The Senate Committee investigating pension administration in the country has uncovered an illegal account lodged with the United Bank of Africa (UBA) with the sum of N3 billion belonging to the Police pension fund.
At the resumed public hearing of the committee in its third week, the chairman of the committee, Senator Aloysius Etuk said the account was opened without the authorization of the accountant general of the federation.
However, the executive director north, UBA, Dan Okeke stated that the bank had a ‘letter of approval from the accountant-general to open the account. He also assured the committee that if allowed, he could go bring the letter.
Done with questioning the executive director of UBA, the committee then summoned seven bank chiefs and the chairman of the Economic and Financial Crimes commission (EFCC) to explain the series of controversial accounts on the pension fund.
The managing directors of the seven banks summoned includes, First bank PLC, Union bank PLC and Diamond bank PLC. The others are Fidelity bank PLC, Guaranty Trust Bank PLC and Skye bank to explain the series of controversial accounts on the pension fund.
Committee members then shifted attention to the pension reform task team which it accused of being wasteful. The committee also demanded to know the whereabouts of the funds which the pension reform task team claimed to have recovered.
Former director in charge of pension in the office of the Head of Service of the federation, Dr. Shaibu Sani Teidi narrated how he sneaked into the national assembly to avoid being arrested by the EFCC who according to him have been hunting for the documents he intended to submit to the panel.
Chairman of the committee Senator Aloysius Etuk asked the EFCC not to prevent any principal witness from attending the hearing to give evidence on the irregularities in pension administration.
