim Magu.
According to the bank the allegation and the story making round the media is incorrect. The bank said that it is not true that the Managing Director, during a recent presidential hearing in Abuja, testified that the bank mistakenly transferred N573m to the account of a church and the said error was not discovered for 4 years.
“We feel it is in the public interest to state emphatically that there was no transfer of N573m into this account, mistakenly or otherwise.
To provide further clarity, during a maintenance upgrade of our systems in 2016, a defective file led to the aggregation of multiple unrelated entries into a single balance under the affected customer’s name in one of our reports. This aggregation occurred only in the weekly automated report to the Nigerian Financial Intelligence Unit. It had no effect on any customer account balance or statements and therefore was not immediately identified.
Our Managing Director clarified to the Presidential panel that the system generated report was incorrect and that there was no mistaken transfer of N573 million. He also submitted comprehensive documentary evidence to this effect” the bank said.
FCMB appreciate that comments may have been misconstrued and therefore believe it is important to emphatically clarify the position that there was no mistaken transfer whatsoever, as stated above. FCMB continues to fully cooperate with the panel, and has been entirely transparent in its reporting. We remain committed to ethical and professional conduct at all times.
