10 April 2012

Nigeria: Senate Report On Pension Probe Ready Next Week

The Senate Joint Committee on Public Service and Establishment and State and Local Government Administration says its report on the investigation into the alleged mismanagement of pension funds is likely to be ready next week.

The chairman of the committee, Senator Aloysius Akpan Etok, who spoke to our correspondent on phone yesterday, said the investigation would be concluded next Tuesday immediately after which the report would be submitted to the Senate.

According to him, the probe is taking so long because the committee wants to unearth all circumstances leading to the plight of pensioners in the country.

"The Senate is worried that pensioners, having served the nation meritoriously, are subjected to suffering. The most worrisome thing is that these old men and women are being deprived of their entitlements by those saddled with the responsibility of managing the pension funds.

Our committee is determined to get to the root of the matter. It has been discovered that some individuals looted these funds. So, the hearing cannot be hurriedly concluded," he said.

"We have recently summoned some banks that earlier shunned our invitation. They need to come and explain their level of involvement in the administration of pension funds," he added.

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