Tag Archives: N2bn

How I Ran N2bn Illegal Accounts For Maina

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A banker has told detectives how she ran five  accounts used to perpetrate a N2bilion pension fraud in the Office of the Head of the Civil Service of the Federation.

Former Pension Reform Task Team chief Abdulrasheed Maina is wanted by the Economic and Financial Crimes Commission (EFCC) for the alleged pension fraud.

The EFCC is probing Maina’s alleged complicity in the operation of the accounts, following the confessions of  Fidelity Bank Account Officer Toyin Meseke.

Besides, Meseke is said to have told the EFCC that Maina had been operating a safe deposit box with the bank.

EFCC’s investigators found that withdrawals from the five accounts were usually channelled through some bureaux de change to an account in Dubai, United Arab Emirates (UAE).

The bureaux de change are JIEK BDC, West Waves and Alnasara.

A document obtained by our correspondent identified the accounts as Cluster Logistics, Nafisatu Aliyu, Abdullahi Faizal, Kangolo and Drew Investment.

Meseke spilled the beans on how the accounts were managed by a suspected pension fraud syndicate.

Credit: NationOnline

Daily Subsidy On Petrol Increases To N2bn

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The Federal Government’s daily spending on petrol subsidy may have increased to N2.06bn as the pricing template for the product by the Petroleum Products Pricing Regulatory Agency on Sunday put the subsidy at N51.61 per litre.

Based on daily petrol consumption of 40 million litres, the total subsidy cost on the product as of June 11 would amount to N2.06bn at N51.61 per litre, up from N48.15 on June 2.

Subsidy refers to the money paid, usually by the government, to keep prices below what they will otherwise be in a free market system.

Nigeria, which relies on importation for most of its fuel needs as the country’s refineries are in a poor state, has seen a drop in importation of refined petroleum products in recent months, leading to acute scarcity of the products across the country.

Read More: Punch