FRAUD: Bank Sells N49m Vehicles For N4.9m To MD Few Months After Purchase

The Senate has uncovered how the Federal Mortgage Bank sold three vehicles worth N49 million to the outgoing Managing Director at N4.9 million few months after purchase.

President Buhari’s Son-in- Law, Gimba Kumo was the Managing Director of Federal Mortgage Bank as at that time.

The scandalous auction reflects in the report of the Auditor General of Federation for 2015 being investigated by the Senate Panel on Public Accounts.

The report, a copy of which was obtained by our reporter showed that the three vehicles bought by the agency disappeared from the premises of the Federal Mortgage Bank and no report was made to appropriate authorities.

Appearing before the Senate Panel chaired by Senator Matthew Urohghide, the Managing Director of Federal Mortgage Bank, Ahmed Dangiwa, said that the vehicles were sold to Gimba Kumo, the former Managing Director of the Bank at N4.9 million.

The Managing Director said the three vehicles were sold to the former Managing Director, Gimba Kumo at the cost of N4.9 million, representing 10% of the net value, in line with the bank’s policy, reflected in the calculation of his severance.

The Chairman of the Senate Committee who was visibly angry, wondered how vehicles bought at N49 million could be sold for N4.9 million in the same year.

Source: Headline News Nigeria

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