TRACKNEWS ONLINE | INVESTIGATIVE DESK
The Pension Transitional Arrangement Directorate (PTAD), under the leadership of its Executive Secretary, Tolulope Abiodun Odunaiya, is facing scrutiny following revelations of questionable public expenditures running into hundreds of millions of naira during the 2025 financial year.
An investigation by NGProbe has raised serious questions about payments allegedly made to companies that could not be verified on the Corporate Affairs Commission (CAC) register, alongside substantial spending on publicity-related projects and estacode allowances.
The investigation examined PTAD’s expenditure during 2025, identified as Odunaiya’s first full year as Executive Secretary.
₦55 MILLION PAYMENT TO UNREGISTERED COMPANY
According to the investigation, PTAD paid ₦55,027,598.90 to a company reportedly not found on the Corporate Affairs Commission’s register.
The inability to establish the company’s registration status raises questions about the identity of the beneficiary, the procurement process that led to the payment and the documentation supporting the transaction.
The development also raises concerns about the due diligence conducted by the agency before releasing public funds to contractors and service providers.
₦15.7 MILLION FOR LEADERSHIP DOCUMENTARY
The investigation further alleged that PTAD paid ₦15,739,534.89 to another company described as a ghost firm for the production of a documentary celebrating the achievements and activities of the agency’s current leadership.
The documentary reportedly focused on what was described as the inception of the current leadership.
The payment has raised questions about the identity and corporate status of the beneficiary, the actual production work delivered and the justification for committing such an amount of public funds to the project.
ANOTHER ₦15.5 MILLION PAYMENT
In another transaction highlighted by the investigation, PTAD reportedly paid ₦15,523,255.82 to a company that was only four months old.
The circumstances surrounding the engagement, the company’s capacity to execute the contract and the procurement process leading to the payment require further clarification.
The transaction raises broader questions about how contractors were selected and whether the agency adequately assessed their experience and operational capacity before awarding contracts.
₦96.39 MILLION ESTACODE SPENDING ON NEW YEAR’S EVE
Perhaps one of the most striking revelations concerns an alleged ₦96.39 million estacode expenditure recorded on December 31, 2025, the final day of the financial year.
The timing and scale of the reported expenditure raise questions about the trips involved, the identities of the beneficiaries, the official purposes of the travels and the supporting approvals.
Estacode payments are intended to cover approved expenses associated with official international assignments. Consequently, transparency regarding the beneficiaries and purposes of such payments is essential.
QUESTIONS FOR PTAD LEADERSHIP
The revelations have placed the agency’s financial management and procurement practices under scrutiny.
Among the issues requiring clarification are the identities and registration status of the companies that allegedly received the payments, the contracts executed, the services delivered and the officials who approved the transactions.
The circumstances surrounding the ₦96.39 million estacode expenditure also require detailed explanations.
PTAD is responsible for administering pension benefits under the Defined Benefit Scheme for eligible pensioners of defunct or privatised federal government agencies and institutions.
Given the sensitive nature of its mandate, transparency and accountability in the management of public resources remain critical.
As of the time of filing this report, the allegations presented in the NGProbe investigation require responses from PTAD and its leadership.
TRACKNEWS ONLINE will continue to follow the money and seek answers on the reported expenditures.
TRACKNEWS ONLINE
Investigative Desk | Reporting the Facts. Upholding Accountability.
