FCMB In N1.67 Billion Scandal

First City Monument Bank (FCMB) under the leadership of Mr. Ladi Balogun is in fresh trouble. The new Managing Director of Nigerian Ports Authority (NPA), Hajia Hadiza Bala Usman has discovered that a huge sum of N1.67billion belonging to NPA has been hidden at FCMB by the former management which connived with the bank not to transfer the money to Treasury Single Account (TSA) at the Central Bank of Nigeria and they have been collecting interests on the money.

Also, another N7.47billion belonging to NPA has been traced to two other banks in Nigeria. The new NPA boss has written to the banks to release the funds to NPA’s Treasury Single Account with CBN. However, the banks’ management are said to be begging the NPA boss, that releasing the money might lead to the collapse of their banks. Insiders squealed to us that the fraud may be reported to the Economic and Financial Crimes Commission (EFCC) to investigate and prosecute the former management of NPA and the banks involved for disregarding the directive of President Muhammadu Buhari that all federal government agencies money should be moved to a Single Treasury Account with the CBN.