REVEALED! How Olejeme Plundered NSITF to Fund Delta Governorship Ambition
The Chairman of the Boards of the long-suffering the Nigeria Social Insurance Trust Fund (NSITF) and Pension Trust Fund and board member of Subsidy Re-investment programme (SURE-P) Mrs Ngozi Olejeme was a big player in the Delta State governorship race. As a governorship aspirant on the platform of the People’s Democratic Party (PDP), she was by far the biggest spender of the legion of aspirants to the extent that if the amount of money spent in an election campaign could win elections, Olejeme would have been the current Delta State governor-elect.
In her governorship pursuit, Mrs Olejeme was on a spending spree. She declared her interest to run for governorship before the State party with whopping sum of N20million cash, gave N50 million to the State PDP chairman and donated N3million cash to each of the 25 Local Governments in the State, which amounts to a mouth-watering N75million.
Also, she took over any advertising space in the length and breadth of Delta State with her campaign billboards, purchased 60 brand new Prado jeeps for traditional rulers in Delta State, and lavished princely sum of money to woo various groups and associations. This woman is heavily loaded and she was flaunting the cash with criminal impunity.
Political analysts put the estimate of Olejeme’s spending in the Governorship primary elections at over N2billion. And they said that for just the primaries the amount was not only record-breaking in the history of governorship elections anywhere in Nigeria, it was out rightly insane. Despite such an over-the-board spending she did not even make it beyond primaries, losing the primaries with a paltry 11 votes.
Executive Recklessness & Mismanagement
But where did all that money come from? For her carefree and unrestraint spending, insinuations were rife then that the Asaba-born Olejeme was in the governorship race with the full backing of President Goodluck Jonathan, and was drawing from financial ocean of the presidency to fund her campaign.
But an investigation by Xclusive Magazine revealed that the humongous sum put into her campaign did not in any way come from the presidency. A highly placed source in the NSITF told us that Mrs Olejeme was simply plundering the NSITF and Pension Trust Funds to fund her ostentatious gubernatorial campaign.
For those who may not be aware, over N50 billion worth of pension assets is in the custody of Trust fund. This money is raised through the contributions of hard-working Nigerians. Every Nigerian worker is required to pay a stipulated amount into NSITF on a monthly basis, being contributions “against the contingencies of retirement, pension, death, invalidity and emigration” and “against the contingency of employment injury.” Simply put, Nigerian workers are saving into a Trust Fund for the rainy day.
Another means through which NSITF swells it’s bulging purse is the collection of N1,000 each from hopeless job seekers across the Federation every year. Regrettably, under the watch of Olejeme, this recruitment drive has become a massive official scam perpetrated by her to fleece desperate and unwary job seekers to line her pocket. This is because these applicants, after being subjected to the rigours of aptitude tests, interviews and screening exercise, are eventually not employed as the advertised positions are already filled by cronies and relatives of Board members and their influential friends. This has made many angry and discontented Nigerians to consistently call for the investigation of the NSITF recruitment process. It is estimated that almost N100million is realised each year from this fraudulent NSITF recruitment drive.
The contributions from Nigerian workers and money realised from sham recruitment process amount to over N50 billion in the almost 6 years Olejeme has been in charge. And her Management Board is responsible for the administration of this over N50billion, as the Act establishing the Board provides that the money “may be invested from time to time in such proportions as the Board may approve, having regard to contingencies.”
The investment of these funds is equally frost with dubious irregularities. A source within the NSITF revealed to Xclusive Magazine that Olejeme used substantial amount of the all of the N50 billion not only to fund her campaign for the 2015 Delta State Gubernatorial run, but also for personal investment into properties, leaving the NSITF administration in comatose, managing to stay alive on a life-support machine.
The insider source revealed that Olejeme is overbearing and autocratic, and that it was by executive fiat she compelled the board to appoint over 200 consultancy firms, most of them are bogus companies owned by her, specifically registered to be used as conduits (to squirrel away) for siphoning off 10 percent of all money paid to the Trust Fund.
Xclusive Magazine gathered on credible authoritative that it is not only her bogus consultancy firms that are affiliated to NSITF and TRUST FUND, many of buildings housing the NSITF and TRUST FUND offices in different States across the country are owned by her.
Olejeme, who claims to live in a rented apartment at 25 Rovuma Street, Off Limpopo Street, Maitama Abuja, actually owns a property worth billions of naira at 25 Kamji Crescent, Off Lake Chad Crescent, Maitama Abuja. Some of the most expensive houses in Asaba are owned by her, and her residential mansion in Asaba opposite Nelrose hotel is worth over N500million.
Her sprawling compounds in Abuja and Asaba accommodate the latest expensive cars and jeeps, some of them are bullet-proof. We gathered that Olejeme’s main agent for the acquisition of land and houses in different states of the Federation is one Mr. Orlando Njokama, who is based in Asaba.
Olejeme equally have properties abroad, in Canada, UK, America and South Africa. A property unit in Kagini Branch of NSITF called PROPERTY & INVESTMENT UNIT, headed by one Mr. chuka (former first bank staff), is the conduit used to acquire those choice properties abroad. We understand Chuka is also a signatory to NSITF account.
Olejeme’s mismanagement of NSIFT hacks back to her criminal past as a board member of Ajaokuta Steel Company during Obasanjo’s regime. Two years ago, she was caught in money laundering act that led to her paying several visits to the EFCC office.
Many would be wondering how one individual could dip her hand in and out of the NSIFT’s till while other Board members watched without batting eyelids or raising an alarm…
….to be continued on Thursday, 21 May 2015.
*Additional information from Peter Anny-Nzekwue, and other media sources.
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