Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


ICPC investigates N1.8b pension fraud

26 September 2016, 18:01

Abuja - The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is investigating the mismanagement of close to N2biillion pension cash, Nation reports.

Acting Director General of the Pension Transitional Arrangement Department (PTAD) Murtala Oluwatoyin said at the weekend that the 800 accounts were spread across all the Deposit Money Banks. The case has been transferred to the ICPC for further investigation.

The PTAD boss said: “in one particular week, we closed about 800 different accounts in one day from various banks which we passed to ICPC for investigation. We have signed a memorandum of understanding with ICPC on pension fraud and they have promised to assist us unravel those behind the illegal accounts. It is an ongoing process however and there may be more discoveries. We have been using BVN to track multiple accounts. Many of such accounts are hurriedly being closed now because they realise we are after them.”

He said PTAD engaged ICPC because “the agency has no powers to ask the banks to provide the details of those operating the closed accounts, it decided to refer the matter to the ICPC for further investigation and because the ICPC has the powers to demand for the transaction details from the banks.”

Oluwatoyin also said the agency had successfully recovered about N2.4 billion belonging to PTAD from 18 agencies which had been transferred to the PTAD Treasury Single Account with the Central Bank of Nigeria (CBN).

Since he assumed office as the PTAD acting DG, a total of N1.58 billion he said, had been paid as death benefits to 891 beneficiaries and the agency has also completed the quality assurance exercise on 17 974 verified pensioners’ files.

The Economic and Financial Crimes Commission (EFCC) last year declared Abdulrsheed Maina, former Chairman of the Pension Reform Task Team, wanted according to News24.

Maina was wanted for his alleged role in the fraudulent biometric contracts through which himself and former Head of Service, Steve Oronsaye, and two others allegedly stole over N2 billion of pension funds.

- News 24


Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...