…… Nigerian Police to jettison any arrangement the cooperative has with the United Bank for Africa
A group, League of Patriots has called on the Nigerian President, Bola Ahmed Tinubu, the anti-corruption agencies, and other stakeholders to uncover the mystery behind moving the Nigeria Police Cooperative Society Limited’s account from First Bank of Nigeria of United Bank for Africa UBA. The group said that while it is not illegal for a corporate government entity like the Nigerian police to move its account to any bank of its choice, it is an act of corruption if they are induced to do so.
The group called on the Nigeria Police Commission to move in and prevail on the leadership of the Nigerian Police to jettison any arrangement the cooperative has with the United Bank for Africa which currently manages the Nigeria police cooperative fund, over what it described as a corruption-laden arrangement that is shortchanging the police officers. The group alleges that before the movement of the account from First Bank of Nigeria, UBA went into a devious backdoor arrangement with the then leadership of Nigeria police and made an irresistible offer to the police leadership at that point that culminated in the movement of the fund from First bank of Nigeria.
Speaking during its monthly delegate meeting attended by delegates from Asia, America, Europe, and Africa, exclusively monitored by LeadingReporters, the group alleged that UBA prevailed on the then leadership of Nigerian police to accept a 5% interest rate for the cooperative fund on paper, while in reality, 7% was the agreed interest rate. The group said that while 5% accrues to the fund as interest, 2% is fraudulently given to pacify those in the know within the police hierarchy.
League of Patriots is a group of Nigerian professionals at home and in the diaspora that promotes morality in leadership and accountability among elected or appointed leaders in Nigeria. The group serves as a watchdog and offers creative support to Nigerian institutions for the greater good of nationhood.
“Today, the interest rate on that fund can be as much as 10%. It is a public fund. Why will the leadership of the Nigerian police in charge of the cooperative fund accept a 5% interest rate when they can get as much as 10%? It goes a long way to tell you the behind-the-scene arrangement where individuals are reaping where they did not sow.
“We challenge Nigerian police to initiate and negotiate for a better deal with other banks as a way of proving us wrong”.
“The 5% interest is a hoax that enriches very few. Let them allow other formidable banks to bid to be the cooperative’s banker. We are certain they will offer a better deal than UBA.
The Nigerian Police Cooperative Society is believed to be the biggest cooperative society in Nigeria and in Africa. It has a thematic objective of helping members of the police force and their family members to enjoy better warfare.
All efforts to reach UBA for clarifications on the allegations were unsuccessful as calls were not responded to.