EFCC Investigates Subomi Balogun’s FCMB Over NMulti-Million Insurance Fraud

…manager accused of attempt to bribe investigators

First City Monument Bank- the financial institution with respected Nigerian, Otunba Subomi Balogun as Chairman and his son, Ladi as Managing Director is being investigated.

And the focus of the probe centres around financial impropriety and forgery of documents by the bank.

Divulged an insider ‘ the fraud is about how a N75m insurance account transformed into a N10m deposit!’

The victim is listed as one of the financial institution’s clients, Mr. Segun, the CEO of Eri-Ere Investments Limited.

Financial crimes investigators from anti- corruption agency, the E.F.C.C (Economic and Financial Crimes Commission ) are said to be handling the case.

According to a source ‘ the Counter-Terrorism and General Investigations unit (CTGI) is specifically handling the affair’

Narrating the specifics of the alleged fraud, a source divulged ‘ after agreeing to have his business insured, Mr Segun was given a annuity of N75m, after a joint assessment by assessors from FCMB and AIICO Insurance…the fee to be paid periodically and documents signed to this effect’

Information revealed the front person of Eri-Ere Investments Limited stuck to the agreement and remitted stipulated funds as at when due..until he suffered an armed robbery attack at one of his business branches ( Igando, Lagos).

He was said to have attempted to utilised his insurance policy to alleviate some of his loss- he was informed by the insurer that his total cover stands at N10m. A sum that was a drasict reduction from what the contractual agreement he made.

Surface findings by the insured and insurer revealed the originally signed N75m annuity was forced reduced to N50m before it got to the N10m he met on ground. Accusing fingers were made F.C.M.B as architect of the anomaly that came to be

Sources claimed Mr Segun was forced to petition the E.F.C.C to seek redress and protect other ‘possible victims’.

Further revelation revealed a fresh angle came in, when the case got the table of financial crimes investigators- a certain female staffer of the embattled bank attempted to induce investigators, to sweep the case under the carpet.

The accused banker is said to head a branch of the Ladi Balogun led financial institution situated in Victoria Island.

Sources claimed E.F.C.C operatives frowned at her moves- and there are strong indications the bank managers action has compounded the bank’s situation.

Additional Information: Enquirer Magazine