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ICPC probes N90bn pension fraud

By Ehis Osajie

Abuja – The Independent Corrupt Practices and other related offences Commission (ICPC) has started investigations into the alleged N90 billion fraud leveled against managers of Pension Fund for retirees in the health sector. The ICPC Resident Consultant (media & events), Mr Folu Olamiti confirmed this yesterday in a statement released in Abuja.

According to him, “the ICPC was told that the sum of N90 billion, yet to be accounted for was part of N81 billion which the
Federal Government reportedly released for payment of pension arrears in September 2008 and the balance of N9 billion which
was supposed to have been paid in 2000 to retirees from the lump sum of N13 billion released by the government for retirees
pension, whereas only N4 billion was paid so far.

He said, “The probe by the anti-graft agency is sequel to a petition filed before it by a group of retirees who alleged that the Pension Fund managers have been colluding with an Insurance company (name withheld), officials of Ministry of Finance (Budget Office) those of the Ministry of Health and others to defraud pensioners of several billions of naira allocated to offset their pension arrears.

The Pensioners in a petition to ICPC alleged further that the fraud had been perpetrated on the guise that the officials involved have been investing the huge sums of money so far released by the Federal Government for settlement of pension arrears, an action they termed as illegal and criminal.

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