House of Reps Speaker, Tajudeen Abbas
The House of Representatives Committee on Pension said it has gone far in addressing the concerns over the administration of the over N15.5 trillion Pension assets and the N10 trillion given to the federal government as loan as well as other issues.
Chairman of the Committee, Rep. Hussaini Mohammad Jalo and his Deputy, Prince Olaide Mohammed disclosed this at a press briefing on the activities of the committee on Tuesday.
He said that, the committee was mandated to “Investigate the status of the Pension Fund Assets of over N15,500,000,000,000 (Fifteen trillion five hundred million naira only) with a view to ensuring that the N10,000,000,000,000 (Ten trillion naira only) loaned to the federal government from the Pension Fund is duly recovered and modalities are put in place to hinder the collapse of the pension schemes.
“Scrutinise the failure of Pension Fund Administrators (PFAs) in fulfilling its obligation to retirees as regard access to their retirement savings”.
Rep. Jalo noted that the committee has done its work and will address all concerns being raised on Pension by Retirees who are being subjected to unnecessary hardship despite clear provisions of the Act about their entitlements.
He said, “If they are paying pensioners as a premium, why should we have these funds stocked, being controlled by some organisations? Why? So it’s the case, for example, that the treatment of our pension funds, which is not going to be accepted. We won’t condone it. We are even going deeply into the investment.
“Are they really giving the actual returns to the contributors? They are making huge money. But what are they giving the contributors? We are going into that. So we are using this medium to call on the general public, whoever has any complaint, against PFAs, forward it to the committee, for further necessary action”.
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