http://aljazirahnews.com/index.php/2016/07/24/efcc-invite-ex-nsitf-boss-alleged-billion-naira-fraud/?utm_source=twitterfeed&utm_medium=facebook


Tosin Omoniyi
Indications are high that the
Economic and Financial Crimes
Commission, EFCC may soon invite
the former board chairman of the
Nigeria Social Insurance Trust Fund
(NSITF) Ngozi Olejeme over
allegations of fraud perpetrated
under her watch.
Aljazirahnews gathered from
credible sources that the anti-graft
agency is in possession of several
petitions indicting Olejeme of
massive diversion of public funds
and mismanagement while at the
helm of affairs at the fund.
It was gathered that the agency will
soon swing into action using a
particular petition, a copy of which
this medium obtained to initiate
criminal proceedings against her.

In the petition, Olejeme was
particularly accused of using her
position to fraudulently divert funds
which were obtained as loans from
the bank.
It was alleged in the petition that in
April, 2014 when the fund was on the
verge of liquidation as a result of
mismanagement, the NSITF, via a
letter NSIF/RB/14/41/CON/TR dated
11th April, 2014 signed by the
Managing Director/CE, Umar
MunirAbubalar and then Deputy
General Manager (Finance), Mr Henry
and addressed to the Group Head,
Public Sector North, First Bank
Nigeria Plc., Main Branch Abuja,
sought and obtained a loan facility
for the sum of one billion Naira
(1,000,000,000.00).
It was further gathered that the loan
was obtained for First Bank Account
No. 2001676969.
The purpose of the loan was to
defray the certain official allowances
that were then outstanding.
These include the transfer allowance
to staff since May, 2014; 2014
Education Allowance; 2014 Dressing
Allowance; Housing Allowance;
Furniture Allowance and Salary
Arrears.
It was discovered however that the
allowances were not paid and the
N1bn loan obtained from First Bank
of Nigeria was then diverted to some
‘fictitious ICT Contracts by the
Chairman, Dr. (Mrs.) Ngozi Olejeme,
the Managing Director/CE, Umar
Munir Abubakar and the General
Manager, ICT, Mrs. Catharine Ugbe.’
Also, it was gathered that it was it
was only in September, 2015, when
President Muhammadu Buhari
implemented the Treasury single
account (TSA) that the allowances,
except the furniture Allowance were
paid.
In the petition also, the NSITF
reportedly in early 2015 sought and
obtained another loan facility for the
sum of N250, 000,000.00 (Two
Hundred and Fifty Million Naira).
The letter for the loan facility was
reportedly signed by the MD.
The purpose of the loan facility was a
part-payment of a twin four storey
building close to NSITF Headquarters
occupied by the Abuja Environmental
Sanitation board, which NSTF
intended to purchase then.
The property agent that reportedly
handled the transaction was
MOHAMMED &CO.
The petitioner said till date, no part
payment of any sum has been made
on the property; neither has the
property been purchased by NSITF.
The funds were allegedly diverted
by the duo.
Responses from both could not be
gotten as at press time.
Aljazirahnews recalls that
President Muhammadu Buhari
sacked the Chief Executive Officers
(CEOs) of 26 federal government’s
parastatals, agencies and
commissions in February this year
including that of the NSITF.
The Department of State Security
Services (DSS), about a week later
raided the Abuja home of the son of
Olejeme though the reason for the
action was undisclosed.
Sources say the embattled ex NSITF
boss has since fled the country to
evade arrest.
Sources said that the EFCC has begun
to beam its searchlight on activities
of most of the sacked chief
executives.
A source said that some of the heads
of the agencies were sacked by the
President for unprofessional conduct
and misappropriation of funds while
others were relieved of their
appointment for involving in
partisan politics, especially under
the immediate past administration.
The NSITF is one of the foremost
social insurance organizations in
Africa with a long history of service
dating back to 1961.
It started in 1961 as the National
Provident Fund with the mandate to
protect employees in the Nigerian
private sector who were mostly in
non-pensionable employment.
Decree No 73 of 1993 gave birth to
the Nigeria Social Insurance Trust
Fund as replacement for the National
Provident Fund.
NSITF runs a Defined Benefit Scheme
for the Organised Private Sector that
covers contingencies of old age,
invalidity, survivor and emigration
(for contributing members
relocating permanently outside
Nigeria).
Aljazirahnews recalls that the body
transformed twice in July 1994 and in
June 2004.
Share This: