ICPC recovers N7.9m outstanding benefits for PHCN retiree

Hamah Magnus, a former staff of Power Holding Company of Nigeria (PHCN) in Ughelli, Delta State, who was refused access to his retirement savings by his Pension Fund Administrator (PFA), has been paid following the intervention of the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

ICPC waded into the matter consequent upon the receipt of a petition by Magnus in which he alleged that his PFA, Trust Fund Pension plc had refused his request to be transferred from what he called Elected Programmed withdrawal to Annuity withdrawal without convincing reasons.

This effort of the Commission led to the payment of the sum of N7, 874, 834. 36 to him.

The payment to him came in two tranches: the first payment of N7, 676, 261. 86 was for Annuity withdrawal while the second was a lump sum of N198, 572. 50 through his First Bank account.