EFCC uncovers N151 billion fraud in pension fund

THE Economic and Financial Crimes Commission (EFCC), in collaboration with the Pension Reform Task Team (PRTT), has uncovered N151 billion pension frauds across the country. Chairman, PRTT, Abdulrasheed Maina, stated this yesterday in Abuja during a courtesy call at the EFCC office. Maina said that a cash haul of N24 billion and N15 billion worth of property had been recovered from corrupt government officials in the Office of the Head of Service Pension Department. The EFCC and the PRTT also uncovered 60 illegal bank accounts holding N180 million of stolen pension funds.

Maina said pensioners had suffered a lot before his team was inaugurated in June 2010 and attributed their plight to “large-scale corruption through diversion and mismanagement of pension fund, manipulation and falsification of data, non-improvement in the pension administrative structure, bureaucracy with poor, unreliable and inefficient accounting system”. To check these anomalies, Maina said his team had successfully conducted nationwide biometric verification of pensioners and in the process detected 71,133 fake pensioners.

http://www.ngrguardiannews.com/index.php?option=com_content&view=article&id=74465:efcc-uncovers-n151-billion-fraud-in-pension-fund&catid=1:national&Itemid=559

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