Of the N32billion Police Pension Fund cash, N26 billion has been traced to five banks.

The Senate Committee probing the funds management also heard yesterday that the Chairman, Pension Reform Task Team, Mr. Abdulrasheed Maina, spends over N9 million monthly on security.

As the Senator Aloysius Etok-led investigative panel on Management of Pension Funds resumed sitting, seven bank chief executives appeared before the committee to clarify the allegation that some banks were conduit pipes to launder pension cash.

Director, Police Pension Office, Mr. Toyin Ishola, who disclosed the whereabouts of the controversial police pension funds, gave the breakdown of the amount traced to the five banks.

He listed Fidelity Bank, United Bank for Africa (UBA), ECO Bank, Guaranty Trust Bank (GTB) and First Bank as the banks the funds were domiciled.

Ishola said that Fidelity Bank, UBA and Ecobank each holds N8billion.

GTB has N2billion and First Bank N10 billion. He said the Police Pension Office was working hard to locate N6 billion balance.

Only the Executive Director of Ecobank, Mr. Segun Jafia, who represented his bank, disputed the N3billion said to have been deposited in his bank.

Source:The Nation