2.8 BILLION NAIRA PENSION FRAUD: EFCC APPREHEND TWO BANK OFFICIALS

BACKGROUND INFORMATION

Pension Reformed Task Team (PRTT) was commissioned in 2010 by the then Government of President Goodluck Ebele Jonathan as a result of the need to solve problems associated with pension administration and sanitize pension administration from corrupt practices. The primary assignment of the PRTT was to see to the reformation of the way and manner in which pensioners waited for years without getting their pension and retirement entitlements. AbdulRasheed Maina came to mind as the best man to head the team owing to his acclaimed pedigree and experience as a professional pension administrator who was the director at Customs, Immigration and Prison Pensions Office, CIPPO as at the time of appointment.

After kick off, the team embarked on a biometrics verification exercise nationwide to fish out pension thieves and also make the procedure for getting money easier. Successes associated to Maina's team after inauguration ranged from recovery of over N221billion pension funds; exposure of  cult like pension administration entrenched in secrecy for more than four decades to detection of over 73,000 fake pensioners to mention but few. 

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“Money is power, freedom, a cushion, the root of all evil, the sum of blessings.” Carl Sandburg.

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To cut the long story short, the hunter became the hunted when he was accuse of gross mismanagement,misappropriation and embezzlement of pension funds.  

"He was alleged to have, with the pension money, opened accounts in different banks.One of those bank accounts was said to have been opened in the name of his younger brother. It was also alleged that the illegal transactions were reportedly yielding an interest of about N100 million monthly" (National Mirror Online; March 2013).

Photo Credit: National Mirror.

TRENDING
As reported by Punchng.com, fresh troubles loom for two big shots at Fidelity Bank as they have been arrested on money laundering charges by the Economic and Financial Crime Commission (EFCC). This was as a result of over N2.8billion Pension fund traced to five different accounts in their Bank. It was also gathered that they have been abetting the former Chairman of PRTT in laudering pension fund.

The bankers in EFCC's custody are said to be the Bank's Group Head, Private Banking and an account officer in one of their business units in the Central Business District Abuja.


Information from National Mirror Online was used in this post.