N24bn Police Pension Fund Missing, DG Tell Reps
The director-general of Pension Transitional Arrangement Department (PTAD), Mrs Nellie Mayshak disclosed yesterday that “no documentary evidence” exists on the whereabouts of N24billion released from the controversial Service Wide Vote in 2010 for the Police Pension Fund.
Mayshak told the House of Representatives Public Accounts Committee (PAC) of the development at the ongoing probe of unaccounted Service Wide Vote releases to government Ministries, Departments and Agencies (MDAs).
Addressing the committee on how the N24billion was expended, Mayshak said the missing pension fund was received and expended before her appointment.
“We have no evidence to show how the N24billion was spent; we have no record and that is the truth. It looks bad on our part. The kind of documents that I saw are not the kind that I can tender before this committee”, Mayshak stated
To this end, PAC yesterday summoned the minister of finance and coordinating minister for the economy, Ngozi Okonjo-Iweala, the accountant-general of the federation, Mr Jonah Otunla, auditor-general of the federation, Mr Samuel Ukura, director-general, Budget Office, Dr Bright Okogwu and the group managing director/chief executive officer (GMD/CEO) of First Bank plc, Mr Stephen Olabisi Onasanya to appear before it over the missing police pension fund.
It was disclosed at the meeting that the missing N24billion police pension fund was deposited in a First Bank account opened by the former pension fund managers.
Head, Internal Audit, Police Pension Office, Mr Adeyemo Julius Adebolu who was in office when the N24billion was received by the Pension Office, told the committee that after the pension fund was released and lodged in the First Bank account, he was kept in the dark on further disbursements of the money to pensioners.
The chairman of the committee, Hon Solomon Adeola Olamilekan in his submission, stated: “We will not allow it to go under the carpet. We will not treat it with kid gloves”.
The summoned parties are to appear before the House Public Accounts Committee on March 17 by 12noon.
PTAD took over the management of three of the offices running the old pension scheme following revelations of stolen and mismanaged pension funds. These are the Civil Service Pension Department, the Police Pension Office and the Customs, Immigration and Prisons Pension Office (CIPPO).
The arrangement will ensure a single pension administration and management under the supervision of the National Pension Commission (PENCOM), which will directly report to the office of the coordinating minister for the economy and minister of finance for coordination and control.
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