Tag Archives: N14bn

How Oronsaye, Others Diverted N14bn Pension Fund– Witness

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First prosecution witness, Rouqayya Ibrahim, on Tuesday narrated to a Federal High Court in Abuja, how a former Head of Service of the Federation, Mr. Stephen Oronsaye, and some officials allegedly siphoned N14bn pension fund using about 66 illegal bank accounts.

Ibrahim, an investigator and an operative with the Economic and Financial Crimes Commission told Justice Gabriel Kolawole that the fraud was discovered in 2010.

Oronsaye was Head of Service of the Federation between June 2009 and November 2010.

Ibrahim said the methods used for perpetrating the fraud included payments to “ghost” pensioners and disbursements of funds for non-existing contracts.

She also said the scam in which about N14bn pension fund was siphoned was perpetrated through payments of non-existing allowances to fake members of staff and to the National Union of Pensioners and Association of Federal Civil Service Retirees.

The EFCC is prosecuting Oronsaye, Osarenkhoe Afe and three other firms on 35 counts, including illegal acts of “conducting procurement fraud by means of fraudulent and corrupt act on the contract of biometric enrolment”.

Credit: Punch

We Inherited N14bn Gratuity, Pension Arrears– El-Rufai

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El-Rufai, who spoke at a stakeholders’ sensitization conference for the North-West zone on Pension Reform Act 2014, organized by the National Pension Commission, PENCOM, said he had since confirmed 2,484 ghost pensioners and deleted their names from the pension payroll in his state.

El-Rufai, who was director- general, Bureau for Public Enterprises, BPE, said ghost pensioners were impossible under a fully contributory pension scheme.

He explained that Kaduna State approved a new pension bill based on the contributory model, adding that when passed by the House of Assembly, it would ensure that future retirees from the public service never suffered the pains of unpaid pensions.

On her part, Director- General, National Pension Commission, Chinelo Anohu-Amazu, said the commission was working to provide incentives with requisite flexibility in terms of access to encourage the informal sector to embrace micro pensions for future economic security.

She noted that effective and sustainable pension system remains a challenge in the country as well as in most African countries.

Credit: NationalMirror

German Company Set To Build N14bn Factory In Lagos

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A German investor, Mrs Isabel Knauf, on Monday, expressed the readiness of her company, Knauf Group International, to commence work on a N14 billion manufacturing firm in Lagos State.

Mrs Isabel Knauf, made the disclosure when the German Ambassador, Mr Michael Zenner, led a group of German diplomats and investors on a courtesy visit to Gov. Akinwunmi Ambode at Ikeja.

Knauf solicited the support of the governor toward locating a 70 million dollars (N14 billion) building and construction tools manufacturing company in Lagos.

She said that the preference for Lagos was informed by its proximity to ports, availability of gas pipeline and a ready market.

“We are looking to invest and build a factory here and we want your support. We have been to Lekki Sea Port and want to proceed on investing straight off.

“I wish to express our interest in investing about 70 million US dollars in construction tools factory in Lagos for the first stage,” Knauf said.

Read More: NAN