The auditors in a fresh petition accused the FMBN boss of alleged irregularities in the N2.2 billion renovation works on the Mamman Kontagora Building of the bank in Marina, Lagos.
One of the auditors speaking under the condition of anonymity said that much of the money has ended up in the hands of outside contractors, consultants and associates of the CEO who earned generous compensation for themselves and, in some cases, for their families.
Perhaps nowhere have the abuses been more startling than in the internal rehabilitation work, awarded to M/S Paul B. Nigeria Ltd which amounted to N714 million; external builders work contracted to M/S MD Construction amounting to N739m; supply and installation of five Lifts to M/S Segeto Ltd at N425m; and air-conditioning, condensate and ventilation to M/S Yobe at N346m which were done by the board of the bank in 2013. It was alleged that the contracts were beyond their thresholds and should have gone to the Ministerial Tenders Board.
They also alleged that the contract did not comply with due process.
Auditors said Mr Esin, “Put intense pressure on us to release the payment of the sum of N180 million monthly as proposed by the consultant supervising the project but we resisted that move and demanded to see the job completion certificate for the milestone achieved. There was no job completion certificate, but a monthly payment of the sum was proposed.”
He said about 54.5 percent of the total amount was already disbursed at the rate of N1.5 billion, while the average completion of the six lots was in the range of 15-20 percent at the time of the report.
In a petition obtained by Per Second News last December, an ex-auditor with the bank, Mr. Teslim Anibaba, accused the acting Mr Esin of monumental fraudulent transactions and acts of corruption.
Anibaba in a damning petition to the Economic and Financial Crimes Commission, EFCC, and Department of State Security, DSS, as well as the ICPC, listed several acts of corruption against the acting MD of the FMBN.
He was accused of working against the anti corruption efforts of President Muhammadu Buhari’s administration.
According to sources, middlemen were used to allegedly take kickbacks for approval of contracts and loans that ran into millions of Naira.
A source in the know said that the FMBN under Esin is 'a vast, criminal conspiracy' organization used to steal monies.
Driven by insatiable greed while the government is crying about recession, Esin and his group schemed using his position as acting CEO to leverage lucrative deals for personal gains.
Part of the petition alleged that most of the dubious payments were listed as consultancies of ill-defined nature.