Okey Onwuchekwa
6 November 2009
MANAGING Director of Trustfund Plc, Mr. Bernard Ekwe has reassured stakeholders and depositors that there was no cause for alarm over their money with the company.
"No kobo is missing in the Trustfund plc, "he said.
Speaking to newsmen in Lagos, Mr. Ekwe said there was no truth in the allegation being peddled that N54bn pension assets transferred to Trustfund by the Nigeria Social Insurance Trustfund (NSITF) has been embezzled.
Describing the allegation as a figment of enemy's 'imagination, Mr. Ekwe contended that the checks and balances in TrustFund would not allow such alleged fraud.
He clarified that only N48 billion of the N54 billion accruable to Trustfund had been released, wondering how the agency can steal what it did not receive.
Mr. Ekwe said the NSITF refused to release interest accruable from proceeds of other pension assets in its custody for two years.
He said it was unfortunate that despite a series of letters to the management of NSITF, it refused to release the interest meant for Trustfund, noting that National Pension Commission (PENCOM) entreaties to NSITF to release the vexed interest income were also not heeded.
Mr. Ekwe maintained that the new pension scheme has come to stay that detractors would not shuttle it.
Fuming with anger over the report (not Daily Champion) Ekwe said "The way the new pension scheme is structured and regulated, it is impossible (to embezzle such fund). So, we can say without any fear of contradiction, there is no truth in the false publication."
Giving insight on the matter, Mr. Ekwe said There was a sale of pension property by the NISIFT and the amount realized was about N1.6 billion. These funds remained in the custody of the NSITF even when they are neither a Pension Fund Administrator (PFA) or Pension Fund Custodian (PFC). They have no right to hold onto pension assets. The funds remained with them for over 20 months."
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