Business

Maina: EFCC finds £6m pension cash in UK bank

Published

7 years ago

October 30, 2017

Detectives have traced about £6m pension funds to a United Kingdom bank account being managed by the Office of the Head of the Civil Service of the Federation(OHCSF), The Nation learnt yesterday.

The cash is being suspected to have been tampered with by some government officials.

Two former Heads of the Civil Service of the Federation(Engr. E. Okeke and Prof. O. A. Afolabi) reportedly did their best to protect the funds from being tampered with.

Also yesterday, it was learnt that the Economic and Financial Crimes Commission(EFCC) had seized more houses believed to be owned by the embattled ex- chairman of the Presidential Task Force on Pension Reforms Task Team, Mr. Abdulrasheed Abdullahi Maina. He is one of the signatories to the UK bank account.

Besides, a former EFCC operative has been quoted as saying that he was prepared to speak up on how a minister contacted him to protect Maina.

But the operative said he would do so on oath if President Muhammadu Buhari raises a Judicial Commission of Enquiry into the mismanagement of pension funds.

At least N2b is said to have been misappropriated. There are other funds, which are believed to have been stolen.

A former chairman of EFCC allegedly collected funds for a foreign trip from Maina. But a fact-sheet has debunked the claim.

The purported N5,476,000 estacodes remitted to the former EFCC chairman was actually paid into an account in a first generation bank, according to sources close to the investigation of the multibillion naira pension scandal.

The EFCC has continued its manhunt for Maina. It has located more of his assets.

A source said: “Our detectives have linked a large farm in Keffi to Maina and we are going to invoke Interim Assets forfeiture Clause in the EFCC (Establishment) Act.

“We have also sealed off two of the suspect’s houses at No. A5 B. Close and No. 9A in Kado Estate in Abuja. We have located some houses in Maiduguri too.

“So far, we have taken possession of the houses in Abuja and Kaduna.”

There was a twist yesterday following the release of a fact-sheet, which states that no former EFCC chairman collected N5,476,000 for overseas trips from Maina.

The document said: “It is hereby stated categorically that the former EFCC chairman never received any payment whatsoever in respect of any trip in OHCSF/Police Pensions and neither embark on such trips.

“That Estacode payments to the tune of N5,476,000 purportedly made for the Executive Chairman was discovered to have been paid into the First Bank acct. No. 4033010067733 belonging to one Christian Madubuike who is an account clerk with Police Pension office (PPO).

“The money was subsequently withdrawn from his account and handed over to Mr. John Yusuf (AD Accounts PPO). However John Yusuf admitted receiving the monies but claimed that he remitted same to Abdulrasheed Maina.”

Meanwhile, the EFCC traced about £6m pension funds to the UK and uncovered 66 pension accounts in the Office of the Head of the Civil Service of the Federation(OHCSF).

There was suspicion that the £6m might have been tampered with by some government officials, who are now pension suspects.

The top source added: “The EFCC has done enough in unraveling pension fraud syndicate in OHCSF, Presidential Pension Reform Task Committee, Police Pension funds and the Nigeria Union of Pensioners (NUP) check-off dues among others.

The source said: “It is certainly a huge racket by civil servants some of who are still in the system. For instance, our team uncovered £6m pension funds in an account in the UK. The money was for the payment of the pensions of some British colonial officers who served in Nigeria.

A report on the said account in the UK said: “In respect of the Federal Government 6million pounds sterling investment in the U.K with Crown agents, it is worth noting that the information was discovered as a result of a search executed in the residence of Dr. Shuaibu Sani Teidi during the course of our investigation.

“Dr. Shuaibu Sani Teidi failed to disclose the account during his handing over when he was leaving the Head of Service. Mr. Charles Bornant was invited and he confirmed that Dr. Shaibu did not disclose nor include the account in his handing over. Investigation into the account is still ongoing based on relevant information at our disposal.

“During the course of investigating fraud in the Pension office of the Head of Civil service of the Federation (OHCSF), a search warrant was executed in the residence of Dr. Shaibu Sani Teidi (former director Pension Accounts) where a laptop was recovered. From the analysis of the computer laptop, a document captioned “Report of the visit to Crown Agents Investment United kingdom” was discovered. The document reveals the nature of the investment made by the OHCSF with Crown Agents Investment, UK (copy attached).

“The Investment Account was brought to the attention of the OHCSF via a letter with reference No. CR:3000/EFCC/ABJ/EGFED/PEN/VOL.1/375 dated 18th February, 2011, while requesting for the following information:

List of Pensioners in Diaspora and their payment point(s)

Records of remittances of funds to all payments point

iii. Details investment of pension funds with Crown Agents Financial Services

“On receipt of our letter the OHCSF made further enquiries and responded to us via a letter dated 22nd February, 2011.

