The Nation Newspaper

Tag: cash

  • Witness: Fani-Kayode made multiple cash withdrawals of N10m

    Witness: Fani-Kayode made multiple cash withdrawals of N10m

    The Federal High Court in Lagos yesterday heard that a former Minister of Aviation Chief Femi Fani-Kayode allegedly made multiple cash withdrawals of N10 million ahead of the 2015 general elections.

    A banker, Mr. Teslim Ajuwon, while testifying in Fani-Kayode’s trial, said the former minister allegedly exceeded the withdrawal limit of N5 million for individuals.

    The Economic and Financial Crimes Commission (EFCC) re-arraigned Femi Fani-Kayode and Senator Nenadi Usman for alleged N4.6 billion fraud.

    They pleaded not guilty to a 17-count charge of money laundering.

    The former ministers were charged along with former chairman of the Association of Local Government of Nigeria (ALGON) and ex-Chairman of Kagarko Local Government Area of Kaduna State Mr. Yusuf Danjuma and a company, Jointrust Dimentions Nigeria Limited.

    Ajuwon, a Compliance Officer at Zenith Bank Plc, said only a corporate body could lawfully withdraw N10 million and above.

    He said any withdrawal exceeding the threshold attracted a surcharge.

    Ajuwon, the second prosecution witness, led in evidence by EFCC lawyer Nnaemeka Omenwa, said Fani-Kayode withdrew N10 million cash no fewer than 24 times between March 19 and 27, 2015.

    Ajuwon said Joint Trust Dimensions credited N840 million to Fani-Kayode’s account on three occasions.

    Under cross-examination by Usman’s lawyer Chief Ferdinand Orbih (SAN), Ajuwon said he could not tell whether Fani-Kayode personally came to the bank to make the withdrawals.

    Fani-Kayode’s lawyer, Mr. Norrison Quakers (SAN), asked Ajuwon if Fani-Kayode was surcharged after making the withdrawals, and the witness said the former minister was surcharged N2, 206,290 after making 14 withdrawals above the limit.

    The witness said he was not aware if his bank advised its customers on how not to violate the law, adding that any individual who withdrew about the N5 million limited paid a surcharge and was allowed to take the money out.

    The defendants were accused of indirectly retaining N300 million, N400 million and N800 million, all proceeds of corruption, according to EFCC.

    Trial continues today.

  • 3,000 youths to benefit from cash scheme, says Ayade

    3,000 youths to benefit from cash scheme, says Ayade

    •Central District ‘compels’ governor to run for 2nd term

    Cross River State Governor Ben Ayade at the weekend said that 3000 youths from Central Senatorial District are to benefit from the Conditional Cash Transfer programme.

    The governor spoke at the Ikom Township Stadium during a rally to urge him to seek a second term in office.

    Ayade reiterated his promise to change the lives of the people for the better.

    “Upon my honour, my character, my integrity, exposure, wealth and fear of God, I will make a difference. I am going to bring prosperity and hope to these young faces,” he told the crowd

    The endorsement rally was organised by six councils: Abi, Obubra, Yarkurr, Etung, Boki and Ikom, making up the district.

    In a motion by House of Representatives member for Obubra/Etung, Mike Etaba, and seconded by the lawmaker representing Ikom 1, Fred Osim, the people resolved that no son or daughter from the district should vie for governor.

    As early as 8 am, over 30,000 were in the stadium, with various groups and associations decked in their regalia and bearing placards: “Ayade 100% undiluted,” “Ayade, Eye of Cross River State 2019,” “Central says yes to Ayade,” “Central Cross River is sure for Ayade 2019,” “Code 888,” among others.

    Speakers asked Ayade to  seek another term in office to enable him complete the programmes and projects initiated by his administration.

    Chairman of the occasion and former military administrator of Bayelsa State, Col Pam Ogar,  said: “This exercise is initiated by a willing people to motivate you to come out by 2019. We give you our prayers, accept this endorsement willingly, we are following and watching you to go beyond and do brilliantly well all the penciled programs and projects you have enumerated.”

