The House of Representatives on Thursday commenced an investigation into the alleged misappropriation of over N30 billion pension fund being administered by the Pension Transitional Arrangement Department (PTAD) between 2014 and 2016 respectively. To this end, the Committee resolved to set up various Ad-hoc Committees that will verify the submissions of PTAD and make appropriate recommendations. To this end, the Committee demanded the records showing the payment of the balance of N100 million. He noted that another bank paid interest of over N300 million on the investment made by PEF, likewise, another bank made reasonable explanations on the similar investment made by the agency. According to the report, its creditors were the United States and Canada, which Britain transferred £43 million and £12 million respectively.

Source: Nigerian Tribune August 06, 2020 22:18 UTC