Date Published: 12/16/09

Sir,

Bank PHB and the $3.1M 'Unsecorted' cash

It is high time that the officials of Bank PHB made statement regarding the scandal of the ‘unescorted’ $3.1million cash intended to be ferried through Arik Air, from Lagos to Abuja. Apart from The Guardian (one of the reliable newspapers) of December 6, 2009 which reported the case without tagging names, the online publications have unveiled the culprits and involved the name of Bank PHB. Furthermore, in the Press Statement published in The Nation of December 10, 3009 as issued by one Centre for Media Development (said to base in Abuja) through its Director, Mr. Magnus Eze, it was further revealed that the ‘unescorted’ $3.1million cash was for Hajj Operation and Bureau De Change involving the bank.

While responding to this, the Bank PHB officials should also bear in mind that Hajj Operation was in October, 2009 and should tell the public what the cash in foreign currency was doing at the airport as at November 11, 2009 when it was ‘arrested’ and detained by the Lagos Police till 25 th November, 2009 before transferring to the Forces headquarters in Abuja. If the money actually belonged officially to Bank PHB, they should publish the documentation for it and explain further whether the cash in foreign currency was through the Central Bank of Nigeria (in which case the public expects supporting statement from the CBN) or through ‘black market’ and state if it was right to deal so. They should also explain why the much touted e-banking system of payment for such “Hajj” expenses was not applied. Alternatively, if the Bank was not officially involved with Mrs. Emem Etuk, said to be a deputy general manager with it (Bank PHB), the bank should say so unambiguously. Mrs. Emem Etuk is allegedly the Accounts Officer for Akwa Ibom State Government Accounts with Bank PHB, and so she was when she worked for Zenith. She is the wife to Governor Akpabio’s Special Assistant on Utilities. 

      It is only the explanation on the points raised above that would show seriousness in the ongoing cleansing exercise in the banking sector by which CBN.

Nwadi Okoro, Plot 324 Wetheral Road, Owerri