    For a former commissioner, Ntufam Sandy Onor, the event was a sweet reunion, saying: “Many high profile movements have returned to the party hence the political osmosis are now on ground to clinch elective positions.”

    Speaking on behalf of political appointees from the zone, Commissioner for Education Obol Goddy Etta said: “We are here to endorse and to present to you an order of mandamus. You must actualise the 888 code because you cannot leave us half way,” adding that “we, in Central, have contributed money to buy your form.”

  • Subscribers get cash rewards in StarTimes ‘Watch n Win’ promo

    Subscribers get cash rewards in StarTimes ‘Watch n Win’ promo

    StarTimes has rewarded 20 subscribers with the sum N18,000 each in the January 2018 edition of its monthly ST Yoruba Watch n Win promotion.

    The competition featured two questions per week and subscribers were encouraged to answer correctly on StarTimes Facebook page, while 20 lucky subscribers were selected among over 1,000 correct entries.

    Speaking on the promotion, the Content Marketing Manager, StarTimes, Abosede Adewara, said that “StarTimes is all about entertainment and rewards, the aim of the ST Yoruba Watch n Win promo is to reward subscribers while also entertaining them. This is in a way our new year gift to the lucky subscribers who won today.”

    Some of the winners of the winners expressed their gratitude to ST Yoruba and StarTimes, saying they had seen others win cash rewards in the past months, but could not believe they had won when contacted. One of the winners, Oluwatoyin Morin, said that “I am so grateful to StarTimes for this gift. This N18,000 will go a long way in helping me sort out some needs.”

  • Ondo govt gives cash, clothes to 23 Libya returnees

    Ondo govt gives cash, clothes to 23 Libya returnees

    The Ondo State government has donated some clothes and cash to the 23 indigenes who recently returned from Libya.

    The deportees, who comprised 10 males, 12 females and a baby girl, were received last Tuesday by the state officials at the Port Harcourt International Airport in Rivers State.

    They were immediately led to a correctional centre in Akure, the state capital, where they were rehabilitated, fed and clothed for a week by the state government.

    Governor Oluwarotimi Akeredolu urged them to always be of good conduct and relate well with other people.

    Akeredolu, who was represented by Deputy Governor Agboola Ajayi, urged them to feel free in carrying out their legitimate businesses.

    According to him, there are several opportunities in the state where the sojourners could have made ends meet, instead of going overseas where they ended up as slaves.

    The Commissioner for Women Affairs and Social Development, Mrs. Omowumi Olatunji-Edet, assured the returnees of government’s commitment to making life more meaningful for them and enhancing their welfare.

    The commissioner said it is the responsibility of the ministry to take care of them as their documents had been taken.

    She said: “There are a lot of skills programmes by the state government to be acquired for them to live a better life.”

    Olatunji-Edet said the palliative given the returnees would not be the end of government programmes for them.

    The commissioner said the Federal and state governments as well as other stakeholders were involved in the returnees’ welfare to make life better for them.

    One of the returnees, Ayodele Adigun, thanked the state and Federal governments for their hospitality since their return to the country.

    He assured the state government that he and the others would be of good conduct in their communities.

  • Police seize N759,200 cash from four hawkers

    Police seize N759,200 cash from four hawkers

    THE police have arrested four suspected currency hawkers, seizing N759,200 from them.

    They were arrested on Tuesday during a raid on the vendors at Ojuelegba and Tinubu Square.

    Akeem Adeyemi, 40, Rasheed Ajibade, 34, Aisha Babatunde, 28, and Salman Suleiman,   were caught during a sting operation by the police, the Department of State Services (DSS) and Central Bank of Nigeria (CBN).

    Babatunde, from Kwara State , said he started the business last year after receiving a start-up capital of N50,000 from an unidentified boss at Ijora.

    “My friend introduced me into the business. I started with N50,000 new notes supplied to me by someone. And I normally would gain about N2,000 or N3,000 from the sale of N20,000 new notes and N5,000 from N50,000. I don’t know how the money is sourced. I’m only a merchant. I usually collected from Ijora,” he said.

