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IGP denies misappropriation of police cooperatives funds

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Acting Inspector General of Police (IGP) Suleiman
Abba has denied allegations that funds
deducted from salaries of police men for the
‘police cooperatives’ were being siphoned.
The IGP spoke yesterday in Abuja during a
symbolic ceremony to flag off the distribution of
share certificates of the Nigeria Police Mortgage
Bank to police men.
“I must tell you the system in handling
deductions in police cooperatives has been going
on for many years; if anybody is complaining or
is having problems with crediting his account
with deductions I think something is really
wrong,” Abba said.
“Even if it exists, it may not be unconnected
with the fact that we have been struggling to
computerise the activities of the cooperative,”
he noted, adding that: “There may be delays
but not that anybody is tampering with funds.”
The IGP said: “I must tell you, I was worried
because up till last week some of us were
complaining that it was fraudulent and if I tell
you I wasn’t worried I will be telling lies,
because my hand is in it.”
Abba also said: “I was entrusted with the funds
in the cooperatives and I was contributing
billions to that venture (Police Mortgage Bank), if
for any reason things had gone wrong, it wasn’t
only the former IG that would have been
blamed.”
Speaking on the shares certificates distributed to
police men, Abba said the establishment of the
bank was to enable the police easy access to the
funds in the National Housing Scheme.
“If you hear the billions we have been
contributing so far and we have not been able
to access simply because we do not have an
organised way of accessing it, you will agree
with me establishing the mortgage bank is a
worthwhile venture,” he said.
The IGP explained that once a police officer gets
his share certificate it will enable him to serve it
as collateral to access loans from banks, noting
that if the mortgage bank is doing well they
would also get dividends.
Weekly Trust gathered that the Police Mortgage
Bank has an authorised share capital of N5.5
billion out of which N3.95 billion is fully
subscribed by members.

Weekly Trust

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