N1bn miss­ing from NRC pen­sion funds in 3 years

Daily Trust - - NEWS - From Chris Agabi, La­gos

Over N1 bil­lion is al­legedly miss­ing from the Nige­rian Rail­way Cor­po­ra­tion pen­sion fund over a pe­riod of three years. The al­leged fraud was un­cov­ered af­ter an in­ter­nal in­ves­ti­ga­tion con­ducted by the man­age­ment of the cor­po­ra­tion on the cor­po­ra­tion’s pen­sion fund.

NRC op­er­ates a sep­a­rate pen­sion ac­count run by the fi­nance depart­ment of the cor­po­ra­tion. The ac­count is op­er­ated in­de­pen­dent of NRC ac­counts and monies are lodged and with­drawn out of it in­de­pen­dently. The re­port in­dicted about 11 mem­bers of staff along­side a for­mer man­ag­ing di­rec­tor and for­mer sec­re­tary to the cor­po­ra­tion. 30 oth­ers are still be­ing in­ves­ti­gated.

Our cor­re­spon­dent fur­ther gath­ered that the said amount was mis­ap­pro­pri­ated and di­verted by some of­fi­cials of the cor­po­ra­tion. The in­ves­ti­ga­tion also dis­cov­ered that the man­age­ment hea-ded by the Man­ag­ing Di­rec­tor, Engr. Ade­seyi Si­juwade, has for­warded to the new chair­man of the board, Al­haji (Dr) Ba­manga Tukur the re­port of the en­quiry with the names of the sus­pected cul­prits and rec­om­men­da­tions on how to re­cover the miss­ing fund from the cul­prits.

A top man­age­ment mem­ber told our cor­re­spon­dent that the board chair­man is now in pos­ses­sion of the re­port and would soon sum­mon an emer­gency meet­ing to dis­cuss the is­sue.

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