Nellie Mayshak, The suspended Pension Transitional Arrangement Directorate (PTAD) boss was making several hundreds of millions of naira monthly from pension funds.
Investigations revealed that the pension fund was fixed in a deposit account, where close to N40m is generated monthly from interest from the illegal action.
The shady profits were traced to Mayshak’s personal accounts in one of the commercial banks.
Keeping public funds in personal accounts with the aim of reaping proceeds in terms of interests is against government rules.
Mayshak’s office, PTAD oversees the management of pensions under the Defined Benefit Scheme for pensioners not transiting to the defined contributory scheme.
Mayshak’s personal bank statement obtained and analyzed by anti-corruption agencies revealed that several funds discovered in her account was traced to the pension funds kept in fixed deposit with the commercial bank.
The commercial bank (name withheld) transfers the amount monthly to her personal accounts, the documents revealed.
The source also revealed that the suspended boss is also being investigated over large scale contract scam involving contractors working with the Directorate.
It was gathered that Mayshak’s shady deals were discovered during an audit report from the office of the Accountant-General.
“The audit was a routine oversight function done in all MDA’s revealed various malpractice and dirty deals.”
An official in the Accountant General’s office said the PTAD boss did not cooperate with officials during their findings and instead created bottlenecks for them. Frustrated by her attitude the officials sent report of their findings to the minister.
Unconfirmed reports indicate that she is also being investigated for diesel fraud with sums ranging from N15-50m being spent on diesel on a weekly basis.
Mayshak, alongside her secretary and two others, were placed on suspension by the Honourable Minister of Finance, Mrs. Kemi Adeosun and a director from the Office of the Accountant-General of the Federation has been appointed as acting Executive Secretary/Director General.
She is the pioneer Director General of the Pension Transitional Arrangement Directorate (PTAD) which was established in August 2013 in compliance with the Pension Reform Act (PRA) of 2004, as an independent pension agency for the Public Service of the Federation.(PerSecNews.com)
