The Centre for Public Accountability (CPA), has urged President Muhammadu
\nBuhari, to order an immediate investigation into alleged sundry fraudulent
\npractices in the National Pensions Commission, (PENCOM).<\/p>\n
The group specifically alleged that about N42billion collected by PENCOM
\nin 2012 cannot be accounted for by the Director General, Mrs. Chinelo
\nAnohu-Amazu.<\/p>\n
In a petition addressed to the president and signed by the Executive
\nDirector of the Centre, Comrade Olufemi Lawson, CPA said the petition is
\nintended to bring to the attention of the president the long list of
\ninfractions, mismanagement and maladministration that is ongoing at the
\ncommission under the leadership of Mrs. Chinelo Anohu-Amazu.<\/p>\n
A copy of CPA’s petition which was made available to newsmen, read: “Mr.
\nPresident, as you may be aware, the Pension Reform Act was enacted in 2004
\nfor sustainable management of retirement benefits of citizens who worked
\nwithin the public or private sectors of the federation. As at today, the
\naccumulated pension assets stand at about N5.4 trillion. From that period
\nto date, we want to assert that the commission has never been in the worst
\nstate than it is today.<\/p>\n
“We affirm that the commission is bedeviled with multiple infractions,
\nviolations of the law and widespread corruption that warrant immediate and
\nurgent attention of Mr. President.”<\/p>\n
Raising its first issue on the annual collection, the Centre alleged that
\nthe Commission is mismanaging the 0.3 per cent annual fees on pension
\nassets, thereby calling for a thorough investigation into it.<\/p>\n
“The commission collects annually, 0.3 per cent on the total pension
\nassets which presently stands at N5.4 trillion. Annually the commission
\ncollects about N15billion as fees which it spends without any
\naccountability.<\/p>\n
“We challenge the commission to publish how it has expended that annual
\nfund which is regarded as slush fund by insiders. As at December 2015, the
\ncurrent Director General of PENCOM has collected N42 billion which she
\ncannot account for till date.<\/p>\n
“We specifically call on the President to order an immediate investigation
\ninto how the N42 billion fees collected by the commission was expended
\nfrom 2012 to date.<\/p>\n
Similarly, the Center alleged that the Commission’s DG is involved in
\nillegal application of regulatory powers, stating that there are obvious
\ncases of harassment and selfish tendencies in the leadership of the
\ncommission.<\/p>\n
“In addition to not implementing statutory provision as above, records
\nshowed that the commission under the current Director General has deployed
\nregulatory powers of the commission for selfish, illegal and family usage.
\nPension administrators and custodians are harassed and subjected to unholy
\nsurcharges including share takeover among others.<\/p>\n
Currently, the families of commission Director Generals are the owners of
\nPremium Pension. May we also inform you, that the commission also took
\nover First Guarantee Pension under flimsy excuses and has refused to obey
\ncourt orders directing a return of the firm to the owners. For more than
\nfive years, the commission held on to the firm and is scheming to sell it
\nto interest known to be close to its Director General.”<\/p>\n
While describing the annual World Pension being hosted by PENCOM as a
\nwasteful expenditure, the Centre said the country is set to waste almost a
\nmillion naira for a jamboree like event at a time the country is in
\nrecession.<\/p>\n
“Annually, the commission plays host to the World Pension Summit, a body
\nowned by two brothers from the United States. The commission forced
\npension administrators and custodians to pay participation fees while the
\ncommission itself spends almost a billion naira annually to host the
\nannual event. The 2016 edition of that event is scheduled to hold by
\nSeptember 27 to 28\u00a0\u00a0 in Transcorp Hilton Abuja.<\/p>\n
“In this era of recession, this is not just wasteful but corruption laden
\nand out of tune with the spirit of the era. We call on President Muhammadu
\nBuhari to direct the Director General to stop the summit forthwith as
\nNigeria and pensioners can ill afford such wasteful and extravagant event
\nmeant to enrich a family alleged to be working on behalf of the commission
\nmanagement.”<\/p>\n
CPA also highlighted the non-implementation of transfer window by the
\nCommission, stating that, “Nigerians deserve to know why depositors are
\nnot allowed to migrate if they so wish. We want to know why billions are
\nspent without such migration being realized.”<\/p>\n
Urging the president to urgently beam a searchlight on the activities of
\nthe commission, the CPA said, “that sector needs urgent clean up if the
\nworld, pensioners and workers are to take the administration seriously.<\/p>\n
Among other requests to the president, the Center said, “We also call for
\nan immediate investigation into the activities of PENCOM, under its
\npresent leadership, by the Economic and Financial Crimes Commission, EFCC
\nand the Independent Corruption Practices and other related offences
\nrelated Commission, ICPC.”<\/p>\n","protected":false},"excerpt":{"rendered":"
The Centre for Public Accountability (CPA), has urged President Muhammadu Buhari, to order an immediate investigation into alleged sundry fraudulent practices in the National Pensions Commission, (PENCOM). The group specifically…<\/p>\n","protected":false},"author":1,"featured_media":50147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-53107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n