6 April 2014

Nigeria: N1 Billion Pension Funds 'Missing' in Railway Corporation

Eleven senior staff of the Nigerian Railway Corporation, NRC, have been indicted over a missing N1 billion pension funds, the News Agency of Nigeria has reported.

The affected staff are in the finance, legal and audit departments of the corporation, NAA said.

"A total sum of over one billion naira has been discovered missing from the Nigerian Railway Corporation Pension Fund over a period of three years," the news agency quoted a source in the corporation as saying.

"A number of staff and other top management personnel of the corporation have already been indicted by NRC management over the missing fund," the source said.

Previous investigations by the National Assembly have exposed massive mismanagement and theft of pension funds by senior staff of government offices.

The most shocking abuses made public yet occurred in the police pension funds, probed by the Senate in 2012.

The News Agency of Nigeria said the missing N1billion at the Railway Corporation came to light after an internal inquiry conducted by the management of the corporation.

The report has been forwarded to the new Chairman of the Board, Bamanga Tukur. Mr. Tukur is the immediate past chairman of the ruling Peoples Democratic Party, PDP. He could not be immediately reached for comments Sunday.

"It was discovered that through acts of fraud, financial recklessness, misappropriation and conspiracy, the said sum was diverted by some officials of the corporation," NAN quoted its source as saying.

"Investigations revealed that the management instituted an internal enquiry into the management of the corporation's pension fund during which these shocking discoveries were made," it said.

The source said that the names of the suspected culprits and recommendations on how to recover the missing fund from the culprits were part of the report.


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