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Zenith Bank In N7.4 Billion Fraud As Manager Flees Abroad

A fraud of N7.4 billion has been uncovered at a Zenith bank branch in Area 7, Abuja in the Nigeria federal capital territory, FCT. The man at the centre of the large scale fraud, Leonard Okoh who is a deputy manager in the bank is said to have fled the country to evade arrest.

While Okoh is lucky to have escaped, seven other members of staff of Zenith bank who work with him may not be as lucky as they are said to be presently facing interrogation at the Police Force Criminal Investigation Department, Abuja.

It was gathered that Okoh has been in charge of Investment and Small- Scale Enterprises as well as savings by Primary Mortgage Institutions (PMIs) at the Area 7 branch of the bank in Abuja.According to the provision of the Central Bank of Nigeria’s Act, the “PMIs are expected to manage their saving inflow and route their cheques for clearance through banks.”

Findings showed that investment funds and PMIs savings under the management of the fleeing Manager as at January amounted to over N7, 437,500,000.

The fraud was said to have been discovered on March 8, 2010 when the Treasury Department of the bank had interaction with some investors and PMIs. Out of the total fund taken away from the bank, about N4 billion was said to be part of PMIs deposits out of which N3 billion is said to be deposits of Aso Savings and Loans Limited.

A source said: “The Treasury Department discovered some abnormalities including fake deposit records, arbitrary award of loans by the affected Manager and false entries where it became inevitable to account.

“The Manager could not account for over N7.4billion when confronted by the management of the bank.

“To the chagrin of everybody the Deputy Manager ran out of Nigeria with members of his entire family barely 24 hours after the discovery of the scandal. Up till now, neither the bank nor the police could locate him

Following the discovery, the source added that the bank management and Aso Savings Limited reported the case to the Nigeria Police for investigation.

A highly-placed source said: “The Force Criminal Investigation Department has started investigation into the scam.

“I am aware seven staff of the bank have been invited for questioning. Some of the beneficiaries of the so-called loans given by the Manager have also been quizzed.

“One of those quizzed is one Ambassador Moses Orire, who admitted at the FCID that he took a ‘personal loan’ of N3.1billion from the Manager.

“But the case is taking a new turn as the police are encouraging all parties to settle the matter amicably. We learnt that the police took the step because the fleeing Manager is a personal friend of a big man in the National Assembly.”

iReports-ng gathered that since the scandal broke out, the management of Zenith bank has been moving round Nigerian media houses to ensure that the fraud is not reported. The bank is reputed to be very good at doing this. Just last year, the bank successfully ensured that the story about the N3.2 billion money laundering case involving four of its managers in Port Harcourt, Rivers state was not reported by any Nigerian newspaper.

Comments (8)

  • DENTON JARRETT

    GOOD DAY TO YOU PLEASE INVESTIGATE THE OPENING OF AN ACCOUNT In THE NAME DENTON JARRETT ADDRESS 37 SADLER HOUSE NEWTOWN DRIVE BIRMINGHAM B192XA .THE PROBLEM IS THE BALANCE AT THE CASH M<ACHINE IS £3.65 IT SHOULD BE 35000000 PLEASE CORRECT THIS PROBLEM TODAY .WHAT KINDLY OF SCAM IS THIS . PLEASE INVESTIGATE ANOTHER ZENITH ACCOUNT IN MY NAME THERE ARE FEES FOR OVER $10000 TO DELIVER AN ATM CARD

    Zenith Bank Of Nigeria
    Opposite shop 228c Alaba
    International Market Lagos Nigeria.
    From the Desk of the Manager,
    Zenith Bank Of Nigeria.

    Attention . Mr. Denton Jarrett.

    We have not head anything from you consigning our last email, to our last conversation we explained to you that it is not most that you most complete the taxation fee, you can pay the Government any amount you have as half payment when you receive your fund you can now complete the balance as instructed by the Government officials.

    Please do not fail to keep this bank update as soon as you receive this mail.

    Mobile Direct Hot Line : +234-7081581021

    From: zenith ibplc
    Subject: Beneficiary DENTON JARRETT RE: CHANGE OF ACCOUNT PARTICULARS ON YOUR INHERITANCE PAYMENT FILE.
    To: dentonjarrett@yahoo.co.uk
    Date: Thursday, 14 April, 2011, 12:22

    Mrs . Adaora Williams
    , Economic Policy – Since 3/26/2005
    Attention, Beneficiary DENTON JARRETT

    RE: CHANGE OF ACCOUNT PARTICULARS ON YOUR INHERITANCE PAYMENT FILE.
    I hereby send to you the information submitted by Mr. Bobby J. Anttila Texas United States of America, with an application to receive your Inheritance payment on your behalf that worth the sum of US$3.500.000.00 (THREE MILLION FIVE HUNDRED THOUSAND DOLLARS ONLY) .

    Please as a matter of urgency, you are required to verify the following information and inform us if you are aware or know anything about this.

    1. Did you instruct one Mr. Bobby J. Anttila of Texas United States of America,, whose information’s is below, to claim and receive the payment on your behalf as you are unable to offset the charges?

    2. Did you sign any “Deed of Assignment” in his favor hereby making him the current beneficiary with the following account details: Account?

    Name: Mr. Bobby J. Anttila, A/C #: 4242300252, Bank Name: PCN BANK OF AMERICA, Swift Code: PNCCUS33.

    Finally, you are hereby advised to indicate to this honorable office with immediate effect, if you are the person that instructed Mr. Bobby J. Anttila to appeal for the claim of these funds, to enable us endorse for the final payment approval order on his behalf.

    We wait to hear from you soonest, and be rest assured of our professional service.

    Yours in Service
    Mrs. Adaora Williams
    Executive Director Foreign Affairs,
    Central Bank Of Nigeria .
    Call: +234-7082460024

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