Four Banks Named in Katsina SURE-P N5bn Cash Withdrawal

four banks

Four banks were on Thursday named in the alleged cash withdrawal of over five billion naira belonging to the Katsina State Subsidy Reinvestment and Empowerment Programme during the tenure of former Governor Shehu Shema.

They are Sterling Bank, FCMB, First Bank Plc and Fidelity bank.

The allegation was made during the continuation of the sitting of the Commission of Inquiry probing the finances of former Governor Shema’s tenure in the state.

Mallam Abdullahi Imam, the commission’s Witness, made the allegation during the hearing of his memo on SURE-P tagged ‘Memo 8’ which had already been accepted as exhibit by the commission.

Imam who is Special Adviser (Budget) to Governor Aminu Masari gave the total sum of cash withdrawal from SURE-P account during the period at N5,707,029,272.52 .

According to him, the breakdown of the cash withdrawal including the banks where the money was withdrawn and the account number were; Sterling Bank (Account Number: 7027516451), amount: N1,134,881.00; FCMB (Account Number: 2731286019), amount: N2,243,200,033.30; First Bank Plc (Account Number: 2026883805), amount: N57,401,705.50 and Fidelity Bank (Account Number: 5030053838), amount: N2,281,546,537.72.

Chairman of the Commission of Inquiry, Justice Muhammad Sirajo admitted the document bearing the details of the bank statements concerning the cash withdrawal, as evidence.

The cross examination of Imam by counsel to some of those dragged before the commission of inquiry, is expected to commence on Wednesday, August 24, 2016.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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