Pension funds probe: Reps summon PenCom chiefs, 21 PFAs

The House of Representatives has invited the top management staff of the National Pension Commission and 21 Pension Funds Administrators to appear before it on Thursday.

An ad hoc committee set by the House last December issued the summons on Tuesday as part of its investigation of the alleged sharp practices by pension administrators and custodians.

In a letter sighted by our correspondent and dated January 21, 2019, the committee invited the acting Director-General, PenCom, Aisha Dahir-Umar, and other top executives of the commission.

Also invited were the pension administrators and custodians mandated with the management of pension funds.

According to the letter, which was signed by the Chairman of the committee, Mr Johnson Agbonayinma, the stakeholders are expected to furnish the committee with vital information on the allegations levelled against the fund managers.

The committee, among other requests, demanded information on the net assets of the contributory pension funds, details of supervisors and regulators of pension funds administrators as well and their key instructions and performances, compliances and defaults, details of payment into Treasury Single Account, and bank accounts operated by the commission.

When contacted, Agbonayinma confirmed the invitation.

He said, “Yes, we have invited the management of PenCom and PFAs to an interactive session before the investigative public hearing.

“The 21 recognised pension fund administrators are expected to be part of the session with members of our committee.”
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