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N42 BILLION FRAUD ROCKS PENCOM…… THE DG’S INVOLVEMENT AND SHADY DEALS EXPOSED!

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7 years ago

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The Centre for Public Accountability (CPA), has urged President Muhammadu Buhari, to order an immediate investigation into alleged sundry fraudulent practices in the National Pensions Commission, (PENCOM).
The group specifically alleged that about N42billion collected by PENCOM in 2012 cannot be accounted for by the Director General, Mrs. Chinelo Anohu-Amazu.
In a petition addressed to the president and signed by the Executive Director of the Centre, Comrade Olufemi Lawson, CPA said the petition is intended to bring to the attention of the president the long list of infractions, mismanagement and maladministration that is ongoing at the commission under the leadership of Mrs. Chinelo Anohu-Amazu.
A copy of CPA’s petition which was made available to newsmen, read: “Mr. President, as you may be aware, the Pension Reform Act was enacted in 2004 for sustainable management of retirement benefits of citizens who worked within the public or private sectors of the federation. As at today, the accumulated pension assets stand at about N5.4 trillion. From that period to date, we want to assert that the commission has never been in the worst state than it is today.
“We affirm that the commission is bedeviled with multiple infractions, violations of the law and widespread corruption that warrant immediate and urgent attention of Mr. President.”
Raising its first issue on the annual collection, the Centre alleged that the Commission is mismanaging the 0.3 per cent annual fees on pension assets, thereby calling for a thorough investigation into it.
“The commission collects annually, 0.3 per cent on the total pension assets which presently stands at N5.4 trillion. Annually the commission collects about N15billion as fees which it spends without any accountability.
“We challenge the commission to publish how it has expended that annual fund which is regarded as slush fund by insiders. As at December 2015, the  current Director General of PENCOM has collected N42 billion which she cannot account for till date.
“We specifically call on the President to order an immediate investigation into how the N42 billion fees collected by the commission was expended from 2012 to date.
Similarly, the Center alleged that the Commission’s DG is involved in illegal application of regulatory powers, stating that there are obvious cases of harassment and selfish tendencies in the leadership of the commission.
“In addition to not implementing statutory provision as above, records showed that the commission under the current Director General has deployed regulatory powers of the commission for selfish, illegal and family usage.
Pension administrators and custodians are harassed and subjected to unholy surcharges including share takeover among others.
Currently, the families of commission Director Generals are the owners of Premium Pension. May we also inform you, that the commission also took over First Guarantee Pension under flimsy excuses and has refused to obey court orders directing a return of the firm to the owners. For more than five years, the commission held on to the firm and is scheming to sell it to interest known to be close to its Director General.”
While describing the annual World Pension being hosted by PENCOM as a wasteful expenditure, the Centre said the country is set to waste almost a million naira for a jamboree like event at a time the country is in recession.
“Annually, the commission plays host to the World Pension Summit, a body owned by two brothers from the United States. The commission forced pension administrators and custodians to pay participation fees while the commission itself spends almost a billion naira annually to host the annual event. The 2016 edition of that event is scheduled to hold by September 27 to 28   in Transcorp Hilton Abuja.
“In this era of recession, this is not just wasteful but corruption laden and out of tune with the spirit of the era. We call on President Muhammadu Buhari to direct the Director General to stop the summit forthwith as Nigeria and pensioners can ill afford such wasteful and extravagant event meant to enrich a family alleged to be working on behalf of the commission management.”
CPA also highlighted the non-implementation of transfer window by the Commission, stating that, “Nigerians deserve to know why depositors are not allowed to migrate if they so wish. We want to know why billions are spent without such migration being realized.”
Urging the president to urgently beam a searchlight on the activities of the commission, the CPA said, “that sector needs urgent clean up if the world, pensioners and workers are to take the administration seriously.
Among other requests to the president, the Center said, “We also call for an immediate investigation into the activities of PENCOM, under its present leadership, by the Economic and Financial Crimes Commission, EFCC and the Independent Corruption Practices and other related offences related Commission, ICPC.”
All efforts to speak with Emeka Onuora, the Corporate Affairs manager of PENCOM proved futile as his mobile number was not reachable as at press time.

 

 

 

Source: THE CPA

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EFCC: 58 Ex-Govs Embezzled N2.187 Trillion [Full List]

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6 hours ago

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May 4, 2024

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According to the EFCC’s allegations, a significant number of former governors, totaling at least 58, have alleged to been involved in the misappropriation, embezzlement, or laundering of approximately N2.187 trillion over a span of 25 years.

This amount does not include properties seized worldwide or those currently being investigated, which amount to billions of Naira.

The amount of N2.2 trillion that was looted is similar to the combined budgets of Lagos State and the South-East states for 2024, totaling N2.25 trillion and N2.29 trillion respectively. This figure exceeds the budgets of the North-Central states and North-East states for 2024, which are N1.89 trillion and N1.60 trillion, by several billion.

The EFCC is currently investigating, probing, and prosecuting 58 ex-governors from various regions of the country. Since the restoration of civilian government on May 29, 1999, there have been at least 170 governors serving in the 36 states of Nigeria.

