EFCC arrests 17 over N1.7b Oyo pension scam

The Economic and Financial Crimes Commission has arrested a syndicate of fraudsters implicated in the stealing of N1.7 billion pension funds meant for retirees of Oyo State primary schools.
The alleged 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 government areas in Oyo State were affected by the scam.
The Pension Board reportedly received N4,140,020,501.72 from both the Federation Account and the Oyo State Government between September 2010 and February 2011.
Out of this amount, cash withdrawal of N1.711, 894, 667.05 was allegedly fraudulently made by the suspects.
Items recovered from the suspects included buildings, poultry farms, power generating sets and undeveloped plots of land
The suspects will be charged to court as soon as investigations are concluded.