Uncovered: How Access Bank Uses Its UK Account To Aid PENCOM’s Fraudulent Activities; Over N1trn May Be Missing From PENCOM Account

Ag. Aisha Dahiru Umar-led National Pension Commission PENCOM is currently sailing in multiple corruption allegations, including diversion of Pension Funds, operation of an illegal account with Access Bank UK, including the whereabouts of a controversial sum of N33billion

which was released from the Central Bank of Nigeria into PENCOM account No 0020165241027 on 28th April, 2017.

This staggering sum of N33b and the whereabouts of another N22billion have been shrouded in secrecy and uncertainty. Information obtained from the office of the Accountant General of the Federation and Central Bank of Nigeria confirmed that the said amount N33b and another N22billion was released into PENCOM’s account, but LeadinReporters investigation revealed that the movement of the money became questionable the moment the money left CBN to PENCOM’s account, which they code-named “Transit Account” as the amount received from CBN never tallied with the amount claimed to have been disbursed to Pension Administrators.


Meanwhile in another development, reports exclusively obtained by LeadingReporters revealed that the N9trn so-called pension net value may be a hoax after all, as the amount available in Pencom’s account is a far cry from the amount being brandished. Many stakeholders are expressing concern that Nigeria pensioners may wake up one day only to discover that their pension have plunged irrecoverably.

One of the groups calling for investigation into the said claim is the Nigeria Employers Consultative Association NECA. NECA in their submission to a previous probe panel has raised alarm that the acclaimed N9trn net worth of PENCOM may be far from what obtains. The group further expressed fears that even if PENCOM’s net worth are the amount claimed, it is not safe in the hands of the current Aisha Umar-led PENCOM, a regime that have operated without Board members for years.

One of the many behind-the-scene activities of PENCOM is the illegal account which it operates with Access Bank United Kingdom. The said account, according to this media platform’s investigation is believed to be a conduit and one of the many phony accounts of PENCOM through which illegal diversion of funds is perpetrated.

According to the investigation carried out by LeadingReporters, the account was ordered to be closed in 2013 through a Presidential Directive, after it was confirmed that Access Bank UK has become a conduit through which PENCOM fund is fleeced. But the account, which PENCOM claimed is not linked to them has been found to be very much active with financial activities occurring in the account currently.

Worse is the fact that all remittances and financial activities in the PENCOM Access Bank UK account are not linked to the Single Treasury Account, TSA.

https://www.leadingreporters.com/investigation/uncovered-how-access-bank-uses-its-uk-account-to-aid-pencoms-fraudulent-activities-over-n1trn-may-be-missing-from-pencom-account/

Don't worry. We are fighting corruption! Account disabled in 2013 and now operational post-2015. Who says lies does not pay?