Reps issue 7 day ultimatum to Buhari to transmit list of PenCom Governing Board for confirmation

The House of Representatives on Thursday urged President Muhammadu Buhari to comply with the provisions of the 1999 Constitution (as amended) by transmitting the names of members of National Pension Commission (PenCom) to the Senate for confirmation.

The resolution was passed sequel to the adoption of a motion under matters of urgent National importance on the alleged ‘violation of PENCOM Act, illegal and unlawful appointments and provisions and use of public funds’, sponsored by Benjamin Waya (APC-Benue).

In his lead debate, Wayo observed that “in April 2017, the Federal Government of Nigeria announced the constitution or composition of the Board of the National Pension Commission, made up of Chairman,
Director General and four members as Executive Commissioners respectively.

He however noted that the nominees are yet to resume duty 19 months after the announcement of the composition of the Board members.

“As a statutory agency, the appointment or the Board members is made subject to the confirmation of the Senate, upon the request of the President to that effect, but which request has up till now not been made to the Senate by the President,” he said.

The lawmaker observed that the Net Assets Value (NAV) of the contributory pension fund as at 28th October, 2018 stands at N8.779 trillion with the number of contributors also grown to 8.90 million to date.

He expressed concern that in the absence of a proper structure put in place, the N8.779 trillion cannot be left in the care of an acting Director General.

The lawmaker further said: “the PenCom is an institution that has the removal of the former Director-General for misappropriation of its funds in a single transaction to the tune of N1 billion to Aso Savings who was also in financial crisis at the time, for onward access by a family member’s business, which money is yet to be recovered from Aso
Savings.

“The Acting Director-General, Mrs. Dahir Umar has unilaterally without any backing of the law increased her terminal benefits and that of other Senior Staff of the Commission by an outrageous 300 percent and has also jerked up the number of PenCom General Managers from 10 to 17 clearly in breach of extant laws governing the institution of PenCom.”

Wayo warned the House that: “it is dangerous and too risky to leave a treasury of N9 trillion without proper custodians and regulators.”

In a swift reaction to the motion, Femi Gbajabiamila, Majority Leader who faulted the argument, disclosed that the Senate refused to confirm the list of the nominees.

While ruling, Speaker Yakubu Dogara mandated the Ad-hoc Committee to report back to the House within four weeks.

KEHINDE AKINTOLA, Abuja