James Emejo in Abuja
The indefinite suspension handed down to erstwhile Executive Secretary, Pension Transitional Arrangement Department (PTAD), Nellie Mayshak, by the Minister of Finance, Kemi Adeosun, shocked members of the public following developments in the recent past which had marred the reputation of pension managers in the country.
The indefinite suspension handed down to erstwhile Executive Secretary, Pension Transitional Arrangement Department (PTAD), Nellie Mayshak, by the Minister of Finance, Kemi Adeosun, shocked members of the public following developments in the recent past which had marred the reputation of pension managers in the country.
A statement issued by the Special
Adviser on Media to the Minister, Mr. Festus Akanbi, penultimate week
had confirmed Mayshak’s suspension by Adeosun while a director from the
Office of the Accountant-General of the Federation (OAGF) was also
appointed as acting executive secretary of the directorate.Apart from Mayshak, three other senior officials in the directorate were also suspended.
The statement added that the suspension was a normal civil service
procedure, to pave way for an unimpeded investigation into the
activities of the directorate under Mayshak’s watch.
However, apart from the announcement
that the PTAD boss had been relieved of her duties, no attempt was made
to give the details surrounding the development which had already put
most public pensioners on the edge.
It was rumoured that Mayshak’s allegedly
pocketed up to N60 million as monthly salary, a claim which her close
associates had told THISDAY it was untrue and impossible. It however
gathered that she arbitrarily fixed for herself salaries and allowances,
far above what she ought to earn in her position, (though not anything
close to the N60million being speculated) without recourse to Wages and
Salaries Commission that fixes the salaries and allowances of Public
Servants in her cadre. THISDAY checks further revealed the underbelly
issues which led to her being suspended indefinitely.
Trouble started when Mayshak had during
the tenure of the former Accountant General of the Federation, Mr. Jonah
Otunla, demanded that the sum of N3 billion, which was earmarked for
the verification of pensioners nationwide be released to enable her
carry out the exercise. Otunla, however, reportedly declined her request
and insisted that the verification exercise ought to be carried out by
the OAGF and not PTAD.
The suspended PTAD boss further insisted that the money must be released to her, else she would not sign as a party for the withdrawal of the fund.
The suspended PTAD boss further insisted that the money must be released to her, else she would not sign as a party for the withdrawal of the fund.
The disagreement lingered all through
Otunla’s tenure, THISDAY further gathered, making it impossible for PTAD
to draw the N3 billion during the former AGF’s tenure.
The issue was said to have been reintroduced to the new Accountant General, Mr. Ahmed Idris, who also insisted that the verification be carried out jointly by PTAD and OAGF.
The issue was said to have been reintroduced to the new Accountant General, Mr. Ahmed Idris, who also insisted that the verification be carried out jointly by PTAD and OAGF.
But Mayshak, once again stuck to her guns and rejected the suggestion.
It was learnt that she later met with directors of the OAGF and maintained she wanted to carry out the exercise without any external support, a request which was further turned down.
It was learnt that she later met with directors of the OAGF and maintained she wanted to carry out the exercise without any external support, a request which was further turned down.
THISDAY gathered that after much
pressure, the AGF later yielded to her demand and released the money to
her, even though the directors were unhappy with the release of the
funds, prompting series of anonymous petitions accusing her of
misappropriation of funds, nepotism, inflating contracts and using
companies allegedly linked to her to corner juicy contracts at PTAD.
Adeosun was said to have called Mayshak
penultimate Tuesday to prepare her documents in response to the
allegations. The minister had confronted Mayshak with the allegations
bordering on abuse of office.
Specifically, Mayshak was alleged to have employed her relatives to important positions as secretary, and in the ICT department of the agency. Sources gave their names as Patricia Iyohe, Mrs. Ruth Imonikhe (who is her secretary), and one Yohab. They were also alleged to be influential in PTAD and key players in some of the allegations leveled against the suspended pension boss.
Specifically, Mayshak was alleged to have employed her relatives to important positions as secretary, and in the ICT department of the agency. Sources gave their names as Patricia Iyohe, Mrs. Ruth Imonikhe (who is her secretary), and one Yohab. They were also alleged to be influential in PTAD and key players in some of the allegations leveled against the suspended pension boss.
