N2.5bn fraud: EFCC arrests PTAD DG, three others

The Economic and Financial Crimes Commission, EFCC, has arrested the suspended Director General of the Pension Transitional Arrangement Directorate, PTAD, Nelly Mayshak, for N2.5 billion fraud.

Also arrested were Yoab Youssoufou, Patricia Iyogun and Ruth Imonikhe.

PTAD is an independent pension agency established in August 2013 to oversee management of pensions under the Defined Benefit Scheme for pensioners not transiting to the defined contributory scheme.

Mayshak, according to Vanguard, is accused of mismanaging about N2 billion that was left in the pension’s account of the Head of the Civil Service, Nigerian Immigrations Service, NIS, Nigeria Customs Service, and Nigeria Prisons Service, NPS.

She was also said to have embezzled about N500 million meant as take-off grant for PTAD.

Mayshak, it was gathered, approved N25,410,000 for supply of 121,000,000 litres of fuel in one day even as PTAD only had storage capacity of about 11,000 litres, which lasts for about a month.

Mayshak is also alleged to have awarded several phony contracts to cronies and staff of PTAD, through which she used to enrich herself.

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