Audit observed that, severance packages in the sum of N46,400,025.01 {N41,241,520.00 and N5,158,505.00) were paid to two staff of the commission. These were carried out on payment vouchers No. PMV1009259 and PMV1009047 respectively outside the approved contributory pension scheme as set out in the Pension Reform Act. This infraction was due to the failure of the Commissioner of Insurance to strictly comply with the provision of extant laws in this case, the Pension Reform Act on the treatment of exit package for all Federal Government employees.
The Commissioner for Insurance is required to recover the sum of N46,400,025.01 being additional exit benefit granted to two retired officials of the Commission and remit same to the CRF. The evidence of remittance should be forwarded to the Public Accounts Committee of the National assembly
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