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Tuesday, 22 March 2016

Shocking details of how suspended PTAD boss, others made N40m monthly from Pension funds

An online news portal, Per Second News says it has obtained exclusive details of how suspended Pension Transitional Arrangement Directorate (PTAD) boss Nellie Mayshak, made a whooping N40m monthly through interest rates in commercial banks.

Investigations revealed that several hundreds of millions of pension fund was fixed in a deposit account with a little over N40 million generated monthly as interest from the illegal action.
According to a source in the know, the profits were traced to her personal accounts in one of the commercial banks (name withheld)
Mayshak’s personal bank statement obtained and analyzed by anti-corruption agencies revealed that interest generated from the transactions were discovered in her account which is against government rules.
The commercial bank transfers the proceeds monthly to her personal accounts according to documents.
The source also revealed that the suspended boss is also being investigated over large scale contract scam involving contractors working with the Directorate.
Per Second News also says it gathered that trouble started for Mayshak during an audit report from the office of the Accountant-General. What started as a routine oversight function done in all MDA’s revealed various malpractice and dirty deals.
An official in the Accountant General’s office said the PTAD boss did not cooperate with officials during their findings and instead created bottlenecks for them. Frustrated by her attitude the officials sent report of their findings to the minister.
Unconfirmed reports indicate that she is also being investigated for diesel fraud with sums ranging from N15-50m being spent on diesel on a weekly basis.
Mayshak, was suspended alongside her secretary, two others. She is presently on house arrest according to Per Second News findings.
Mayshak was placed on suspension by the Honourable Minister of Finance, Mrs. Kemi Adeosun and a director from the Office of the Accountant-General of the Federation has been appointed as acting Executive Secretary/Director General.
She is the pioneer Director General of the Pension Transitional Arrangement Directorate (PTAD) which was established in August 2013 in compliance with the Pension Reform Act (PRA) of 2004, as an independent pension agency for the Public Service of the Federation. PTAD oversees the management of pensions under the Defined Benefit Scheme for pensioners not transiting to the defined contributory scheme.

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