“The following facts emerge from our Investigation.

a) That the OHCSF maintained an overseas investment account with Crown Agent Investment Management United Kingdom titled “Nigeria Federal Civil Service Pension Fund”;
b) That the current Management agreement was drawn on the 23rd of May, 1990, attempt was made to review it between 20th to 22nd January 2009;
c) That the Crown agents have a representative in Nigeria;
d) That the market value of the Fund as at 31/03/2011 was GBP 6,275,176.80;
e) That Engr. E.O Okeke (Head of Service) and Dr. S.T Shuaibu (Director Pension Accounts) were the signatories to the account between 30th July, 2007 and 6th July, 2011.
f) That Prof. O.A Afolabi (Head of Service) and Abdulrasheed Maina (Head Pension Task Team) became signatories of the account on 6th July,2011 after our discovery;
g) That the current signatories to the account were only updated in July 2011, several years after Engr. E.O Okeke retired from Service and Dr. S.T Shuaibu redeployed from OHCSF. Dr. Shuaibu failed to properly hand over to his predecessor;
h) That the former Head of service Prof. O.A. Afolabi instructed that the total sum of GBP36,717.68 should be remitted to the Nigerian High Commission office in London for the payment of the outstanding and subsequent pension due to the expatriate (colonial service) pensioners.

”Our investigation revealed that the NUP are entitled to 1% only of the total monthly pension as Union Dues, which is being paid by the OHCSF on monthly basis. In view of the above, the OHCSF confirmed that the total amount entitled to NUP between 23rd of April, 2008 and 10th March, 2011 is N780,000,000.00. However, it was discovered that the Union connived with Dr. Sani Shaibu to inflate the figures by N1.5billion.

“Hence, they were paid the total sum of N2,290,593,322.35 (N2.3billion) from the OHCSF within the period. The President and Secretary of the NUP, Alh Ali Abatcha, and Eleder Actor Zal confessed that they returned the inflated amount to Dr. Shuaibu. The case has been charged to court.”

Business

FIRSTBANK’S DECEMBERISSAVYBE LIGHTS UP LAGOS WITH DAVIDO CONCERT

Published

21 minutes ago

December 26, 2024

Sahara Weekly

FIRSTBANK’S DECEMBERISSAVYBE LIGHTS UP LAGOS WITH DAVIDO CONCERT

By Farouk Mohammed

Once again, FirstBank has reaffirmed its position as a champion of arts, culture, and entertainment through its annual DecemberIssaVybe initiative. This year, the bank brought music lovers an unforgettable Christmas Eve experience with the Davido Live in Lagos concert, held at the iconic Eko Hotel Convention Centre. As part of the initiative, the event was a highlight of the festive season, delivering joy, excitement, and unmatched entertainment to thousands of fans.

Delivering Exclusive Experiences

True to its legacy, FirstBank ensured its customers and followers had the chance to enjoy this spectacular event through ticket giveaways across its social media platforms. By engaging with fans on Instagram (@firstbanknigeria) and Facebook (First Bank of Nigeria Limited), the bank seamlessly connected with its audience, creating opportunities for them to witness one of Nigeria’s biggest stars perform live.

Through its First@arts initiatives like these, FirstBank continues to elevate the entertainment experience for its stakeholders, positioning itself as more than just a financial institution but a lifestyle enabler. The bank’s efforts underscore its commitment to bringing premium opportunities to its customers, creating memorable moments for families and individuals alike.

Davido: The Highlight of DecemberIssaVybe

On Christmas Eve, the atmosphere at the Eko Hotel Convention Centre was nothing short of electric as Davido, the Afrobeats superstar, delivered an exhilarating performance. With hits like “Feel,” “Unavailable,” “FUNDS,” and “Dami Duro”, the audience was immersed in a musical journey that celebrated Nigerian creativity and artistry. The energy was infectious, as fans sang along to every lyric, making the concert an unforgettable experience for all in attendance.

For many, this was their first time seeing Davido live, and FirstBank made it possible, proving once again its dedication to supporting the arts and providing access to world-class entertainment.

The Spirit of DecemberIssaVybe

The DecemberIssaVybe initiative is not just about music; it’s about community, homecoming, and shared joy. Designed to resonate with Nigerians, both at home and in the diaspora, the initiative creates opportunities for family bonding and cultural connection during the festive season. Events like Davido’s concert, the Calabar Carnival, and Flytime Fest have all contributed to making the 2024 edition of DecemberIssaVybe truly extraordinary. Through DecemberIssaVybe, FirstBank continues to demonstrate its commitment to enriching the lives of its customers by providing access to premium events and creating platforms that celebrate the essence of Nigerian culture.

