Latest Metro

EFCC arrests suspended PTAD DG, 3 others over alleged N2.5bn fraud

EFCC arrests suspended PTAD DG, 3 others over alleged N2.5bn fraud

The Economic and Financial Crimes Commission, EFCC, has arrested the suspended Director General of the Pension Transitional Arrangement Directorate (PTAD), Mrs Nelly Mayshak over an alleged N2.5 billion fraud.

Mayshak was suspended by the Minister of Finance, Mrs Kemi Adeosun and ordered investigation into the operation of the Directorate in March.

The EFCC also arrested three of her staff, accused of serving as fronts for her in the award of fictitious contracts. The arrested staff are Yoab Youssoufou, Patricia Iyogun and Ruth Imonikhe.

PTAD is an independent pension agency established in August 2013 to oversee management of pensions under the Defined Benefit Scheme for pensioners who are not part of a new contributory scheme.
According to EFCC sources, investigations into the operations of PTAD revealed that Mayshak misappropriated about N2 billion of the N2.5 billion.
She was said to have inherited the money from the pension’s account of the Head of the Civil Service, HOSF, meant for Nigerian Immigrations Service, NIS, Nigeria Customs Service, NCS, and Nigeria Prisons Service, NPS.
Read also: Court sends 2 Synagogue engineers to Kirikiri

Mayshak was also alleged to have embezzled about N500 million meant as take-off grant for PTAD through the award of contracts during her three-year tenure.

“In one instance, Mayshak allegedly approved N25, 410,000 contracts for the supply of 121,000,000 litres of fuel in one day when in fact there was no corresponding storage capacity. PTAD only has storage capacity of about 11,000 litres, which lasts for about a month,” said the source.

The PTAD boss also allegedly awarded several phony contracts to cronies and staff of PTAD, through which she enriched herself because they only served as fronts for her.

“Between December 8 and 30, 2014 she awarded multiple contracts to the same company, Interactive Wide Nigeria Limited, to the tune of about N29, 377,993.26.

“Other contracts for the supply of office materials, air conditioners, and conference materials to the tune of N375, 704,287 were awarded to Belzacode, Hosley Nigeria Limited and Pabak Nigeria Limited.”
The source however said that from investigations, Yousoufou, Team Leader, ICT, owned Belzacode, Imonihke, Team Leader, DG’s Office, owned Hosley Nigeria Limited while Iyogun, Team Leader, Customs, Immigration and Prisons Pensions Department, said to be a sister-in-law to Mayshak, owned Pabak Nigeria Limited.
“They were however, found to be merely serving as fronts for Mayshak.”

It would be recalled that the office of the minister of finance had said that that the allegations against Mayshak did not relate to pensioner’s fund but to operational expenses of PTAD.

“The suspension which is a normal civil service procedure is to pave way for an unimpeded investigation into the activities of the directorate under the watch of Mayshak.

“While the ministry assures pensioners that the suspension will not affect pension payment and services, it promises to make public the findings of the investigative panel on the issues leading to the suspension’’, the minister’s office said.


RipplesNigeria …without borders, without fears


Join the conversation


About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.

Do NOT follow this link or you will be banned from the site!