Pension News

House of Reps threaten to ar­rest PFAs’ MDs

House of Representatives Committee on Pension has begun investigation of petitions against some Pension Fund Administrators in Nigeria. The committee threatened to issue warrants of arrest against the Managing Directors/Chief Executive Officers of AIICO and Fidelity Pension Funds Administrators for failing to appear before it.

The committee said that the MD/CEO of AIICO Pension was not at its investigative hearing. He was only represented by the Regional Manager, AIICO Pension Managers, Mr Temitope Ajegboje, who said there was a mix-up in the date conveyed to his boss by the committee. Ajegboje also said even when the date was eventually confirmed to be Thursday, his boss became ill on Wednesday and needed medical attention.

Chairman of the committee, Alhassan Rurum, however, asked if there was a letter of authorization from the MD/CEO empowering Ajegboje to represent and speak for him. The regional manager answered in the negative.

A member of the committee, Chudi Momah, argued that even if the MD/CEO was not going to appear before the lawmakers, he should have sent a representative that was high in ranking than the regional manager.

Members of the committee also noted that where the MD/CEO could not appear in person, he needed to authorize his representative in writing. They threatened to invoke their legislative powers against those who failed to appear, to force their appearance. Momah, therefore, moved a motion that the MD/CEO must appear personally before the committee or face the consequences. The motion was unanimously adopted.

Also the MD/CEO of Fidelity Pension Managers also did not appear before the committee, he sent the Branch Manager, Ms Oluchi Aneke-Ogala, who also said some top officials of the firm were on their way from Lagos to Abuja to attend the hearing.

Annoyed by the development, Chairman of the committee, Alhassan Rurum said, “We can’t be asking MDs and CEOs of organisations like these to tell us about what is happening to taxpayers’ money under their care and they will be sending representatives.”

Also Read

Fidelity Pen­sion De­bunks Probe Re­ports

AIICO Pension Official Statement on Media Reports on Probe of Mismanagement of Pension Funds by the House of Representatives

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