Reps probe Pension Fund Administrators over alleged mismanagement of workers’ contributory pensions

The House of Representatives, on Thursday, flagged off an investigation into petitions bothering on alleged mismanagement of pension funds by some Pension Fund Administrators (PFAs).

Speaking at the opening of the hearing, Chairman, House Committee on Pensions, Hon Kabir Alhassan Rurum (APC-Kano), directed the Managing Directors and Chief Executive Officers of AIICO Pension Managers and Fidelity Pension to cause appearance before the Committee.

He said: “The Committee has the constitutional rights and mandate to invite anybody in the pension industry to come and explain issues of public importance and we didn’t summon them, we only invited them to come because the Pension Reform Act of 2014 has given us the right to do so.

“Moreover, there is a lot of complaints and counter complaints against AIICO and Fidelity Pension, and based on that they were invited, but unfortunately, the Managing Directors or Chief Executive Officers of the two important agency refused to come.

“Based on that, the committee decided that they appear in person. We are going to give them a date where we are going to mandate the two Managing Directors to appear in person,” Hon Rurum said.

Speaking earlier, AIICO Regional Manager, Temitope Ajegboje, informed the lawmakers that they got the invitation letter, on Friday, and his MD wanted to come, until yesterday when he had a medical emergency and became indisposed, for which he rendered undeserved apologies.

In a swift response to his presentation, Hon Rurum noted that the Committee in line with the extant legislative rules requested the authority letter from the Managing Director to represent him.

Worried by the development, other lawmakers noted that the law specifically provides that the CEO of any organisation invited to give testimony before the Parliament must make him or herself available.

To this end, Hon Momah and all concerned Managing Directors and Chief Executive Officers must cause the appearance or face the consequences therefrom.

In his ruling, Hon Rurum said: “We can’t be asking MDs and CEOs of organizations like these to tell us what’s happening to tax payers’ money under their care and they will be sending representatives.”

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