How Pension Exec Succeeded In Subverting N24 billion Police Pension Funds

Evidence has continued to pour forth as to hoe the 24 billion Naira police pensions find was subverted for personal use, specifically for the purchase of several duplexes in Abuja, the country’s capital city.
The latest evidence came from Mustapha Gadanya, an Economic and Financial Criminal Commission, EFCC, witness, on Wednesday, who told an FCT High Court how the then Director of Police Pensions, Esai Dangabar, moved funds into different accounts.
As he was among the investigating team, Gadanya was giving evidence during the trial of Mr. Dangabar, Atiku Kigo, Ahmed Wada, Veronica Onyegbula, Sani Zira, Uzoma Attang and Christian Madubuke for complicity in the over N24 billion scam in the police pension office.
Dangabar was accused of transferring the funds into other accounts with the aim of accumulating interest while delaying the payment of pensions to the police pensioners. The sums were left to yield turnover as about N320 million was deposited in Skye bank for a 15-month period between May 2008 and July 2009 for his companies, Marine Logistics and leisure Integrated Ltd.
At the expiry of the 15 months, the interest accumulated to N249.8 million and N241 million, respectively. However, these sums were only sent to the Federal Government after it was discovered.
In addition, Dangabar was accused of colluding with the manager of Skye Bank, Jabi branch to launder about N840 million between February, 2009 and June 2010. To further establish his evidence, Mr. Gadanya said the first defendant was also discovered to be the Managing Director and the sole signatory of Damule Nigeria Limited, the company his son was listed as director.
All these monies, Gadanya sad was used to buy 16 duplexes at Wuyi District and six flats at Efab, in Abuja, all of which had been seized by the Federal Government.