The Accountant – General of the Federation, (AGF)  Mr. J.O Otunla approved the opening of the Police Pensions Office Account. This is contrary to widely held beliefs that the Police Pensions Office did not follow the proper account documentation process.

In a letter dated August 9, 2011 to the Chairman, Police Pensions Office titled “Confirmation and Clearance to Open Accounts”, Mr Otunla  gave the Pension Office the go ahead to do business with some of the banks selected by the Police Office.

“With reference to your letter Ref.  No. PPO/OAGF/VOL.I/7 of 11th July 2011 on the retail banking relationship of your Agency, I am pleased to convey my confirmation and clearance of the underlisted banks recommended by you”.

According to the AGF, this clearance “covers Fidelity Bank Plc and United bank for Africa Plc”. He stated that the banks should be used for Pension payment Accounts as indicated in the Police Office’s letter.

The AGF’s declaration rubbishes reports by a section of the media that the Police Pension Accounts was placed in a private account belonging to Danjuma Zubairu, the younger brother of the Chairman, Police Pension Reform Task Team,  Abdulrasheed Maina.

The report alleged that the funds worth N88 billion, and which was fixed with the Fidelity Bank Plc had accumulated a monthly interest of N100 million.  According to reports from the Federal Ministry of Finance, the Honorable Minister of Finance and the Coordinating Minister for the Economy, Dr. Ngozi Okonji – Iweala had sent a list of the approved signatories to the Police Pension Accounts to Fidelity Bank Plc.