Investigators are currently probing how billions of naira were stolen by officials of the Pension Transitional Arrangement Directorate (PTAD) of the federal ministry of finance. The report by TheCable says that the unit director-general Nellie Mayshak has been suspended to pave way for investigation. The report claimed Mayshak earned N60m monthly, the highest salary by any public official in Nigeria. Newsbreak.ng learnt that the fraud was exposed through the bio-metric registration initiated by banks, and consequently exposing many shady deals.
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.