ICPC uncovers over N23bn pension funds ‘lost’ in 40 bank accounts

The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has uncovered over N23billion pension funds ‘lost’ in 40 bank accounts in the country.

Chairman of the Commission, Mr. Ekpo Nta who made the disclosure yesterday, at the maiden town hall meeting of the ICPC in Makurdi, the Benue capital, said the Commission consolidated the accounts into four and was also able to recovered N496million in accrued interests on one of the accounts.
Represented by Member of the ICPC, Alhaji Isa Salami, he said “the Commission discovered that the National Pension Commission, PENCOM, was not remitting deductions from employees’ salaries to their respective Retirement Savings Accounts, RSAs, owing to inaccurate information.
“With the intervention of ICPC the sum of N34.5 billion has been remitted to 97, 842 employees’ RSAs’’.

Mr. Ekpo revealed  that while conducting systems review of personnel cost expenditure profile across Ministries, Departments and Agencies, MDAs, over a period of four years, ICPC compelled the return of over N6 billion unspent balances into government treasury.

The ICPC Chairman urged Nigerians to “support the renewed onslaught against the monster called corruption because it is by so doing that we can drive down the menace and eventually eliminate it from our country.”