The Kano State Pension Board is currently in the process of recovering the sum of N5.346 million it said it mistakenly transferred into a wrong bank account during a bulk pension payment exercise.
The board said in a statement on Saturday, July 18, that the mistake occurred during the primary data collection process when the last two digits of the intended beneficiary’s account number were entered as “38” instead of “83.”
According to the statement, this error resulted in the pension funds credited to another person’s account.
The board said it acted immediately after discovering the mistake by contacting the bank used to send the money, Jaiz Bank and formally notified it of the wrong transfer.
The bank was said to have informed the board that in line with its operational procedures and regulatory requirements, a court order was necessary before the money could be reversed.
The statement said the Pension Board had already initiated the legal process to obtain the necessary court order, which is expected to be ready on Monday and once it is secured, it will be presented to Jaiz Bank to facilitate the reversal of the funds.
The board said it regretted the incident and assured pensioners and the public of its commitment to resolving the matter in a transparent and lawful manner.
