17 Oyo State Pension Board Members Arrested For Stealing N1.7 Billion Retired Teachers’ Salary

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August 28, 2013 – Oyo Retired Teachers Pension Scam: 17 Board Members Arrested By EFCC For Stealing N1.7 Billion

Oyo State Pension Board Members Arrested For Stealing N1.7 Billion From Retired Teachers’ Salary In Ibadan

The Economic and Financial Crimes Commission, EFCC, has arrested a syndicate of fraudsters implicated in the stealing of N1.7billion pension funds meant for retirees of Oyo State Primary Schools. The fraudsters, numbering 17, were arrested separately by operatives of the Commission.

Principal suspects involved in the scam are: Muili Hakeem Aderemi- former Executive Secretary, Oyo State Local Government Pension Board and Iyabo Giwa- former Treasurer, Oyo State Local Government Pension Board. Others are Adeshina Jimoh Ayoade- former Cashier, Oyo State Local Government Pension Board; Oguntayo Banji- former Internal Auditor, Oyo State Local Government Pension Board and Adebiyi Olasunbo Musendiq- former Admin Officer, Oyo State Local Government Pension Board.

The rest are: Muili Adedamola; Salewa Adedeji; Kareem Rasheed; Johnson Bosede; Adeduntan Johnson; Olomide Olaide; Oyebamiji Akinlolu; Adewale Kehinde; Saka. M. Ikeola; Oluokun Funmilayo; Oyetunji Taiwo and Olujimi Philip Adebayo.

Investigations by the EFCC showed that all the pension offices in the 33 Local Governments in Oyo state were affected by the scam. The Pension Board reportedly received a total sum of N4,140,020,501.72( Four Billion, One Hundred and Forty Million, Twenty Thousand, Five Hundred and One naira, Seventy Two kobo only) from both the Federation account and the Oyo State Government between September 2010 and February 2011.

Out of this amount, a total cash withdrawal of N1.711, 894, 667.05( One Billion, Seven Hundred and Eleven Million, Eight Hundred and Ninety Four Thousand, Six Hundred and Sixty Seven Hundred naira and five kobo only) was fraudulently made by the suspects. Items recovered from the suspects include buildings; poultry farms; power generating sets and undeveloped plots of land

The suspects will be charged to court as soon as investigations are concluded.

Wilson Uwujaren
Ag. Head, Media & Publicity
27th August, 2013

[Official Press Release by EFCC]

8 thoughts on “17 Oyo State Pension Board Members Arrested For Stealing N1.7 Billion Retired Teachers’ Salary

  1. The big fish will always try to eat the small fish. Biafra the only way foward cos Nigeria is dead and buried. LONG LIVE BIAFRA!!!!!

  2. The sweat of retirees shall not go in vain. How can one denied those who have served their father land meritoriously their entitlements and you are taken what is not your and think that you will enjoy it. God forbide bad things. I hope you will languish a little to have a taste of sufferness. Do you or your children hope to retire one day?

  3. God where are we going in this country?
    even women, and we keep blaming Mr President all the time. See how innocent they look yet dirty and devilish in their hearts. Shameless fools. But my pple, ll anything come out of this? Ll they be convicted. EFCC over to U.

  4. 99 days for the thief,but only one day for the owner, what a shame! This is wickedness in the highest order,

  5. People who faithfully served the country are suffering while those who are destroying the country are enjoying the wealth of the country.
    Is it good to be good or is it good to be bad?

  6. There is too much thieving in the land. And the law, which they call an ass, in this clime is obviously not adequate enough to contain the situation.
    Until we have a situation where the law would be applied uniformly we shall continue to have brazen thievery,

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