Reps threaten to arrest fund administrators over unexplained N9tr

The House of Representatives has threatened to order the arrest of pension funds administrators (PFAs) over alleged misapplication of N9 trillion.

Chairman of the ad hoc committee probing the activities of the National Pension Commission (PenCom), Emmanuel Agbonayinma, told reporters yesterday in Abuja that the bench warrants might be extended to heads of banks involved in the administration of the funds.

The lawmaker explained that the measure remained the only veritable option to force the PFAs to appear before the committee to explain their roles in the entire process.

The representative of Egor, Ikpoba and Okha Federal Constituency of Edo State accused the fund managers of undermining the activities of his panel through subterranean means.

He claimed that they were hiding under the cover of the Pension Fund Operators Association of Nigeria (PenOp) to avoid the inquiry.The body, had in an April 2,2019 letter issued by one Susan Oranye, informed the committee that the PFAs would not be available for its summons today due to an “industrial engagement slated for same day.”

Brandishing a copy of the correspondence, the chair however, noted: “It is on record that we have never written to PenOp to appear before the committee. So they have no business writing us back.”