Daily Independent (Lagos)
Otei Oham And Festus Owete
24 November 2008
Abuja — House of Representatives Committee on Pensions at the weekend said it was summoning managements of the both Central Bank of Nigeria (CBN) and National Pension Commission (PenCom) to give account of the legacy fund they have been possessing since the beginning of the new pension scheme in 2004.
The fund is the interest accruable from the deposited fund that runs to several billions of naira and domiciled initially with CBN by PenCom before the licensed pension fund administrators (PFAs) came on stream.
The committee learnt that the huge interests that accrued from the deposit of the contributory pension fund domiciled with CBN is yet to be accounted for and remitted to PFAs.
The money was deposited into the coffer of the CBN by the pension regulatory body, PenCom, before the approval of the PFAs and other licensed operators, Chairman of the House committee, Babatunde Adewusi, said.
Adewusi decried the development during an interactive session with 25 pension operators under the aegis of pension operators (PENCOPS), saying that no stone will be left unturned in ensuring that the funds are accounted for.
He expressed concern over the delay in the processing of pensioners' entitlements as well as verification of accounts and other inadequacies in the pension administration in the country.
It would be recalled that the Pension Reform Act 2004 was signed into law on June 25, 2004.
It provides for PenCom as a regulatory body to enact the framework and guidelines for efficient management of pension funds in Nigeria.
Be the first to Write a Comment!
Copyright © 2008 Daily Independent. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
