By Opeyemi Issa InvestAdvocate

Lagos (INVESTADVOCATE)-United Bank for Africa Plc (UBA) Wednesday said the Police Pension Account domiciled in the Bank was opened with the authorisation of the Office of the Minister of Finance and Accountant General of the Federation (AGF).

UBA in a Statement signed by its Management and obtained by www.investadvocateng.com said the Bank is one of the Banks where the Police Pension Fund account is maintained.

The Bank said in the Statement that 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 Bank said.

Apart from these, UBA said the Account which was opened for the purpose of paying the pension benefits of retired Police Officers has the authorisation 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” the Statement said.

UBA further affirmed that 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” UBA said.

“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” the Statement affirmed.