N1bn missing from NRC pension funds in 3 years
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 The account is operated independent of NRC accounts and monies are lodged and withdrawn out of it independently.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.