The eight-man committee headed by a former Auditor-General of the Federation, Mr. Joseph Ajiboye, which is investigating the operation of the Power Holding Company of Nigeria (PHCN) pension scheme will submit its report next week, THISDAY has learnt.

The committee has the Managing Director of the Nigeria Electricity Liability Management Company (NELMCO) Dr. Sam Agbogun, as its secretary with members drawn from the Auditor-General of the Federation's office, Office of the Head of Service of the Federation, National Pension Scheme as well as the ministries of works, labour and power.

Electricity workers under the aegis of the National Union of Electricity Employees (NUEE) had alleged that N300billion had accumulated in their pension fund from the contribution of their 25 per cent salary over the years.

But the ministry of power said only about N3billion was found in the fund, adding that from the reports available, "it is either the PHCN staff did not contribute 25per cent of their salary or that some unscrupulous officials made away with over N300billion which was over the years deducted from their pay".

The Ajiboye Committee was inaugurated on July 18, 2012 to investigate the operation of the PHCN pension scheme and unravel all alleged fraudulent deals within one month.

Though the one month duration given to the committee to wind up its assignment expired at the weekend, a source close to the panel told THISDAY that the committee still has over one week to conclude its assignment.

According to him, the one month duration given to the committee excludes non-working days.

"The committee actually has one month to complete its work but this does not include public holidays and Saturdays and Sundays. It is actually 30 working days. So, the panel still has up to the end of this month, which is about two weeks," he said.

The committee was mandated to conduct an investigation on the status of pension in the power sector in relation to the Pension Act.

It is also expected to review the pension matters in the Agary Committee's report and identify officers involved in any act of misconduct in the management of PHCN pension.

THISDAY reported that indications had emerged that the missing Superannuation Fund of PHCN, formerly National Electric Power Authority (NEPA), might have been diverted to NEPA Superannuation Fund Limited, an apparently illegal entity.