The Acting Director General of the Pension Transitional Arrangement Directorate (PTAD), Nellie Mayshak, has been placed on indefinite suspension following an alleged running into billions of naira discovered at her office.

The acting DG, who is a director from the office of accountant-general of federation will remain on suspension while investigation goes on.

Already, security agents have swooped on the office to carry out investigation after a damning audit report.

It was gathered that the recently introduced biometric registration by banks exposed a lot of questionable dealings in the directorate.

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.

The DG, according to TheCable is on a monthly salary of N60 million – thought to be the highest for any government official in the federation, though it added that it could not be independently confirmed this claim.

Previous investigations by the Economic and Financial Crimes Commission (EFCC) have revealed the ulcered underbelly of pension management in the country.

On November 2, 2015, Abdulrasheed Maina, former chairman of the Pension? Reform Task Team, a committee set up to clean up the pension system, was declared wanted by the anti-graft agency for alleged complicity in the stealing of N2bn pension funds.

He was said to have connived with Stephen Oronsaye, former head of the federal civil service, who is now facing trial at the federal high court, Abuja, for the alleged offence.?

Also, on March 8, one Mohammed Ahmed Katun, a former assistant director, Pension Account, office of the head of service of the federation,was arraigned on a 12-count amended charge bordering on diversion of pension funds to tune of N81.4m before Justice Ahmed Mohammed of federal high court, Abuja?.