    Ajibade said he took to the business because he could not find a job. He said : “I was arrested for trading at Tinubu where I work. I started the business with N200,000 about three years ago. I renew my stock with those who make them available for us. We don’t directly get it from banks. Some people just come around to offer the new notes for sale and we buy from them. Unemployment lured me into the business.”

    Adeyemi said he joined the trade four years ago following the confiscation of his wares on Lagos Island.  He  said: “This is the first time I got arrested. I was a cloth seller before the Central Business District (CBD) officials confiscated my goods.”

    Police spokesman Chike Oti, a Superintendent (SP),  said their arrest was predicated on the CBN law which forbids the sale of naira notes.  He said the suspects would be charged to court after investigation.

    “On Tuesday, the police  and the DSS in collaboration with the CBN carried out a sting operation aimed at forestalling illicit sale of the country’s currency notes. The clamp down on the naira vendors and sellers is hinged on Sections 20 and 21 of the CBN Act that make it a punishable offence for anybody to hawk or otherwise trade the naira notes. Four suspects comprising three men and a woman were arrested at Ojuelegba and Tinubu Square during a raid supervised by the Commissioner of Police (CP) Edgal Imohimi. A sum of N759,200 consisting of various denominations were recovered from the suspects. Investigations have already commenced to ascertain the source or otherwise of the new naira notes.”

    The police, Oti added, would continue to collaborate with the DSS and the CBN to ensure that the perpetrators of the offence face the law.

    According to Oti, roughening and damaging of the national currency will not be tolerated.

    “Acts of spraying the naira notes at functions, soiling and writing on it, squeezing it as well as hawking it are abuse of naira and are punishable. We want to use this opportunity to appeal to the public to desist from abusing the naira as it is one of the symbols of identity,” he said.

  • Faleke berates Bello for donating cars, cash to masqueraders

    Faleke berates Bello for donating cars, cash to masqueraders

    House of Representatives member, James Faleke, has described Governor Yahaya Bello’s gift of six cars and N2 million to masqueradesr in Okene as the “height of absurdity”.

    Faleke said it was absurd that Bello could buy cars for masqueraders when he has neither paid salaries nor cleared outstanding pensions.

    His words: “I honestly don’t know what is happening in our state. We thought the governor would heed calls to settle outstanding salaries and pensions last December, as he promised, after receiving about N12 billion from the Paris Club refund, only for him to pay 40 per cent of two months.

    “So where did the rest of the money go? Next we heard was the news of the six cars and N2 million cash he gave masqueraders in Okene, through their minders.

    “How else can one be so insensitive to the welfare, yearnings and aspirations of his people?”

    Faleke berated the government for relasing a fresh list of “cleared staff” after saying there were no outstanding lists.

    “What this means is that those workers, whose names were just released, had been without pay since the screeing started two years ago. So who is fooling who?”

    The lawmaker bemoaned a situation where, instead of providing succour for the people, what obtains is intimidation of hapless and harmless people.

    He said: “An example is the recent attack on some youths who were distributing gifts to APC members. They were attacked by the security men of administrator of Ijumu Local Government, Taoffek Isah. As an administrator, the government provided him soldiers with which he harasses perceived political opponents.

    “Of course, the newsstands were agog few days ago with the news of how “unidentified” thugs hijacked the first batch of rice consignments donated by some Senators to alleviate the hunger ravaging workers’ homes. That is the reality of our dear state at the moment.”

    Faleke called on Governor Bello to “turn a new leaf this year by re-ordering his government’s priorities away from childish, wasteful, unproductive extravaganza to meaningful statecraft aimed at ameliorating the unacceptable level of pains being inflicted on the people.

     

  • CBN chief: banks fail to disburse N26.4b equity cash to SMEs

    CBN chief: banks fail to disburse N26.4b equity cash to SMEs

    Banks have failed to lend N26.4 billion Agriculture-SMEs fund to customers, eight months after the cash was made available through equity contributions by the lenders, Central Bank of Nigeria (CBN) Governor Godwin Emefiele said yesterday.

