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NRC uncovers N1bn pension fraud, forwards report to Tukur

By BusinessNews Staff on April 8, 2014

The Nigerian Railway Corporation (NRC) has uncovered N1 billion missing from the corporation’s pension funds over a period of three years.

A source told THISDAY yesterday that some NRC officials, including top management staff members, had been indicted over the missing fund.

According to the source, the fraud was discovered following the result of an internal investigation conducted by the rail management into the pension funds.

It was learnt that the NRC Managing Director, Adeseyi Sijuwade, has forwarded the report of the enquiry to the Chairman of the Railway Board, Alhaji Bamanga Tukur.

Part of the report forwarded to Tukur contained the names of the suspected culprits and recommendations on how to recover the funds from them.

It was also gathered that the probe was one of the exercises embarked upon by the management and the reconstituted board of the corporation to sanitise the finance and management of the corporation.
“It was discovered that through acts of fraud, financial recklessness, misappropriation and conspiracy, the said sum was diverted by some officials of the corporation,” the source said.

According to him, the management instituted an internal enquiry into the running of the corporation’s pension funds during “which these shocking discoveries were made.” He explained that the board chairman, who is now in possession of the report, will soon summon an emergency meeting of the board to discuss the issue.

[This Day]

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