Reps, PenCom tango over N33bn remittances

 

This was the subject of contention on Tuesday at the continued sitting of the House of Representatives’ Ad Hoc Committee Investigating activities of the National Pension Commission and violation of the PenCom Act was what happened to six months remittance from Pencom amounting to N33 billion?

Pencom stated that it has no outstanding in terms of remittances to Pension Fund Custodians, PFCs and Pension Fund Administrators (PFAs).

But the lawmakers were not happy with PenCom and accused the body of reluctance to avail the House Committee of the statement of its accounts with the Apex Bank.

Chairman of the committee Hon. Johnson Agbonayinma, said: “We have written several letters…’submit your bank statement and all transactions with CBN.’ Up till now, no response. Every request that we have made, they are just manoeuvring.

“Is there anything else you want us to do to get your attention to submit it?

“Look at the CBN, everything we requested they have submitted. Also the Accountant-General’s office, everything we requested for have been submitted.

“Office of the SGF, they have submitted. Head of Service, they have submitted. Even the Nigerian Labour Congress has brought their submission. The Trade Union Congress has brought their submission.”

Another sticky issue was the number of accounts the organisation has.

The issue was becoming a mystery as the CBN and PenCom were at variance on how many accounts the pension regulator has.

Agbonayinma noted that there were inconsistencies between the information provided by PenCom and the statement of account of the commission provided by the CBN.

CBN said the organisation has five accounts with it.

Head, Contributory Bond and Redemption Department of PenCom Mr. Lana Loyinmi, who stood in for the the Acting Director-General, Aisha Dahir-Umar said: “I think it is about three.”

However under further questioning Loyinmi said, “I don’t know the exact number.”

The information, according to him, could be provided by Director of Finance of PenCom, who unfortunately, was not at the hearing.

The Rep members said the presentations and defences filed by other stakeholders were satisfying but the statement of account provided by the CBN had contradicted the earlier submission by the commission on its remittances.

“The PFAs came at the last hearing. When they came, this is what they said: ‘PFAs confirm that for over six months – to the end of last year, they did not get remittance from CBN.’

“There are so much issues: when we ask them (PenCom) for this, they will say something else.”

The members accused PenCom of failing to provide series of documents demanded.

On the accounts, Loyinmi said what PenCom presented to the panel was a remittance schedule and not account statement.

“I am not aware that we submitted a specific account, what we submitted is a schedule.

“If your letter had asked for bank statement, he would probably have reproduced this from CBN for you,” he said.

But Agbonayinma was not happy with the inconsistencies and said: “We have the CBN here. We asked them and they told us the number.

“During the last public hearing, the Acting DG also specified it. In her submission, she told us they had one.

“But the CBN came and told us that you have five accounts. You (Loyinmi) said they are three;

“If you don’t know, you don’t know. Don’t assume. If you are here to represent the Acting DG and you don’t know how many accounts PenCom operates with CBN, there is a problem.”

Speaking on whether or not Pencom owes outstanding remittances the panel chair said: “The CBN statement also shows that there were no disbursements to PFCs and PFAs.

‘’That means there is evidence that the Accountant-General’s office remitted to CBN. Why was there no remittance to PFAs for over six months?”

Loyinmi however insisted that the organisation has no outstanding.

“As to the document relating to the bank account, we will submit it to the committee.

‘’Concerning the comment that people did not receive disbursements for six months, it depends on what we were asking people for.

“The monthly pension contribution have been up to date, no money is missing. Let me add that, to date, contributions into the Retirement Savings Account of employees have been up to date; up to February. No month is missing in their Retirement Savings Account.

“In specific reference to the N33bn you were talking about, the transactions had started since March 2017 even with the approval of the last management. But before it hit the account of CBN as debit, it was April because of the processes.”

Credit: The Nation