    Speaking at the ninth Bankers’ Committee retreat in Lagos, he said the banks were mandated last year by the CBN to contribute five per cent of their total assets as equity funds for lending to agriculture and Small and Medium Enterprises (SMEs).

    Last year’s contributions which stood at N26.4 billion were released in April. They were meant  immediate disbursement to those who applied for loans.

    This year’s contribution is expected to hit N30 billion, bringing the total fund to N56.4 billion by the end of this year.

    Emefiele said: “The first of the issues that we looked at, you all recall this time last year, we said we were going to create an Agric SMEs fund. And in the month of April this year, we were able to put together about N26.4 billion.

    “But, as we speak even at this time, not a penny of that fund has been disbursed. It ‘s a shame that we will have N26.4 billion sitting in the CBN whereas there were people who needed access to the fund”.

    Emefiele said the committee is now determined to ensure that the fund get disbursed as loans to the customers to boost job creation and grow the economy.

    He said: “Since 95 per cent of businesses in Nigeria are SMEs, it is crucial if the economy must grow, the SMEs and small manufacturers must not be ignored.”

    According to him, financial access will lead to improve job creation and growth in the economy.

    The CBN chief said the fund will now be disbursed to over 100,000 SMEs by February next year to enable the beneficiaries to grow their businesses or stimulate agricultural production.

    The fund, he added, can also be used to buy machines and agricultural equipment and delivered to beneficiaries who will begin to payback.

    Emefiele said the committee had decided to reevaluate the conditions under which the facilities were to be made available.

    “It was meant to be just equity, but we found out that because of certain apathy on the part of people who have businesses and would have wanted to be part of it, most people shied away from the equity fund. So, we decided to amend it.  We decided that the fund needed to be reviewed completely. It must me in a way that we must improve access for people who need the facility that it must be done in a very speedy manner, so that those who need it can get it in good time so that they can run their business,” he said.

    The committee, which agreed that the fund must be affordable, also amended the fund’s tenor It raised the tenor of the fund to a minimum of seven years, providing for certain moratorium that would make it possible for beneficiaries to have the fund at low pricing and at a tenor that would give them ample time to repay.

    “The Bankers’ Committee looked at the governance principles around the pricing and it was agreed that the fund must be development-oriented.

    Besides, the facility must not be a profit maximisation scheme with a professional and transparent management process around it to give everybody comfort. That way, banks will be happy to be contributing to the fund which is their contribution to job creation and economic growth of the country,” he said.

    The committee agreed that under the governance principles, the fund must be seen to be sustainable, have a life and be in perpetuity.

    The committee decided that it will no longer be equity fund but a sort of preference share arrangement or debt structure for easy access for applicants.

  • IBB frightened by deployment of cash to ‘buy’ PDP chair

    IBB frightened by deployment of cash to ‘buy’ PDP chair

    Former military President Ibrahim Babangida yesterday warned against monetary inducement of delegates at Saturday’s Peoples Democratic Party ( PDP ) Convention.

    He urged delegates to learn from the defeat of the party in the 2015 election.

    Babangida’s intervention has heightened the tempo of the intrigues ahead of the election of national chairman.

    Gen. Babangida, in a statement through his media adviser Prince Kassim Afegbua, said: “In the countdown to the convention; as founding fathers and stakeholders, we need to collectively assure Nigerians and our teeming members that we have indeed learnt our bitter lessons.

    “ Following the defeat of the party in the 2015 election, it is incumbent upon us as leaders and stakeholders to use the opportunity of the convention to soberly reflect on the challenges confronting us, identify our flaws and seek plausible ways to correct them in order to come out stronger in subsequent elections.

    “An elective convention presents, as it were, a rare opportunity and veritable platform to elect in a holistic manner a credible, tested, down-to-earth and truly urbane candidate with enough stamina, distinguished character and national acceptability who is driven by incurable optimism and passion for a united Nigeria.”

