Top Bankers in Ladi Balogun’s Led FCMB Swim In SFU net over N228m Scam

Top officials of First City Monument Bank (FCMB) are currently telling detectives at the Special Fraud Unit (SFU), Force Criminal Investigations Department (FCID) of the Nigeria Police Force, all they know about the bank’s role in a N288 Million third party cheque fraud. According to information available to us, the cheque was issued by the Ibom Power Company and belonged to the United Bank for Africa (UBA), in part liquidation of N1.2Billion in the name LYK/Gulf Bank Plc.” 
it was however cashed by a law firm with no claim to it. More digs revealed that the N1.2Billion was a facility obtained from the defunct Gulf Bank for importation of Gas Turbine for the non-existent Ibom Power Project.

 Trouble started when Policemen at SFU investigated Akwa Ibom Refinery and Petrochemical Company Ltd, and realized they never existed. This was after some fraudsters had allegedly siphoned a whopping $29.2 Million public money using the company as conduit-pipe. The question begging for answer from the Ladi Balogun-led bank is simple “if Akwa Ibom Refinery and Petrochemical Company Ltd never existed why and how did FCMB pay a third party cheque allegedly meant for a non-existent company to a law firm which had no business with it. Several calls and text messages put across to Mr. Ikechukwu Kalu, head of marketing and communication unit of the bank for its side to the report were not responded to.