The Kano State Pension Board has commenced legal proceedings to recover N5,346,587.16 that was mistakenly transferred to a wrong bank account during a bulk payment exercise through Jaiz Bank.
Director of Finance of the board, Sunusi Aminu Rano, disclosed this in a statement, explaining that the error occurred during the primary data collection process when the last two digits of the intended beneficiary’s account number were mistakenly entered as “38” instead of “83.”
According to him, the mistake resulted in the funds being credited to an unintended account.
“Immediately upon discovering the error, we contacted Jaiz Bank and formally notified the bank of the mistaken transfer,” the statement said.
It added that Jaiz Bank informed the board that a court order was required before the funds could be reversed in line with its operational procedures and regulatory requirements.
The board said it had already initiated the legal process to obtain the court order, which is expected to be ready on Monday, after which it would be presented to the bank to facilitate the immediate reversal of the funds.
The Pension Board expressed regret over the incident and reaffirmed its commitment to resolving the matter transparently and in accordance with the law.
“We sincerely regret this unfortunate error and reaffirm our commitment to resolving the matter promptly, transparently, and in accordance with all legal and regulatory requirements,” the statement added.
