12 December 2012

Nigeria: N195 Billion Unspent Pension Fund, Missing - Senate

The committee investigating the Pension Scheme, yesterday, disclosed that N195bn unspent pension fund for the last five years could not be accounted for.

This was disclosed by the Senator Aloysius Etok led committee, at the continuation of the public hearing on the pension fraud

The committee which frowned at the failure of chairman of the Pension Tax Team, Alhaji Abdulrasheed Maina to appear before it, yesterday, also warned that it would not grant him any other hearing on the pension fraud investigation if he failed to appear before it tomorrow.

Senator Etok complained that after the submission of its report to the senate for consideration, the chairman of PTT had organized several media fora, claiming that he was not given fair hearing during the investigation of the management of the Pension Fund.

But Senator Kabiru Gaya, said a total of N195billion pension fund is unaccounted for.Reeling out the breakdown of the Pension figures according to Accountant General's Office between 2005 and 2011, Gaya said: Police Pension Office, N131, 483,873,694.63billion released. N58, 270,660,632.00 billion spent. Balance unaccounted for: N44, 213,213,062.00

Military Pension Board:

Accountant General's Report: N317, 609,082,566.05 billion released; Amount spent: N294, 076,743,532.87 billion. Balance unaccounted for N23, 532,339,034.00billion

For Customs, Immigration, Prisons Pension Office he said that N85, 249,222,900.16billion was released; N27, 452,200,993.72billion was spent while

Balance: N27, 797,822,127.00 billion is unaccounted for. For the Department of State Service Pension, he said N34, 698,149,304.68billion was allocated, N9, 413,090,416.00billion was spent and a balance of N26, 121,394,662.63billion unaccounted for. Head of Service: Accountant General's report: N139, 056,523,955.20 billion approved. N100, 641,106,957.33 billion spent.

N39, 783,682,993.00 balances unaccounted for.

Sen. Etok, while speaking on the failure of Maina to turn up for the public hearing said "We want to give Maina the last chance and this committee, which represents the Senate of the Federal Republic is saying that whosoever is behind Maina's arrogance should know that his time is up and the masses want him to account for his stewardship.

"He should appear before this committee tomorrow at 11 am without fail. If he doesn't come tomorrow, the committee will proceed to hold the public hearing and we will take presentations from Prison Service, Police and other agencies. We will get all the presentations and make up our case and tell the public what we have discovered in the course of our investigations."

The Comptroller General of Customs, Controller General of Prisons, Chairman of ICPC, Chairman of EFCC, Head of Service, Director of Pension, Director, Police Pension Office, Shaibu Teidi are to appear before the committee today.

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