There’s an insurance fraud presently rocking the Ladi Balogun-led First City Monument Bank-FCMB and this scam is so dirty that operatives of the Economic and Financial Crimes Commission-EFCC are said to be brain storming every day to get to its root.
The fraud is casting aspersions on the integrity of the Bank, a financial institution reputed to be the first indigenous merchant bank in Nigeria.
  According to one of the anti-graft agency’s officials who confided in us that the fraud might earn the management of FCMB a legal sanction, if the agency eventually found it culpable of the sharp practices being alleged by one of its customers, Mr. Segun, the CEO of Eri-Ere Investments Limited.
Though the FCMB management, we gathered, is said to be making frantic efforts to save face as one of its representatives-Temitope Akintayo who heads the Adeola Hopewell branch has allegedly offered everything humanly possible to the investigating officer at EFCC to twist the case against the complainant, it is at this point that bubble burst amongst the anti-graft operatives.
   As the story which is being handled by the CTGI department (Counter-Terrorism and General Investigations) of EFCC goes, the CEO of Eri-Ere Investments Limited, Mr. Segun who’s the complainant in this matter, sometime ago was approached to insure his company and after assessment by the joint managements of FCMB and AIICO Insurance, Eri-Ere was given an annuity of N75m (an annual amount to be paid periodically).

We further gathered that, having agreed on this plan, the FCMB management when perfecting its papers and handling over to AIICO-their partner company to finalise the insurance policy for Eri-Ere Investments, the figure changed from N75m to N50m, and for God knows what later transpired, Eri-Ere’s insurance was later doctored and drastically reduced to the tune of N10m going by the books of AIICO that clause is still a mystery at the EFCC headquarters.

 The CEO of Eri-Ere Investments wouldn’t have known what happened to its insurance but for an unfortunate armed robbery incident which affected one of its branches in Igando, Lagos last year, 2012. The robbery incident prompted Mr. Segun to demand for a possible replacement of some of its losses from AIICO since he’s running a policy with the company and to his chagrin; he was informed that his aggregate limit is just N10m which only covers one of his branches.

The EFCC is still digging into the matter and we are following the case with keen interest we shall give you details of how one of FCMB’s lawyers allegedly forged a document from the Corporate Affairs Commission in order to save face and the clandestine movements of their representative, Temitope Akintayo to clear the mess.