{"id":90,"date":"2013-01-19T19:20:10","date_gmt":"2013-01-19T19:20:10","guid":{"rendered":"http:\/\/nigeriastandardnewspaper.com\/ng\/?p=90"},"modified":"2013-01-19T19:20:10","modified_gmt":"2013-01-19T19:20:10","slug":"n2bn-fraud-uncovered-nigeria-security-printing-minting-company","status":"publish","type":"post","link":"https:\/\/nigeriastandardnewspaper.com\/a\/n2bn-fraud-uncovered-nigeria-security-printing-minting-company\/","title":{"rendered":"N2BN FRAUD UNCOVERED @ NIGERIA SECURITY PRINTING & MINTING COMPANY!"},"content":{"rendered":"

\"203_Sanusi\"<\/a>N2BN FRAUD UNCOVERED @ NIGERIA SECURITY PRINTING & MINTING COMPANY! Inside Looting of Nigeria’s Mint Vaults Exposed …Reckless lifestyle of Ehi Okomoyon, suspended MD * His Choice Properties Abroad Named + Telephone Numbers
\nN2BN FRAUD UNCOVERED @ NIGERIA SECURITY PRINTING & MINTING COMPANY!
\nInside Looting of Nigeria’s Mint Vaults Exposed
\n…Reckless lifestyle of Ehi Okomoyon, suspended MD * His Choice Properties Abroad Named + Telephone Numbers CORRUPTION has become the only language being spoken in Nigeria Security Printing & Minting Company (NSPMC) in their Lagos and Abuja offices as a result of the alleged
\nfraudulent looting of a staggering sum of N2bn from the Vaults of the firm under the proxy instruction of Managing Director, Ehi Okomoyon, now placed on suspension by the Board of Directors to some of his loyal staff, few of whom had gone underground
\nfor fear of arrest by security agencies.<\/p>\n

Looting of N2BN Uncovered<\/p>\n

Investigation by Naija Standard revealed that the embattled MD literally rakes in the
\nsum of N2.4BN cash so far from every money being printed at NSPMC since he became the MD.
\nThree billion pieces of currency notes are printed yearly under Okoyomon direct
\nsupervision. Fraud comes to play from the portion of this figure been kept in vaults,
\nwhile the rest is circulated in the economy through the purchase of goods and services,
\nfinancial transactions, tax payments, and other purposes.<\/p>\n

Okomoyon is the only person, Naija Standard gathered that knows the security codes to
\nthe mint’s vault. And only him allegedly gave this security code to his loyal staff, an
\nobvious breach of the laid down rules and regulations of NSPMC. But he deceitfully gives
\npeople he lives a modest life by wearing non-expensive suits to give impression of a
\nmodest man.<\/p>\n

Meanwhile, it was learnt that under the cover of darkness, after majority of the staff
\nmay have gone, he mostly stay back in the office making people to believe he was still
\nbusy tdying up other official responsibilities, where as he stayed back to confirm
\nOkoyomon often direct his loyal staff carried out his instructions to the letters
\nand avoid any trace. Due to this, just last recently a production staff of the company
\nwas arrested while trying to move out over N1 million from the office, albeit under
\nthis same MD order.<\/p>\n

Reckless Lifestyle of Okoyomon exposed…his financial manipulation<\/p>\n

Naija Standard further investogation confirmed that this decietfully-calm suspended
\nboss of NSPMC have aside his official car, other fleet of expensive cars in his house.
\nIn the office, he goves impression of a saint, workaholic, always drinking cups of hot
\ntea; whereas outside the office he’s a different personality entirely. And wherever he
\nwent, he was followed closely and guarded by fully armed law enforcement agents-the
\npolice. Details of his alleged secret wire transfer abroad through some banks were
\nobserved by the Board of Directors, who ordered a thourough investigation into it
\nsince they had lose confidence in his leadership.The Board of Directors informed
\nLamido Sanusi, chairman of NSPMC, and the latter advised them to carry on with
\ntheir investigation, after which he ordered Central Bank of Nigeria (CBN) auditors
\nto also commence investigation.<\/p>\n

Board of Mint Company Disowns him<\/p>\n

Rising from an emergency Board of Directors of NSPMC, Okoyomon was summoned on Monday
\ntold the financial crime he committed and sent on compulsory leave. He appeared before it
\non December 6, 2012, and was asked to answer questions about his stewardship and allegations of
\nmisappropriation even as a team of auditors scrutinise company records. He still maintained
\nhis innocence in the face of the glaring fraud. And was directed to remain on compulsory
\nleave in a letter signed by the company secretary, Mrs Abis Adieyan.<\/p>\n

Meanwhile, spokesman for the Central Bank of Nigeria, owners of NSPMC, Ugochukwu Okoroafor reportedly
\nconfirmed that Okoyomon was on leave, but when asked whether the leave was by compulsion or on official basis,
\nOkoroafor refused to comment.<\/p>\n

