THE decision of Oyeyemi Boboye, the Federal Road Safety Corps (FRSC) Corps Marshall, mandating the officers, especially new recruits, to compulsorily open monthly salary accounts with Safeline Microfinance Bank (MFB), a financial institution in which he has substantial interest, is causing serious anxiety among officers of the agency.

For years, The ICIR gathered that Boboye, until this investigation commenced, had perfected a system whereby each time new recruits are employed, while in training camp, they are given account opening forms of a micro finance bank and subsequently issued account numbers days before their graduation.

While in camp, a document titled “Standing Order”, which is actually a bank opening form, was distributed to 4,650 new officers nationwide by the FRSC officials. The new recruits have just been posted after the training.

They all had their training at FRSC Academies in three locations: Enugu, Jos and Kontagora in Niger State.

The recruits were not given any other banking option or allowed to use existing bank accounts.

But, Safeline (RC 760000), unlike the conventional commercial banks has limited branches of operation, thus making withdrawal frustrating for the new officers after they were posted across the country.

Investigations by The ICIR have however unearthed the reason why Oyeyemi is particularly interested in feathering the nest of this particular micro finance bank.

Alas! it was discovered that he, indeed, has more than a passing interest in the bank as, contrary to government regulations, he is a serving director on the institution.

Originally registered as a limited liability company in 2008 with Central Bank of Nigeria (CBN) final approval given in February 2010, it was discovered that the MFB with a share capital of 500,000,000 has six directors with Oyeyemi listed as number one. Other directors are Ibrahim Baba Gana, Shehu, Horo Emmanuel Gemache, Igbokwe Gilbert Ibebuka, Biu Dauda Alli and Emmanuel Ifeanyichukwu Charles. The shareholders of the bank include Apoch Oko Godwin, Olashore Olushola, Kumapaiyi Ayodele and Anafa B.D. It has since transformed into a Public Liability Company (PLC) with 1,005 shareholders contrary to over 3, 000 as claimed.

READ MORE: https://www.icirnigeria.org/conflict-of-interest-how-frsc-corps-marshall-forced-officers-to-open-salary-account-with-microfinance-bank-he-has-stake-in/