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Reps probe pension fund under arrested Mayshak



Reps probe pension fund under Mayshak

Concerned about the depth of fraud pension funds in the country have been subjected to by the administrators, the House of Representatives has set in motion machinery to carry out an investigation of the activities of the Pension Transitional Arrangement Directorate (PTAD) in managing the Defined Benefits Scheme (DBS) since inception.

DBS is for pensioners who retired before June 2007, and therefore did not transit to the defined contributory pension scheme.

The decision of the lawmakers to investigate PTDA was necessitated by allegations against the management bordering on misappropriation of pension funds, abuse of office, non-payment of 33 percent harmonised arrears, short payment / non-payment of monthly pensions, unjustified salaries and allowances of staff of the PTAD, deduction of N1b PTAD’s accounting records and the outrageous payment of N500m as rent for its head office.

It would be recalled that the EFCC on Tuesday 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 who ordered investigation into the operation of the Directorate in March.

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

According to the sponsors of the motion, Sergius Ose Ogun (PDP, Edo) and Lawal Garba (APC, Adamawa), unless there is a strict compliance with the Pension Reform Act, 2014, the nation could be thrown back to the past era that was characterised by irregularities that subjected retirees to enormous hardships and ultimately, negate the objectives of establishing the PTAD.

Consequently, in addition to the investigation, the House resolved to audit the assets of pension offices existing before the commencement of the Pension Reform Act, 2014 that were transferred to the PTAD.

The Committee was given six weeks to report back to the House after the motion was adopted in a voice vote conducted by the Speaker, Yakubu Dogara.




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