The Center of Public Accountability has agitated for a thorough investigation of the activities of the National Pensions Commission (PENCOM), especially under the administration of its current Director-General, Mrs. Chinelo Anohu-Amazu.
Their reasons for requesting for this investigation are three fold in nature. First, they allege a total breakdown of the pension system under Mrs. Anohu-Amazu, stating that ‘the commission has never been in the worst state than it is today’. One of such inadequacies, they claim, is the migration that depositors are yet to experience despite expiration of the transfer window.
A second reason that the group is calling for an immediate investigation is an alleged mismanagement of public funds. They claim that PENCOM receives N15 billion as 0.3% of the total pension fund, which according to them goes unaccounted for.
In addition, CPA accused the commission of collecting N42 billion Naira, which they claim the Director-General of the Commission cannot account for, challenging her to produce an accountability report. The World Pension being hosted by the commission was also described by the group as a ‘waste’ of almost a billion naira annually, especially when the country is suffering economically.
Daily Post reports that the third accusation brought up by CPA is an alleged abuse of office for personal gain. They claim that ‘the commission has never been in the worst state than it is today’. Some of these acts they accuse her of include imposing illegal surcharges, harassing pension administrators and an illegal takeover of First Guarantee Pension, despite court orders to return the company to the owners.
CPA also allege that PENCOM forces administrators to register and pay participation fees for the World Pension Summit in an effort to enrich a family they claim to be closely linked with the commission’s management.
Part of this article originally appeared in Daily Post.