Magu probe: FCMB opens up controversial N573 million (update)

First City Monument Bank (FCMB) has finally opened up on the N573m allegedly posted into the church account of Pastor Emmanuel Omale, a pastor that has been linked with the suspended acting chairman of the Economic and Financial Crimes Commission, Ibrahim Magu.

This is coming after the Presidential Committee on Audit of Recovered Assets (PCARA) had accused Ibrahim Magu, of allegedly using Omale, founder of the Divine Hand of God Prophetic Ministry, to launder funds abroad.

Recall that the Managing Director FCMB, Adam Nuru, 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.

However in a statement by the bank clarifying what Nuru said during the hearing, FCMB said it is in the public interest to state emphatically that there was no transfer of N573m into the said account, mistakenly or otherwise.

The statement reads in part “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.

“We 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.”

The Presidential Committee on Audit of Recovered Assets (PCARA), headed by retired Justice Ayo Salami, had accused the former acting chairman of purchasing a property worth N573 million in Dubai using Omale’s name — an allegation the pastor denied.

Meanwhile, Omale, through his counsel, said he indeed met Magu in Dubai earlier in the year but not for illegal activity, adding that he only prayed with the suspended EFCC boss who had traveled to Dubai for medical reasons.