    Giving the attributes he felt the chairman should possess, Gen. Babangida said: “At this point of our political history as a party, we need a National Chairman who is driven by uncommon initiatives, creativity in ideas and a rich content of character to lead and stabilise the party in line with the laudable ideals of the founding fathers of the party.

    “Such an individual must possess national recognition to be able to galvanise political opportunities and transform them into tangible outcomes in our democratic engagements.

    “When we were conceptualising the idea of the PDP at formation, we had in mind a party that offers platform for all Nigerians in their pursuit of legitimate political aspirations.

    “ In any democratic engagement, the people decide the outcome of elections through popular and inclusive participation.

    “The monetisation of our electoral process is disturbingly eroding that power which should ordinarily reside in the people.

    “In the last few days, I get frightened by the monetary consideration that is likely to dictate who emerges as the National Chairman of our great party rather than what the people truly want. The discussion is more on the side of heavy monetisation of the process and ultimate ‘procurement’ of the position of the Chairman by the highest bidder.

    “This approach, in my humble view, defeats the whole essence of participation, free choice and voting which are the essential attributes of any democracy without inducement and outright manipulation. I wish to plead that we tread on the path of caution and common sense, conscious of our recent history of avoidable political crisis.

    “At 76, and given the benefit of hindsight, my role both in context and content; is now more of advisory one to enhance any altruistic democratic process to elect credible leadership at various levels of representation.

    “Rather than de-monetise the electoral process to provide ample room for more citizens’ participation, the idea of monetising the process and trying to ‘procure’ party positions defeats merit, offends good conscience and blurs fair play.”

    He reeled out his expectations from the convention and why PDP leaders should learn from the party’s dismal outing in 2015 general elections.

    The statement said: “At this critical stage of our political secretions, we need men of stature, discipline, character and commendable conduct to breathe fresh air into our party and not persons whose political relevance is the product of naira and kobo bargain across the counter.

    “We need a National Chairman that would not bend to the vagaries of individual selfish interest but one who is strong enough to apply the rule of law without fear or favour. We must begin the process of interrogating processes that lead to outcomes and not just the outcomes.

    “We must interrogate our leadership recruitment process and encourage our delegates to exercise the power of their thumbs in making their preferred choice among the candidates.

    “On the strength of this, I wish to make a passionate appeal to our members, party leaders and the members of the Convention Committee to be fair and just to all, and allow the process to produce a National Chairman that would truly represent the conscience of the party.

    “I do subscribe to the idea that consensus building, collective bargaining and constructive engagement are some of the ingredients that nurture any democratic process; such ingredients should be given enough room to flourish in order to birth credible and truly representative leadership.

    “Our party, the PDP, must re-invent and re-enact itself on account of her recent history of factions and fractures. The new leadership must therefore be one that enjoys the confidence of the majority stakeholders and members in order to have a seamless transition.

    “To achieve this template, such a chairman must be the outcome of delegates’ election without manipulation and inducement.

    “One would have thought that after the 2015 dismal outing, followed by months of leadership tussles, individuals would have put to rest their selfish and egocentric interest and pursue goals and objectives that bear true testimony to the ideals of the founding fathers; but the sound bites of monetization of the process are utterly demoralizing and benumbing.

    “It is my strong belief therefore that leaders of the party irrespective of their political interest would allow reason and level playing field to prevail in the overall interest of the party. I wish the party a successful and peaceful convention on Saturday 9th December, 2017.”

  • Ikoyi cash whistleblower to be paid, says minister

    Minister of Finance Mrs. Kemi Adeosun has said whistleblower who provided the tips that led to the recovery of funds stashed away in a property in Ikoyi, Lagos State will be paid in the next batch of payment planned for this month.

    In a statement, the minister said the Federal Government has not withheld any fund due to any whistleblower.

    “The Ministry has in place detailed procedures for processing payments due under the Whistleblower Policy. The procedures were designed to prevent abuse and legal disputes and to ensure protection of the information providers,” she said.

