No Money Was Deposited Into Account Of Pastor Linked To Magu – FCMB

First City Monument Bank‘s management on Wednesday debunked the report making rounds of an alleged deposit of N573 million into the account of an associate of the suspended chairman of the Economic and Financial Crimes Commission, Ibrahim Magu.

Recall that President Muhammadu Buhari last month suspended the acting EFCC boss over fraudulent activities in the commission.

There were reports on Monday that the managing director of FCMB, Adam Nuru, told the Presidential panel that N573 million was mistakenly transferred into the account of Godwin Omale.

Diran Olojo, FCMB’s Group Head, Corporate Affairs, in a statement released on Wednesday noted that there was no such deposit at any time into the said account.

The bank said what happened was a system error which reflected in the Nigeria Financial Intelligence Unit (NFIU) records but did not result in any credit into the account.

“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.”

Read the full statement below:

“Our attention has been drawn too widely circulating stories incorrectly stating that our 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.”

“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.”