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Published On: Thu, May 24th, 2018

Reps probe Pension Commission over alleged financial mismanagement

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By Christiana Ekpa and Umar Muhammad Puma

The House of Representatives yesterday moved in favour of a motion seeking to investigate the alleged Violation of provisions of the Public Procurement Act and Financial Mismanagement by the National Pension Commission.
This was sequel to a motion sponsored by Hon. Zakariya’u Galadima Yobe State who expressed worry that PENCOM investment power in the recent past has been subjected to gross abuse without compliance with the provisions of public procurement act of two thousand and seven.
Galadima stressed that like other government agencies, PENCOM is required to utilize its funds prudent and efficiently and to make all payment into the Treasury Single Account or designated accounts maintained in the Central Bank of Nigeria, except otherwise expressly approved.
“Disturbed that PENCOM, under the guise of investing its fund, deposited about one billion naria into Aso Saving Plc, Abuja, at a ridiculously low interest rate and further directed Aso Saving to lend the money to MGSL Mortgage Bank Limited, Abuja where a senior member of the management has interest.”
He is concerned that if these alleged reckless spending, misappropriation of funds and lack of adherence to due process are not addressed, the Commission at proceed with similar abuses in future that will certainly put the interest of Pensioners and the industry as whole in jeopardy.
“Worried that the PENCOM in power in the recent past has been subjected to gross abuse without compliance with the provisions of the public procurement Act, 2007 by it Management Galadima expressed worried that recently the commission in awarding contracts and sundry service did not recourse to due process as evident in areas of transaction;
“ Unilaterally engaging a consultant Mr. Olufemi Adeagbo, the Management Director, Comnavig who is being paid the sum N2,3000,000.00 monthly for the past two years “Employment of IT consultant, one Mrs Olayemi Keri, who is being paid the sum of N3, 000,000.00 monthly plus other allowances, a car and a driver attached which privileged are not being enjoyed by the General Management in the Commission; hosted World Pension Summit in the years 2014, 2015 and 2016 respectively where it was alleged that over two Billion naira was spent”
The House in its resolution mandated its Committees on Public Procurement and Pensions to investigate the allegations and report back within six weeks for further legislative action.

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