Home News N33bn pension fund: Reps panel summons CBN, AGF
News - April 5, 2019

N33bn pension fund: Reps panel summons CBN, AGF

Osagbemi Anthony

The House of Representatives ad hoc committee investigating alleged irregularities in National Pensions Commission (PenCom) on Thursday, summoned the Central Bank of Nigeria (CBN) and Accountant General of the Federation (AGF) to explain the whereabouts of N33 billion pension funds.

The invitation came, following the realization that funds already released by the CBN, is reportedly not listed in the schedule of funds due for release to the pension fund administrators by PenCom.

The chairman of the committee, Ehiozuwa Agbonnayinma, said: “This ad hoc Committee invites the Governor of the Central Bank of Nigeria (CBN) and the Accountant-General of the Federation (AGF) to appear before it next week Tuesday to clarify issues surrounding the money claimed to have been remitted by PenCom.”

According to Agbonayinma, the invitation of the agencies is a fundamental step to doing detailed due diligence on the said amount’s whereabouts.

Explaining that the panel was not out to witch-hunt anybody but is only carrying out its duties with due diligence, Agbonayinma said: “From January to April 2017, we want to know what happened between CBN, AGF’s office and PENCOM.”

The committee was set up by the house in December 2018, to investigate the “unwholesome practices” by pension administrators in the country.

Some of the pensioners union and retirees had accused PenCom of defaulting in their operations.

The Nigeria Union of Contributory Pensioners (NUCP) described the regulatory agency as its “major obstacle” in progressively having a smooth operation.

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