An alleged scam running into billions of naira has been discovered at the Pension Transitional Arrangement Directorate (PTAD) of the federal ministry of finance.
The details of the alleged scam are still sketchy, but the director-general, Nellie Mayshak, has been placed on indefinite suspension while investigation goes on.
Security agents have already swooped on the office to carry out investigation.
TheCable learnt that the recently introduced biometric registration by banks exposed a lot of shady dealings in the directorate.
PTAD was established in August 2013 under the Pension Reform Act (PRA) of 2004 to oversee the management of pensions under the defined benefit scheme for pensioners not transiting to the defined contributory scheme.
TheCable also understands that Mayshak was on a monthly salary of N60 million – thought to be the highest for any government official in the federation.