    The statement, signed by Special Adviser to the Minister of Finance, Oluyinka Akintunde, said: “These procedures include an application by the agency,  which recovered the funds including evidence of the recovery, confirmation that there are no pending legal issues on the recovery, verification of the identity of the information provider, calculation of the amount payable and computation of relevant taxes.”

    She said payments are made in monthly batches to ensure control and to protect the identity of information providers.

    “To date, over 20 of such persons have been paid. From available records, the payment due on Ikoyi is among those being processed in the November batch, which will be released within the current month,” the minister said.

    Adeosun said the Whistleblowing Policy of the Federal Government remains one of the present administration’s successful initiatives and that the government is fully committed to ensuring that all those who responded to the policy and partnered with it in the recovery effort are paid in full and most importantly have their identity protected.

    The Whistleblower Policy was introduced in December 2016 by the Federal Government as part of the initiatives to wage war against corruption.

  • Maina: EFCC finds £6m pension cash in UK bank

    Maina: EFCC finds £6m pension cash in UK bank

    Detectives have traced about £6m pension funds to a  United Kingdom bank  account  being managed by the Office of the Head of the Civil Service of the Federation(OHCSF), The Nation learnt yesterday.

    The cash is being suspected to have been tampered with by some government officials.

    Two former Heads of the Civil Service of the Federation(Engr. E. Okeke and Prof. O. A. Afolabi) reportedly did their best to protect the funds from being tampered with.

    Also yesterday, it was learnt that the Economic and Financial Crimes Commission(EFCC) had seized more houses believed to be owned by the embattled ex- chairman of the Presidential Task Force on Pension Reforms Task Team, Mr. Abdulrasheed Abdullahi Maina. He is one of the signatories to the UK bank account.

    Besides, a former EFCC operative has been quoted as saying that he was prepared to speak up on how a minister contacted him to protect Maina.

    But the operative said he would do so on oath if President Muhammadu Buhari raises a Judicial Commission of Enquiry into the mismanagement of pension funds.

    At least N2b is said to have been misappropriated. There are other funds, which are believed to have been stolen.

    A former chairman of EFCC allegedly collected funds for a foreign trip from Maina. But a fact-sheet has debunked the claim.

    The purported N5,476,000 estacodes remitted to the former EFCC chairman  was actually paid into an account in a first generation bank, according to sources close to the investigation of the multibillion naira pension scandal.

    The EFCC has continued its manhunt for Maina. It has located more of his assets.

    A source said: “Our detectives have linked a large farm in Keffi to Maina and we are going to invoke Interim Assets forfeiture Clause in the EFCC (Establishment) Act.

    “We have also sealed off two of the suspect’s houses at No. A5 B. Close and No. 9A  in Kado Estate in Abuja. We have located some houses in Maiduguri too.

    “So far, we have taken possession of the houses in Abuja and Kaduna.”

    There  was a twist yesterday following the release of a fact-sheet, which states that no former EFCC chairman collected N5,476,000 for overseas trips from Maina.

    The document said: “It is hereby stated categorically that the former EFCC chairman never received any payment whatsoever in respect of any trip in OHCSF/Police Pensions and neither embark on such trips.

    “That Estacode payments to the tune of N5,476,000 purportedly made for the Executive Chairman  was discovered to have been paid into the First Bank acct. No. 4033010067733 belonging to one Christian Madubuike who is an account clerk with Police Pension office (PPO).

    “The money was subsequently withdrawn from his account and handed over to Mr. John Yusuf  (AD Accounts PPO). However John Yusuf admitted receiving the monies but claimed that he remitted same to Abdulrasheed Maina.”

    Meanwhile, the EFCC traced about £6m pension funds to the UK  and uncovered 66 pension accounts in the Office of the Head of the Civil Service of the Federation(OHCSF).

    There was suspicion that the £6m might have been tampered with by some government officials, who are now pension suspects.