In the words of CBN spokesman: “He is on leave. He is meeting with the board on December 9, 2012. They have
\ntheir own board even though our governor is the chairman. It will not be until he meets with the board
\nthat I can give definite answers.”<\/p>\n

Okoroafor, however, said that there was a limit to what he could say about events at the minting company
\nbecause it was not his brief to speak for them. But, a source in NSPMC assured us that the Board of
\nDirectors would okay the full sacle investigation of the MD after their meeting because they have lost fate
\nin his leadership.<\/p>\n

In another development, the NSPMC dismissed reports of alleged financial misappropriation leveled against
\nits Managing Director Mr. Okoyomon, who is currently on leave.<\/p>\n

Obi Adele, spokesperson of NSPC said “There was no misappropriation of funds and newly printed bank notes
\nby the Managing Director who is on official leave, not forced leave.”
\nAbuja, yesterday.<\/p>\n

N400M Fraud Uncovered in SMPN-CBN Auditors<\/p>\n

Naija Standard gathered auditors drafted from CBN were directed by Sanusi to scrutize the financila books,
\nby auditing NSPC. The auditors then uncovered about N400 million fraud in the company.<\/p>\n

Both the Abuja and Lagos offices of the company were audited and the outcome of the audit will be
\nsubmitted to the Board of the company on Wednesday, where the embattled Managing Director of the company
\nEhi Okoyomon is expected to appear.<\/p>\n

Okoyomon was asked to proceed on a compulsory leave last week when it was discovered that a certain amount
\nwas missing from the company.<\/p>\n

He was to make N1BN from Minting of N5000 note in 2013<\/p>\n

But for providence, Okomoyon would have swindled another N1bn from the full scale printing of the
\nproposed N5000 currency note by May 2013, despite the fact relevant security and printing equipment
\nneeded to handle the job are not available. He insisted that the printing equipment would have been
\nprocured from overseas manufacturers. The assurance, a smokescreen against the backdrop of agitations
\nby some Nigerian stakeholders that the N40billion allegedly earmarked for the printing of the notes
\noverseas would further drain the nation\u2019s dwindling financial resources.<\/p>\n

House probes N2bn mint scam, to invite SanusiMint to Commence N5000 note in 2013<\/p>\n

The House of Representatives Commiittee on Banking received various petitions on this fraud.
\nThe lower house on Saturday said it was shocked to hear that N2.1bn of newly printed
\nN1,000 notes was missing at the Nigeria Security Printing and Minting Company.<\/p>\n

It would be recalled that Last week, Sanusi, launched an investigation to ascertain the
\nquantity of money missing at the NSPMC and reportedly asked the MD of the agency, Okomoyon,
\nand its Head of Security, Emmanuel Bala, to go on compulsory leave.<\/p>\n

The Chairman, House Committee on Banking and Currency, Mr. Chukwudi Onyereri reportedly said
\nthat the committee had already waded into the matter and was in search of the truth. He said
\ndue to \u201cconflicting information\u201d before the committee on the theft, it had opted to invite
\nSanusi and the management of\u00a0 the NSPMC.<\/p>\n

He said, \u201cThe MD, before his suspension, said the missing amount was about N1.5m. But, the governor
\nof the CBN said it was about N2bn. As a House, we have a responsibility to find out what exactly happened.
\nThat is the right step to take now. We shall invite all the parties.<\/p>\n

Okomoyon properties Abroad…<\/p>\n

After conducting various investigations, Naija Standard stumbled upon
\nsome real estate properties allegedly acquired by Okomoyon kept
\nin Canada. It is a maginificent mansion allgedly valued at $30m
\nlocated at 2420 Marisa Crt, Mississauga, ON L5K 2P5, Ontario,
\nwith a house telephone number: (905) 822-6402, while the
\nother properties he allegedly bought in proxy’sname are in Vancouver,
\nsame Canada.<\/p>\n","protected":false},"excerpt":{"rendered":"

N2BN FRAUD UNCOVERED @ NIGERIA SECURITY PRINTING & MINTING COMPANY! Inside Looting of Nigeria’s Mint Vaults Exposed …Reckless lifestyle of Ehi Okomoyon, suspended MD * His Choice Properties Abroad Named + Telephone Numbers N2BN FRAUD UNCOVERED @ NIGERIA SECURITY PRINTING & MINTING COMPANY! Inside Looting of Nigeria’s Mint Vaults Exposed …Reckless lifestyle of Ehi Okomoyon, […]<\/p>\n","protected":false},"author":2,"featured_media":91,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[110],"tags":[],"class_list":["post-90","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"_links":{"self":[{"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/posts\/90","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/comments?post=90"}],"version-history":[{"count":0,"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/posts\/90\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/media\/91"}],"wp:attachment":[{"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/media?parent=90"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/categories?post=90"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/tags?post=90"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}