ICPC investigates N1.8b Mismanagement pension fraud

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

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 GistNation Media.

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.


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