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Published On: Tue, Jan 22nd, 2019

Reps summons PenCom DG over unwholesome practices in pension administration

Mrs. Aisha Dahir-Umar, AG D-G, Pencom

The House of Representatives Ad-hoc Committee investigating the Apex pension body, PenCom, has invited top management staff of the commission and 21 Pension Funds Administrators, (PFAs) to appear before it on Thursday.

The committee, set up by the House in Dec. 2018, is expected to investigate the unwholesome practices by pension administrators and custodians.

In a letter obtained by the News Agency of Nigeria (NAN) on Tuesday, and dated Jan. 21, the committee invited the acting Director General Aisha Dahir-Umar, and other top management staff to explain their roles so far.

Also invited were the pension administrators and custodians mandated with the management of pension funds.

In the letter signed by the adhoc committee Chairman, Rep. Johnson Agbonayinma, (APC-Edo), the stakeholders are expected to furnish the committee with vital information on the allegations leveled against the fund managers.

The committee, among other requests, demanded for the net assets of the contributory funds, details of supervisors and regulations of pension funds administrators; as well as their key instructions and performances.

Other requests demanded were compliance and defaults, details of payment into the Treasury Single Account (TSA) and bank accounts operated by the commission.

When contacted by journalists, Agbonayinma confirmed the invitation of PenCom by the committee.

He said: “Yes, we have invited the top management of PenCom and PFAs to an interactive session before the investigative public hearing.

“The 21 recognised pension fund administrators are expected to be part of the session with members of our committee.” (NAN)

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