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Published On: Mon, Apr 7th, 2014

Panel indicts NRC staff over N1bn fraud

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NRCBy Usman Shu’aibu, with agency report

Eleven officers in the finance, legal and audit departments of the Nigerian Railway Corporation (NRC) have been indicted over a billion naira missing pension fund.

This was disclosed to the News Agency of Nigeria (NAN) at the weekend in Lagos by a source, who spoke on condition of anonymity.

“A total sum of over one billion naira has been discovered missing from the NRC Pension Fund over a period of three years. A number of staff and other top management personnel of the corporation have already been indicted by NRC management over the missing fund’’, the source said.

The source said that the revelation came to light after an internal investigation conducted by the management of the corporation on the pension fund.

“It was discovered that through acts of fraud, financial recklessness, miss-appropriation and conspiracy, the said sum was diverted by some officials of the corporation.

“Investigations revealed that the management instituted an internal enquiry into the management of the corporation’s pension fund during which these shocking discoveries were made,” it said.

The source said that the management of NRC had forwarded its report to the new Chairman of the Board, Alhaji Bamanga Tukur.

The source said that the names of the suspected culprits and recommendations on how to recover the missing fund from the culprits were part of the report.

As at the time of filing this report, it was discovered that the management of the Railway Corporation headed by the Managing Director, Engineer Adeseyi Sijuwade has forwarded the report of the enquiry to the new chairman of the Board, Alhaji (Dr.) Bamanga Tukur. Inside sources at the Corporation’s Head Office also hinted that part of the report contained the names of the suspected culprits and recommendations on how to recover the missing fund.

According to our source, the board chairman has taken possession of the report and would soon summon an emergency board meeting to discuss the matter.

It was also discovered that the exercise that yielded the positive results was among the exercises embarked upon by the management and the new board of the corporation to sanitize and improve the financial base and management of the corporation.

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