Rejoinder: Police Pension Account With UBA

By UBA Management

Our attention has been drawn to several newspaper reports on the probe of the Police Pension Fund and wish to state as follows;

•    UBA is one of the banks where the Police Pension Fund account is maintained.
•    Contrary to reports, the Police Pension Office account was opened   with an approval from the Accountant General of the Federation. There are no records of the account in the name(s) of individuals.
•    The account which was opened for the purpose of paying the pension benefits of retired Police Officers has the authorization of the Office of the Minister of Finance and the Accountant General of the Federation.
•    The account was opened on June 29, 2011; an inflow of N3bn from the Police Pension Fund was credited into the account on July 22, 2011.
•    Till date, there have been no transactions conducted on this account.

•    On September 15, 2011, the Coordinating Minister for the Economy and the Minister of Finance wrote a letter to UBA endorsing the signatories, freezing the account and mandating that no transactions are conducted on the account except through her direct supervision. This mandate has since been upheld.
From the foregoing, it is clear that UBA has acted in a very professional manner and we never hesitated to honour the invitation of the National Assembly.

We have been constrained to issue this press release to put records straight and clear the misrepresentation that the reports have created.

Thank you


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This bank should be scrapped or rather entire management removed atleast to save daily bread of entire work force of UBA.

To UBA Management

Dear UBA Management, could you please save yourself the headache of trying to explain and show us that approval from Accountant General and all others whose assent is needed to open the account? I guess once that's done, you'll have exonerated yourself.

UBA Stinks

This rogue bank, UBA is always in the news for all the wrong reasons: fraud, scam, money laundering etc. Look at their share price! Pathetic. Look at their staff: underpaid, overworked and hardly promoted. In a sane society, this bank would have ceased to exist long long time ago.

UBA again

I am not suprised that the management of UBA would once
Again resort to desperate measures to clear its name.
It is quite clear that UBA is gripped with ineptitude and
Unprofessionalism.The staff are underpaid and under employed
And hence resort to all sorts of desperate measures to make
Ends meet.
All sorts of sharp practices are prevalent and
Seems to be institutionalized.
Many unsuspecting customers are conned by UBA of their
Hard earned resources via outrageous and rouge
Deductions and all sorts of charges.
It is hence no suprise that the bank is involved in the police pension scam.
All major scams in Nigeria is engineered via UBA.

Pension Account/UBA

I dont beleive you ( UBA Management ) Nothing truthful comes out of these people !!!