Reps c’ttee summons CBN, PENCOM, others over N33bn pension fund

…As retirees blame PENCOM for their woes

Henry Omunu, Abuja

The House of Representatives ad hoc committee investigating the activities of the Pension Commission (PENCOM) has summoned the Central Bank of Nigeria (CBN), PENCOM, the accountant-general of the federation among others to shed light over alleged missing N33 billion pension fund released by the apex bank to the Pension Commission (PENCOM).

Even though stakeholders informed the ad hoc House committee that the N33 billion was not missing, Chairman of the committee, Rep. Ehiozuwa Johnson Agbonnayinma, however, summoned the apex bank, the accountant-general of the federation and the director general of the Pension Commission to interface with the committee about the alleged missing money.

This development is however coming against the backdrop of complaints and indictment of the PENCOM by angry retirees.

Testifying before the ad hoc committee on Thursday, the Nigeria Union of Contributory Pensioners (NUCP) fingered PENCOM as the major obstacle in the smooth operation of the pension scheme.

Chief Aigbokhaleode Asimiafele, an executive officer of the union and Pastor Adesina Akinsola- Moranto, admitted that the regulatory body was their major problem.

They expressed worry that as the regulatory body of the contributory pension scheme, PENCOM violated the provisions of the law instead of regulating the activities of pension fund administrators for the optimum benefits of retirees.

Rep. Agbonayinma after listening to all stakeholders summoned the three critical stakeholders to appear before the committee Tuesday next week.

He said the invitation of the trio had become necessary in order for the three important agencies to sit with the panel members and do detailed due diligence on the whereabouts of the said missing amount.

“From January to April 2017, we want to know what happened between CBN, the AGF’s office and PENCOM,” he said.

According to him, the panel was not out to witchhunt anybody, but working in the service of the country and Nigeria’s senior citizens.

However, expatiating further on the union’s submission, the retirees requested that the five- year periodic review of pension payment as enshrined in the constitution be implemented, with the lump sum and pension benefits paid to all contributors not later than 30 days after retirement, or allow retiring officers to continue to receive salaries until all entitlements are paid.

They warned that henceforth, rather than use age limit respectively for male and female retirees as terminal point of all contributory pension scheme for withdrawals and annuity, death should be the terminal point for such payment to all retirees whether programmed or annuity.

The union also warned PENCOM to stay clear of union activities among other demands they presented to the House committee for action.