After Adeosun confronted the suspended
DG with the accusations and facts that Tuesday, Mayshak was said to have
failed to put up a convincing defence and was ordered right before
Idris not to return to PTAD as she had been suspended indefinitely.
Three other senior officials in the
agency were also suspended in relation to alleged scam and abuse of
office following an audit report.
Besides, counted as part of abuse of
office and insubordination, inside sources also told THISDAY that
Mayshak allegedly arrogated to herself the position of a director
general instead of simply an executive secretary in violation of the Act
that established the directorate. Section 42 (3) of the Pension Reform
Act, 2014 designated her office as Executive Secretary. Her refusal to
use that executive secretary designation was seen as a clear breach of
the enabling Act. In the industry, only the office of the head of the
National Pension Commission (PenCom), the regulatory authority of the
pension industry in Nigeria, is designated as Director General.
Although, Mayshak was ordered not to
return to her office, sources alleged that she went back to the office
on that Tuesday night and may have left with vital information.
Following the incident, THISDAY sighted a detachment of DSS officials positioned at the premises of PTAD in two black pickup vehicles.
Following the incident, THISDAY sighted a detachment of DSS officials positioned at the premises of PTAD in two black pickup vehicles.
The DSS was said to have mounted a
round-the-clock vigilance at the premises of the agency, to perhaps
monitor nocturnal activities at the agency.
A staff of PTAD told THISDAY that the security operatives had also issued orders to private security operatives in the agency to be vigilant and ensure that nobody moved out of the premises with excess luggage.
“The DSS have ordered that those who come in with one bag shouldn’t leave the office with more than one bag,” the source said.
A staff of PTAD told THISDAY that the security operatives had also issued orders to private security operatives in the agency to be vigilant and ensure that nobody moved out of the premises with excess luggage.
“The DSS have ordered that those who come in with one bag shouldn’t leave the office with more than one bag,” the source said.
THISDAY further learnt from company
sources that there had been grievances against the former DG which
bothered on favoritism and discrimination in job offers in the agency.
PTAD was created in August 2013 under
the Pension Reform Act of 2004 to oversee the management of pensions
under the defined benefit scheme for pensioners who were not
accommodated in the new defined contributory scheme.
Essentially, the implementation of the contributory pension scheme (CPS) was envisaged as solution to the old pension arrangement whereby funds had been misapplied by various government regime, creating huge backlogs of arrears of unpaid pension among other challenges.
Essentially, the implementation of the contributory pension scheme (CPS) was envisaged as solution to the old pension arrangement whereby funds had been misapplied by various government regime, creating huge backlogs of arrears of unpaid pension among other challenges.
The lastest unsavory development came as
Nigerians were still trying to cope with the recent pension fraud
involving the former Chairman of the Pension Reform Task Team,
Abdulrasheed Maina, with over N2 billion he allegedly stole through
fraudulent biometric contracts.
However, Nigerians were particularly
pleased at the new arrangement in pension management where monies are
not concentrated in the hands of a unit, often giving room for abuse.
Under the CPS, pension fund administrators don’t necessarily have access to contributed funds, a situation which reduces the incidence of corruption.
Under the CPS, pension fund administrators don’t necessarily have access to contributed funds, a situation which reduces the incidence of corruption.
Following past experiences in pension
assets mismanagement, however, issues relating to funds management had
always been of interest to stakeholders who want to be assured that
their money is safe at all times.
Nevertheless, sensing the magnitude of
the disaffection which Mayshak’s removal may generate in the public,
including the condition of pension assets, the management of the agency
had been quick to assure pensioners, particularly those being currently
managed by PTAD that the development would not affect pension payments
and services.
Experts believe negative incidences of
fraud as regarding pension funds management will continue to generate
tension particularly among pensioners, some of who depend on it for
sustenance.
Although the situation appeared to have
been put under some measure of control, the managers of public pension
assets would need to be put under spotlight to reduce the incidence or
possibility of corruption which is capable of destroying the reputation
of the system and eroding stakeholders’ confidence in the administration
of their funds.