An FCT High Court, Apo, was Thursday, told how N10.3m interest was paid to the Nigeria Police in 2016 from police funds of N300m lodged in a fixed deposit account in Wema Bank Plc.
A prosecution witness, Maifuwa Aibangbe, a Business Development Manager with Wema Bank Plc, informed court while testifying in the fraud charge brought against a former Inspector-General of Police (IGP), Sunday Ehindero and a former Commissioner of Police, John Obaniyi.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) arraigned the defendants before Justice Sylvanus Oriji, on 10-count charge bordering on fraud, giving false statement and conspiracy.
Aibangbe, under cross-examination by counsel for Ehindero, Kelvin Omoruwa, told the court that the N10. 3m was paid in two installments.
Also during cross-examination by counsel for Obaniyi, Samuel Odariko, the witness said that the sum of N300m was deposited into, does not belong to any of the defendants.
Also while being led in evidence by the prosecution counsel, Zainab Nass, Aibangbe informed the court that sometimes in 2006, a letter was received by Wema Bank from the IGP’s office, accompanied with a First Bank cheque, instructing that the sum of N300m be invested in a fixed deposit account for 90 days at an annual rate of 10 per cent.
He added that at the expiration of that investment, another instruction was given by the Office of IGP to roll over the principal sum of N300m at 10 per cent interest rate per annum for 30 days.
According to him, “We also received a mandate that the interest accrued for the first 90 days be made available to the Office of the Inspector-General of Police for operational expenses.”
The PW3 informed that at the end of the second investment, the bank was told to terminate the investment and pay the interest in cash to the IGP office.
He stated that both first and second interests were paid to the Office in cash.
Meanwhile, based on a request for adjournment by the prosecution, Justice Oriji adjourned the case until May 3, May 8 and May 13 for continuation of hearing.
Thhe defendants were accused by ICPC of misusing the sum of N557. 9m donated by the Bayelsa Government to the Nigerian Police Force to purchase of arms and ammunition, which they were alleged to have diverted into separate accounts belonging to them.
The offence contravened the provisions of sections 26(1) and 22(5) of the Corrupt Practices and Other Related Offences Act, 2000.
The defendants pleaded not guilty to the charge.