Victor Adewale Egbetokun, son of Nigeria’s Inspector-General of Police (IGP), Kayode Adeolu Egbetokun, has been accused of financial impropriety following allegations that he received a total of ₦100 million from the Anambra State Government’s (ANSG) security vote account at a time when the state was grappling with serious security challenges.
Multiple sources with direct knowledge of the transactions told reporters that the funds were allegedly transferred from the Anambra State Security Vote (VI) account domiciled with Sterling Bank into Victor Egbetokun’s personal Zenith Bank account.
The transfers, which were reportedly carried out in September 2025, have raised serious questions about the handling of security funds meant to confront insurgency and violent crimes in the South-East.
According to a document obtained by SaharaReporters, the Anambra State Security Vote VI account, with account number 0102521622 at Sterling Bank, allegedly transferred the sum of ₦100,000,000 into a Zenith Bank account, number 4236010637, bearing the name Victor Adewale Egbetokun.
Sources familiar with the matter said Victor Egbetokun is neither a serving police officer nor a civil servant, and holds no official position within the Anambra State Government or any recognised security agency.
Despite this, he allegedly received funds drawn from a highly sensitive security vote account, which is traditionally reserved for intelligence gathering, operational logistics, and emergency responses to security threats.
Funds Allegedly Linked to Anambra Security Trust Fund
Several sources disclosed that the money originated from the Anambra State Security Trust Fund, a pool of resources designed to support security agencies and interventions in the state.
This was reportedly during a period when Anambra was grappling with violent attacks, arson, targeted killings, and widespread fear linked to insurgency activities by non-state actors.
Anambra State has, in recent years, recorded repeated attacks on security formations, government facilities, and civilians, leading to loss of lives and destruction of property. Security votes are meant to provide swift, discreet funding to confront such threats.
However, sources alleged that instead of being deployed directly for security operations, the funds were transferred into the personal account of the IGP’s son, because of his father’s position as the nation’s highest-ranking police officer.
“Because his father was the Inspector-General of Police and wielded enormous influence, the money was allegedly sent straight to his son’s personal account,” one source said.
Alleged Lavish Lifestyle and Spending
Sources further alleged that Victor Egbetokun lived an extravagant lifestyle around the period in question, including the acquisition of luxury vehicles, particularly Mercedes-Benz cars, and frequent foreign trips
Although specific purchases could not be independently verified, multiple sources insisted that his spending patterns raised eyebrows within banking and security circles.
A senior source familiar with the transactions expressed concern that funds meant to address insecurity were allegedly diverted for personal use.
“The troubling part is not just that the money went into a private account, but that it belonged to someone with no official security role,” the source said.
Transaction Details: Four Tranches of ₦25 Million
₦100 million was transferred in four separate tranches of ₦25 million each on September 12, 2025 and the transfers were reportedly carried out as follows: First transfer: ₦25,000,000 with transaction number: 000001250912172436115936847375
Second transfer: ₦25,000,000 with transaction number: 000001250912172407229724925587
Third transfer: ₦25,000,000 with transaction number: 000001250912172302539326850852
Fourth transfer: ₦25,000,000 with transaction number: 000001250912172103310554730414
The total of the four transactions amounted to ₦100,000,000.
Alleged Intervention by the IGP and Reversal of Fund
Sources said the transfers eventually triggered internal concerns, reportedly reaching the attention of the Inspector-General of Police himself.
One source noted that IGP Egbetokun objected to the transaction upon discovering that the funds had been paid into his son’s personal account.
According to the source, the IGP warned his son that the situation bore similarities to the scandal that led to the removal and prosecution of former IGP Tafa Balogun in 2005 over corruption allegations.
“There was a serious confrontation. Egbetokun reportedly told his son to be careful and ordered him to return the money immediately to the Anambra State Security Vote account,” the source said.
Documents indicate that on September 29, 2025, the ₦100 million was reversed in four tranches of ₦25 million each.
The reversals were recorded as follows: First reversal: ₦25,000,000 with reference number: 000001250912172103310554730414
Second reversal: ₦25,000,000 with reference number: 000001250912172302539326850852
Third reversal: ₦25,000,000, reference number: 000001250912172407229724925587
Fourth reversal: ₦25,000,000, reference number: 000001250912172436115936847375
Meanwhile, the total reversed amount stood at ₦100,000,000.
Alleged Cash Withdrawal and Re-Deposit
However, despite the electronic reversals, another source admitted that the funds did not ultimately remain with the Anambra State Security Vote account.
According to this source, the money was withdrawn in cash and redeposited into his Zenith Bank account days later.
“If you study the records carefully, you’ll see three stages,” the source claimed. “First, the electronic transfers to his account. Second, the reversals back to the security vote account. Third, cash withdrawals and deposits back into his account.”
The police record shows that on October 2, 2025, ₦100,000,000 was deposited into Victor Egbetokun’s Zenith Bank account in four cash tranches of ₦25 million each.
The cash deposit transactions were as follows: First deposit, ₦25,000,000 with transaction number: 15039864828, description: CASH DEPOSIT GL.
Second deposit: ₦25,000,000 with transaction number: 15039863135, description: CASH DEPOSIT GL.
Third deposit: ₦25,000,000 with transaction number: 15039862781, description: CASH DEPOSIT GL.
Fourth deposit: ₦25,000,000, transaction number: 15039864829, description: CASH DEPOSIT GL
All the four deposits amounted to ₦100,000,000.
Quoting Victor, Benjamin Hundeyin, Nigeria Police Force spokesperson, said that Victor confirmed there was a time he noticed a suspicious inflow into his account, although he could not recall the exact details.
He stated, however, that he immediately instructed his account officer to reverse the transaction and return the money to its source.
He further said that he gave his account officer a standing instruction to always alert him whenever there is any inflow into his account.
“I have contacted Victor Egbetokun, the son of the Inspector-General of Police. He confirmed that there was a time he noticed suspicious inflow into his account. He cannot remember the exact details.
“However, he immediately instructed his account officer to reverse the transaction and return the money to its source. He further gave his account officer a standing instruction to always alert him (Victor) whenever there is an inflow into his account.
“Following your enquiry today, Victor has reached out to his account officer and can confirm that there has been no such cash deposit since the last reversal mentioned earlier. He, therefore, challenges anyone with evidence of such transaction to come up with it,” he added.
Source: Sahara Reporters