More Than Banking: A Commitment to Community

FirstBank’s impact goes beyond providing financial services—it’s about enabling memorable experiences. By supporting events like the Davido Live in Lagos concert, FirstBank strengthens its bond with customers, enhancing its role as a catalyst for joy and togetherness during the festive season.

With its steadfast support for the arts and entertainment industry, FirstBank also contributes to the economic empowerment of the value chain, showcasing its leadership in promoting culture, music, and creativity in Nigeria.

Stay Connected, Stay Vibing

For those who experienced the magic of Davido’s concert and other DecemberIssaVybe events, the memories will remain cherished. For those who missed out, FirstBank offers more opportunities to join the excitement. Stay tuned to its social media platforms—Instagram (@firstbanknigeria), Twitter (@FirstBankngr), and Facebook (First Bank of Nigeria Limited)—for updates, contests, and more exciting opportunities.

Business

Don’t Return Fuel Subsidy Through Dubious Means, Group Tells NNPCL’s Mele Kyari

Published

6 hours ago

December 26, 2024

Sahara Weekly

Don’t Return Fuel Subsidy Through Dubious Means, Group Tells NNPCL’s Mele Kyari

The Afenifere Mandate Forum (AMF) has cautioned the Nigerian National Petroleum Company Limited (NNPCL) against re-introducing fuel subsidy through dubious means, citing the regime’s notorious history of corruption.

The group emphasised the need for transparency going forward, urging the Central Bank of Nigeria (CBN) not to make payments to NNPCL’s foreign partners in the name of subsidy.

In a statement signed by its President, Otunba Davies Folorunsho, the group said the fuel subsidy regime was embroiled in corruption, with allegations of fraudulent payments and inflated subsidies.

Folorunsho said Mele Kyari, the Group CEO of NNPCL, was at the centre of the controversy, with reports of the company importing toxic fuel from Malta.

He noted that this not only perpetuated corruption but also endangered the health and safety of Nigerians.

However, Folorunsho said the he removal of fuel subsidy has been a significant step towards economic recovery, saving the country billions of dollars that were previously spent on subsidizing petrol prices.

“In 2022 alone, subsidies gulped $10 billion, leaving the state oil company NNPC with nothing to remit to the treasury,” he added.

“Fuel subsidy were not only financially ruinous but also largely regressive, benefiting mostly car-owning urbanites and those who could afford petrol-powered generators.

“As a result of the subsidy removal, the financial burden on the government has been significantly reduced, freeing up more funds for critical infrastructure and social programs.

“Additionally, government revenue has increased, smuggling has decreased, and the risk of adulterated fuel has been mitigated. The removal of fuel subsidy has also paved the way for a more sustainable energy ecosystem, encouraging the use of alternative energy sources and reducing Nigeria’s reliance on fossil fuels.

The group urged the NNPCL to maintain transparency in its operations and avoid re-introducing fuel subsidy through the backdoor.

“We believe that the removal of fuel subsidy is a step in the right direction, and we urge the government to continue on this path towards economic recovery,” Folorunsho said.

Business

Adron Homes Celebrates Christmas with Customers, Reaffirms Commitment to Bridging Nigeria’s Housing Deficit

Published

12 hours ago

December 26, 2024

Sahara Weekly

Adron Homes Celebrates Christmas with Customers, Reaffirms Commitment to Bridging Nigeria’s Housing Deficit

As the world embraces the joy and warmth of the Christmas season, Adron Homes and Properties, Nigeria’s foremost real estate company, has extended heartfelt greetings to its esteemed customers while reaffirming its commitment to addressing the nation’s housing challenges.

In a message of gratitude and celebration, Adron Homes expressed deep appreciation to its customers for their trust and loyalty throughout 2024. The company highlighted its unwavering dedication to making incredible housing affordable for all Nigerians, in line with its mission of reducing the country’s housing deficit.

“Christmas is a time to celebrate family, unity, and gratitude,” the statement read. “As we reflect on the year, we are proud to have played a role in making homeownership a reality for thousands of Nigerians. Our vision is clear—to bridge the housing deficit by providing affordable, luxurious, and secure homes for all, regardless of income level.”

Adron Homes has continued to lead the real estate industry by implementing innovative solutions that make homeownership accessible, including flexible payment plans and cost-effective housing models tailored to meet diverse customer needs.

As part of its Christmas and end-of-the-year celebration, the company has launched a special festive promotions ‘Lemon Friday’ aimed at encouraging more Nigerians to join its growing community of homeowners.

“We remain committed to transforming dreams into reality. This is not just about building homes; it’s about building futures and creating opportunities for families to thrive in a space they can call their own,” the statement added.

Adron Homes extended warm wishes to all Nigerians and its global customers, urging them to embrace the season’s spirit of love and hope. “May your homes be filled with peace, joy, and prosperity this Christmas and beyond.”