Reps panel queries PenCom over failure to account for N766.6m

An Ad-hoc committee of the House of Representatives has queried the Pension Commission (PenCom) over its inability to account for over N766.6 million.

The Ekanem Iboro-led committee found PenCom wanting of failing to offer explanation on the shortfalls from N43 billion transactions in separate transfers.

Iboro insisted that PenCom should account for the shortfall out of an initial N32.3 billion from a N33 billion transfers from one account to another.

“I am demanding this explanation because of the spotlight on the N33 billion transfer in recent media report purportedly paid to Pension Fund Administrators (PFAs).

“What happened to the outstanding of N766, 597, 625 million, indicating a shortfall that could not be located in the statement. Also, there is another N10 billion transfer from one account to another with another excess.

“This committee will like to know what happened to all the excesses and shortfalls, as stated in the statements made available to us by the Central Bank of Nigeria (CBN).

In their response, members of PenCom legal team demanded all payments schedule released to the committee for proper scrutiny.

They argued that the commission keeps accurate account of all its activities and that there was no cause for alarm.

On the board issue, Benjamin Wayo told the team that management of the commission wrongly applied the Act establishing PenCom.

He said: “You interpreted the Act wrongly because Secretary to the Government (SGF) can’t act alone by giving instructions to employ or make payment when there is no board in place.”