The Kano State Pension Board has commenced legal proceedings to recover ₦5,346,587.16 mistakenly transferred into the wrong bank account during a bulk pension payment processed through Jaiz Bank.
The board disclosed the development in a statement issued on Saturday by its Director of Finance, Sunusi Aminu Rano, attributing the error to a data entry mistake during the compilation of beneficiaries’ account details.
According to Rano, the last two digits of the intended beneficiary’s account number were mistakenly entered as “38” instead of “83,” causing the pension funds to be credited to an unintended recipient.
He said the board immediately notified Jaiz Bank after discovering the error and officially reported the erroneous transfer. However, the bank informed the board that the funds could only be reversed upon the presentation of a valid court order, in line with banking regulations.
Rano noted that the board has already initiated the legal process to obtain the court order, which is expected to be secured on Monday. The order will then be presented to Jaiz Bank to facilitate the recovery of the funds.
The Pension Board apologised for the incident and assured pensioners and the public that it remains committed to resolving the matter promptly, 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 said.