The 58 ex-governors who are currently or have previously faced investigations by EFCC, with alleged amounts in question, consist of:

late Abubakar Audu (N10.966 bn),

TA Orji and sons (N551 bn)

Yahaya Bello (N80.2 bn)

Chimaroke Nnamani (N5. 3 bn)

Sullivan Chime (N450 million)

Kayode Fayemi (N4bn)

Ayo Fayose (N6.9 bn)

Abdullahi Adamu (N15bn)

Danjuma Goje (N5bn)

Aliyu Wamakko (N15 bn)

Sule Lamido (N1.35 bn)

Joshua Dariye (N1. 16 bn)

Timipre Sylva (N19.2 bn)

Saminu Turaki (N36bn)

Bello Matawalle (N70 bn)

Lucky Igbinedion (N4. 5 bn)

Musa Kwakwanso (N10bn)

Peter Odili (N1000 bn)

Jolly Nyame (N1.64 bn)

James Ngilari (N167 m)

Abdulaziz Yari (N84 bn)

Godswill Akpabio (N100bn)

Abdul fatah Ahmed (N9 bn)

Ali Mode-Sheriff (N300bn)

Willie Obiano (N43 bn)

Ibrahim Dankwambo (N1. 3bn)

Darius Ishaku (N39bn)

Ramalan Yero (N700m)

Achike Udenwa (N350m)

Rochas Okoro ha (N10. 8bn)

James Ibori (N40 bn),

DSP Alamieyeseigha (N2.655bn)

Gabriel Suswam (N3. 111bn)

Samuel Orton (N107bn)

Murtala Nyako (N29bn)

Rashid Ladoja (4.7bn)

Christopher Alao-Akala (N11. 5 bn)

Abdulkadir Kure (N600m)

Babangida Aliyu (N4bn)

Abubakar Audu (N10bn)

Idris Wada (N500m)

Ibrahim Shekarau (N950m)

Adamu Aliero (N10bn)

Usman Dakingari and wife (N5. 8bn)

Attahiru Bafarawa N19. 6bn)

Jonah Jang (N6. 3bn)

Aliyu Doma (N8bn)

Tanko Al’Makura (N4bn)

Boni Haruna (N93bn)

Bindow Jibrila (N62bn)

Adamu Muazu (13bn)

Isa Yuguda N212bn)

Mohammed Abubakar (N8. 5bn).

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Dangote University explains how female student died in her off-campus apartment

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7 hours ago

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May 4, 2024

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Tragedy struck on Thursday at the Aliko Dangote University of Science and Technology, Wudil, Kano State, when a female student, Aishat Yahaya Olabisi, was found dead in her off-campus apartment.

Olabisi, a 300-level female student of Food and Science Technology, was said to have been found dead after she returned to her room from the school.

The deceased student was said to have written her first examination in the ongoing first-semester examination at the university on the fateful day.

One of the male students who spoke to PUNCH Online on condition of anonymity on Saturday blamed her sudden passing away on examination pressure.

“The deceased was hale and hearty before she went out to write her first examination in the ongoing first-semester examination,” the student said.

However, following reports in the media that the female student died in the university students’ hostel, the Management of the university clarified the misinformation.

In a statement by the Dean, Students Affairs of the university, Prof. Abdulkadir Dambazau, dated 3rd May 2024, refuted the media claims.

The statement titled “Clarification Regarding False Statement About Student’s Death” read, “It has come to our attention that a recent statement made by DLC Hausa and some media outlets regarding the discovery of a student’s corpse at the students’ hall of residence is entirely false. We wish to address this matter promptly and unequivocally refute these claims.

“On 23 April 2024, we received news about the untimely passing of Yahaya Aishat Olabisi, a diligent and bright student of ADUSTECH Wudil. Aishat spent her last evening engrossed in her studies, diligently preparing for upcoming examinations. The following morning after a shared breakfast with her roommate and a heartfelt conversation with her father, she expressed her intent to rest briefly before resuming her studies. However, destiny had a different plan.

“In the early afternoon of the same day, concerns arose when Yahaya Aishat Olabisi did not respond to attempts to reach her. Upon investigation, it was discovered that she had passed away in her sleep in her off-campus residence. Immediate measures were taken, and she was swiftly taken to the university clinic, where her passing was confirmed by medical professionals.”

The statement added that Olabisi’s remains had been transferred to the Aminu Kano Teaching Hospital for postmortem analysis.

“Given the circumstances, her remains were transferred to Aminu Kano Teaching Hospital for postmortem analysis to ascertain the cause of her sudden demise. Meanwhile, her grieving parents, who hail from Ilorin arrived the following day to bid farewell to their beloved daughter.

“In honouring her memory and bidding her farewell, Aishat was laid to rest on 24 April 2024, surrounded by family, friends, and members of the academic community who mourned her loss deeply,” the statement added.

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Court Sentence FCMB Branch Manager to 121 years in Prison for embezzling Customers Funds

Published

15 hours ago

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May 4, 2024

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FCMB is a leading financial institution in Nigeria has received a big shock of the year as one of its staff has been thrown to prison for fraud and embezzlement.

Justice S. Odili at the Anambra State High Court in Onitsha, Anambra State, sentenced Mr Nwachukwu Placidus, a bank manager at First City Monument Bank FCMB, Onitsha Anambra State to 121 years in prison for embezzling N112 million from a customer’s fixed deposit account.

The Honorable justices delivered the verdict resulting in the conviction and sentencing of a former manager at the First City Monument Bank’s branch in Onitsha, who has now been sentenced to a total of 121 years in prison for misappropriating fixed deposit funds totaling N112,100,000 from a customer for personal use. This is tantamount to a breach of trust by the former manager which has attracted a huge jail term.

 

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