Police IG, Mohammed Abubakar In N4.7Billion Shares’ Scam

If information at our disposal is anything to go by, then the nation’s No. 1 cop who is charged to sanitize the society of wrong doings might be swimming in a monumental fraud capable of relieving him of his sensitive position. The Inspector General of Police, Mohammed Dikko Abubakar, National Enquirer

gathered exclusively would have to explain to the Police authority and the nation as a whole his involvement in what some policemen termed a forceful and illegal offer of private placement, a shady shares allotment enforced on police personnel.

The office of the Inspector General of Police via his agents-Fokas Savings & Loans, we gathered exclusively has allegedly raked in a whopping sum of N4.7 billion, being total monies forcefully deducted from police salaries to buy shares without their consent. Below is a bromide copy of the form circulated and enforced on them to be filled and submitted. In total, N11, 000 was deducted in two installments from about 370,000 police personnel across Nigeria.

This is not one of those cock and bull stories, everyone has got a police friend or have one as a neighbour, all you need do is sound them out, most especially the rank and files (low cadre officers) whose money were deducted twice (N5,500 for two months) without their knowledge, all in the name of buying shares. As you read this, talks of this is spreading like wild fire in Police barracks even though they have no such guts to revolt or protest, it is against the police act but the opinion poll we gathered has it that, the newly wedded Police boss, Mohammed Abubakar has been nicknamed as the most corrupt in the history of Nigeria police.

Some policemen in the state have actually raised an alarm over exactly what they called, “arbitrary deductions from their salaries . They affirmed that the Mechanised Salary Section  of the police  made unsanctioned deductions of N5, 500 from their salaries for the procurement of Fokas Savings and Loans Limited shares .“This is so ridiculous, how could this happen in a civil society, how can my money be deducted without being properly briefed about the shares am being forced to buy? For instance, how many shares will my money give me? I don’t know, this IG is very dubious”, the angry policeman quipped.

Some of the policemen that spoke to us pointed out that the plan was suspicious due to the fact that they were not notified regarding it, prior to the salary  deduction. They added that it was after the very first deduction had been made that they were enlightened by their ogas at the top that the cash would certainly be subtracted monthly until further notice.

A police inspector said, “Last month I received a text message from my bank notifying me that my salary had been paid. However, I found out that N5, 500 had been deducted. It was a few days later that we were given forms and we were then told that we had to buy shares compulsorily. And even as we speak, some of us have not filled any form and our monies have been deducted, can they tell me whose account those go to?

“How could deductions have been made before I even filled the form? The police authorities are leveraging on the fact that policemen cannot openly protest. The Inspector General of Police, Mohammed Abubakar, must be taking on, on this.”Another policeman told us that the scheme was not well planned; saying some of them close to retirement should be left out.

He said, “I have been a policeman for 34 years and I am close to retirement. People like me should have been left out this scheme. I am already a member of the Nigeria Police Cooperative Multipurpose Society.

A police corporal said, “N2, 000 was deducted from the salaries of senior police officers while N1,000 was deducted from the rank and file as compulsory contribution towards the World Police and Fire Games in which Nigerian policemen will participate. Why can’t the Federal Government pay from its own purse”?, those are words from boiling police officers.

National Enquirer's investigations revealed that, the man behind the forceful shares sales is one Mr. Albert O. Owolabi - B.Sc. (Hons) FCIB, FCA, ACS  who’s the Managing Director/CEO of Fokas Savings & Loans. Mr. Owolabi, according to sources holds a Bachelor of Science degree in Banking & Finance from the Ogun State University. He is a Chartered Accountant, a Chartered Banker and a Chartered Stockbroker. He had a distinguished career with Union Bank of Nigeria PLC from 1981-1991; Midas Merchant Bank Limited from 1/3/91-December,1992. He worked as Senior Manager, Finance and Accounts at Ebun Industries Limited from 1/6/97-30/6/98. In July, 1998, he joined Rinslab Consultants as the Managing Partner, a position he held before joining Fokas on November 12, 2001.

Mr. Owolabi, has extensive training both locally and abroad. He is a Council member of Chartered Institute of Bankers of Nigeria. He is also an Examiner to the Institute from 1990 to date.

In our fact finding mission, National Enquirer got in touch with the publicist of the Inspector General of Police, Mr. Mike Dada who had a meeting with us at the Ibis hotel, Toyin Street, Ikeja, Lagos. The gentleman told us that, the scheme is meant to help the suffering police personnel but when we challenged him why they were not properly briefed and the reasons behind the sudden and illegal deductions, he quickly rescinded his offer to speak on behalf of the police boss, “I think what you should do is to talk to the Police PRO, Frank Mba who will be in a good position to analyse the situation”, his words but efforts to reach The Police PPRO on the mobile number given to us were futile as at the time of going to press.

Jite Usman