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Nigeria’s Pension Boss Suspended For Allegedly Looting Billions

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An alleged scam running into billions of naira has been discovered at the Pension Transitional Arrangement Directorate (PTAD) of the federal ministry of finance, TheCable reports.

The details of the alleged scam are still sketchy, but the director-general, Nellie Mayshak, has been placed on indefinite suspension while investigation goes on.

Security agents have already swooped on the office to carry out investigation after a damning audit report.

The acting DG is a director from the office of accountant-general of federation, sources informed TheCable

TheCable learnt that the recently introduced biometric registration by banks exposed a lot of questionable dealings in the directorate.

An official of PTAD who spoke with TheCable said there was no scam.

“The DG is on suspension as a result of an investigation into an audit report. It is not about any billions stolen,” the official said.

PTAD was established in August 2013 under the Pension Reform Act (PRA) of 2004 to oversee the management of pensions under the defined benefit scheme for pensioners not transiting to the defined contributory scheme.

Previous investigations by the Economic and Financial Crimes Commission (EFCC) have revealed the ulcered underbelly of pension management in the country.

On November 2, 2015, Abdulrasheed Maina, former chairman of the Pension? Reform Task Team, a committee set up to clean up the pension system, was declared wanted by the anti-graft agency for alleged complicity in the stealing of N2bn pension funds.

He was said to have connived with Stephen Oronsaye, former head of the federal civil service, who is now facing trial at the federal high court, Abuja, for the alleged offence.?

Also, on March 8, one Mohammed Ahmed Katun, a former assistant director, Pension Account, office of the head of service of the federation,was arraigned on a 12-count amended charge bordering on diversion of pension funds to tune of N81.4m before Justice Ahmed Mohammed of federal high court, Abuja?.

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