The House of Representatives has resolved to investigate the National Pension Commission (PENCOM) over alleged reckless financial management of retirees’ funds and infraction on the public procurement Law. The House has consequently mandated its committee on public procurement and pensions to carry out a comprehensive investigation on alleged monumental fraud ongoing at the commission.
The decision followed the passage of a motion sponsored by Hon. Zakariya Galadima on the “need to investigate the alleged violation of provisions of the public procurement Act and financial mismanagement by the National Pension Commission (PENCOM)” During debate, the legislators faulted the commission over several financial infractions as against the principles and objectives of the provisions of the Pension Reform Act, which required the commission to collect and utilize fees, levies and penalties prudently in accordance with its regulatory and compliance roles. For instance, part of the 2014 Act authorizes PENCOM to invest the retiree funds in order to generate revenue but the lawmakers are worried that such investments powers of the agency have been grossly eroded by financial abuses.
In his lead debate, Galadima faulted the agency over several financial mismanagement while expressing worry that PENCOM engaged in fraudulent practice by investing N1billion into Aso Savings and Loans Plc under its investments portfolio at a ridiculously low interest rates and further directed Aso to lend the money to MGSL Mortgage Bank Limited where a top PENCOM management staff has interest.
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