    The top source added: “The EFCC has done enough in unraveling pension fraud syndicate in OHCSF, Presidential Pension Reform Task Committee, Police Pension funds and the Nigeria Union of Pensioners (NUP) check-off dues among others.

    The source said: “It is certainly a huge racket by civil servants some of who are still in the system. For instance, our team uncovered  £6m pension funds in an account in the UK. The money was  for the payment of the pensions of some British colonial officers who served in Nigeria.

    A report on the said account in the UK said: “In respect of the Federal Government 6million pounds sterling investment in the U.K with Crown agents, it is worth noting that the information was discovered as a result of a search executed in the residence of Dr. Shuaibu  Sani Teidi during the course of our investigation.

    “Dr. Shuaibu Sani Teidi failed to disclose the account during his handing over when he was leaving the Head of Service. Mr. Charles Bornant was invited and he confirmed that Dr. Shaibu did not disclose nor include the account in his handing over. Investigation into the account is still ongoing based on relevant information at our disposal.

    “During the course of investigating fraud in the Pension office of the Head of Civil service of the Federation (OHCSF), a search warrant was executed in the residence of Dr. Shaibu Sani Teidi (former director Pension Accounts) where a laptop was recovered. From the analysis of the computer laptop, a document captioned “Report of the visit to Crown Agents Investment United kingdom” was discovered. The document reveals the nature of the investment made by the OHCSF with Crown Agents Investment, UK (copy attached).

    “The Investment Account was brought to the  attention of the OHCSF via a letter with reference No. CR:3000/EFCC/ABJ/EGFED/PEN/VOL.1/375 dated 18th February, 2011, while requesting for the following information:

    1. List of Pensioners in Diaspora and their payment point(s)
    2. Records of remittances of funds to all payments point

    iii. Details investment of pension funds with Crown Agents Financial Services

    “On receipt of our letter the OHCSF made further enquiries and responded to us via a letter dated 22nd February, 2011.

    “The following facts emerge from our Investigation.

    1. a) That the OHCSF maintained an overseas investment account with Crown Agent Investment Management United Kingdom titled “Nigeria Federal Civil Service Pension Fund”;
    2. b) That the current Management agreement was drawn on the 23rd of May, 1990, attempt was made to review it between 20th to 22nd January 2009;
    3. c) That the Crown agents have a representative in Nigeria;
    4. d) That the market value of the Fund as at 31/03/2011 was GBP 6,275,176.80;
    5. e) That Engr. E.O Okeke (Head of Service)   and Dr. S.T Shuaibu (Director Pension Accounts) were the signatories to the account between 30th July, 2007 and 6th July, 2011.
    6. f)  That Prof. O.A Afolabi (Head of Service) and Abdulrasheed Maina (Head Pension Task Team) became signatories of the account on 6th July,2011 after our discovery;
    7. g)  That the current signatories to the account were only updated in July 2011, several years after Engr. E.O Okeke retired from Service and Dr. S.T Shuaibu redeployed from OHCSF. Dr. Shuaibu failed  to properly hand over to his predecessor;
    8. h)  That the former Head of service Prof. O.A. Afolabi instructed that the total sum of GBP36,717.68 should be remitted to the Nigerian High Commission office in London for the payment of the outstanding and subsequent pension due to the expatriate (colonial service) pensioners.

    ”Our investigation revealed that the NUP are entitled to 1% only of the total monthly pension as Union Dues, which is being paid by the OHCSF on monthly basis. In view of the above, the OHCSF confirmed that the total amount entitled to NUP between 23rd of April, 2008 and 10th March, 2011 is N780,000,000.00. However, it was discovered that the Union connived with Dr. Sani Shaibu to inflate the figures by N1.5billion.

    “Hence, they were paid the total sum of N2,290,593,322.35 (N2.3billion) from the OHCSF within the period. The President and Secretary of the NUP, Alh Ali Abatcha, and Eleder Actor Zal confessed that they returned the inflated amount to Dr. Shuaibu. The case has been charged to court.”