Dev. Finance

Lawmakers Summon Pension Administrators Over Alleged Mismanagement

Published

3 years ago

February 26, 2021

The House of Representatives Committee on Pensions has started an investigation into the alleged mismanagement of the multi-billion naira pension funds by Pension Funds Administrators (PFAs).

The Chairman of the committee, Kabir Alhassan Rurum, at a plenary sitting on Thursday, demanded the appearance in person of Chief Executive Officers (CEOs) of AIICO Pension Managers and Fidelity Pension.

The investigation was instigated by petitions writtens by employees against many of the PFAs on the management of the funds deposited by Nigerians in their establishments.

This was after the committee refused to take a presentation from representatives of the two PFAs CEOs.

“Moreover, there are a lot of complaints and counter-complaints against AIICO and Fidelity Pension, and based on that, they were invited.

“Unfortunately, the managing directors or chief executive officers of the two important agencies refused to come.

“Based on that, the committee decided that they appear in person. We are going to give them a date when we are going to mandate the two managing directors to appear,” he added.

AIICO Pension Regional Manager, Temitope Ajegboje, said his MD wanted to appear but had a medical emergency.

A branch head of Fidelity Pension, Oluchi Aneke-Ogala, was also sent as the representative of the MD but the committee rejected that and insisted on the appearance of the MD in person.

A member of the committee, Rep. Chudi Momah, noted that even if the MD wasn’t going to be present, it shouldn’t have been the regional manager that should represent him.

The Chairman of the committee lamented the attitude of CEOs of the PFAs who had sent representatives.

“We can’t be asking MDs and CEOs of organisations like these to tell us what’s happening to tax payers’ money under their care and they will be sending representatives,” he said.