Two bank officials arrested for N3.6bn alleged fraud

The Economic and Financial Crimes Commission(EFCC) has arrested Kato Ifrahimu Nyam and Godwin Odali, who were staff of a new generation bank, for conspiring to defraud the bank to the tune of N3.6billion with an e-payment mandate purportedly from Federal Ministry of Agriculture and Rural Development.

The suspects, who are said to operate as a syndicate, sometime in June 2015, through their cronies submitted an e-payment mandate of N1.4billion to Zenith Bank and Access Bank.

The banks, while sensing a foul play after noticing some abnormalities on the e-payment mandate, discreetly contacted the Ministry of Agriculture for confirmation and authentication of the document. After the authentication of the document, the banks later reported to the EFCC for investigation to be done.

While the investigation was underway, the suspects in furtherance of their acts submitted another e-payment mandate of N1.398billion to Zenith Bank, Abuja branch through Mr Abiola Oloko, who was an alleged accomplice.

While trying to continue the transaction, Oloko was arrested by EFCC operatives.

On arresting Oloko, he confessed that they have had several meetings to arrange and perfect the deal.

Oloko, who claimed to be a job seeker, said he was lured into the business by the bank officials whom he claimed gave him an identity card of the Federal Ministry of Agriculture and Rural Development to bear the false name,‘Femi Babatunde’, but with his real passport photograph affixed to it.

The suspects are to be arraigned in court as soon as investigation into the matter is concluded.