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Reps panel summons CBN, AGF over N33bn pension fund

Reps panel summons CBN, AGF over N33bn pension fund
April 05
09:02 2019

The house of representatives ad hoc committee investigating alleged irregularities in National Pension Commission (PenCom) has summoned the Central Bank of Nigeria (CBN) and accountant general of the federation (AGF) over the whereabouts of N33 billion pension fund.

The money, which was released by the CBN, is reportedly not listed in the schedule of funds due for release to the pension fund administrators by PenCom.

“This ad hoc Committee invites the Governor of the Central Bank of Nigeria (CBN) and the Accountant-General of the Federation (AGF) to appear before it next week Tuesday to clarify issues surrounding the money claimed to have been remitted by PenCom,” said Ehiozuwa Agbonnayinma, chairman of the committee, on Thursday.

Agbonayinma said the invitation of the three agencies had become necessary in order for them to sit together with the panel members and do detailed due diligence on the said amounts whereabouts.

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

The committee chairman also noted that the panel was not out to witchhunt anybody but is carrying out its duties with due diligence.

The committee, set up by the house in December 2018, is investigating the “unwholesome practices” by pension administrators in the country.

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At the hearing, which held in Abuja, some of the unions and retirees accused PenCom of defaulting in their operations.

The Nigeria Union of Contributory Pensioners (NUCP) fingered the regulatory agency as their “major obstacle” in the smooth running of their operations.

Aigbokhaleode Asimiafele, one of the union officials, also accused PenCom of “violating the provisions of the law instead of regulating its activities for optimum benefits of retirees.”

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