Trustfund denies N54bn fraud story – Daily Trust
November 4, 2009 by Bunmi Awolusi
Trustfund Plc, a Pension Fund Administrator (PFA) has denied allegations that N54 billion accumulated pension’s assets transferable to the company by the Nigeria Social Insurance Trust Fund (NSITF) was misappropriated.
Acting Chief Executive Officer (CEO) of Trustfund Plc Bernard Ekwe said during a courtesy visit to Media Trust head office yesterday that so far N48 billion worth of assets have been received and are in the custody of the company’s pension custodians.
He said the Management of Trustfund and National Pension Commission (NPC) have raised concerns over impropriety in the asset transfer process by the NSITF, which include non-remittance of interest accrued on N1.6 billion realised from the sale of pension assets, the deduction of N373million from the proceeds, and also refusal to remit N43.6 million and N123million collected from the Bureau of Public Enterprises (BPE) and United Bank for Africa Plc.
