The Economic and Financial Crime Commission (EFCC) has explained how former the Deputy Chairman, Finance Committee of the Goodluck Jonathan Campaign Organisation in the 2015 presidential election, Dr. Ngozi Olojeme, and others defrauded the Nigeria Social Insurance Trust Fund (NSITF) of $48m (N68bn).
Mrs. Olojeme was in charge of the Fund between 2009 and 2015.
Explaining how the alleged scam took place, the source said Olojeme and other senior officials diverted funds from the NSITF under the pretext that the funds were meant for contractors.
A detective at the commission said, “It was nothing but contract fraud. Some directors at the NSITF set up companies and used those companies to secure contracts from the agency. Then money wis paid into the bank accounts of these companies as part of the terms of the contracts.
“However, once the money is paid, they go to withdraw it and take it to bureau de change operators to convert them to dollars. The money is then taken back to the NSITF where they share the dollars.”
The NSITF is a social insurance scheme designed to provide compensation to employees who suffer from occupational accidents or diseases in the line of duty. The organisation is funded by deducting 1 per cent from all government and private sector employees enrolled in the scheme.
However, according to documents made available to The PUNCH, Olojeme and some directors in the company allegedly diverted billions of naira including funds meant for the payment of allowances of its staff as well as compensation of contributors.
The EFCC has since arraigned five former senior officials of the NSITF, including the former Managing Director, Umar Abubakar.
Olojeme, who was also the convener of the Subsidy Reinvestment and Empowerment Programme sub-committee on Public Works and Road Rehabilitation, has, however, not yet been arraigned but is currently on administrative bail.
The former NSITF boss had, however, denied the allegations levelled against her.
In a statement signed by her aide, Stanley Imoko, the former NSITF boss said senior officials of the agency were the ones who stole money but decided to tell lies against her because she was not in the country when investigations into the matter began.