Tag Archives: Pension Fund

FG Yet To Remit N63.34b Pension Fund– PENCOM

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The Federal Government is still having outstanding accrued rights due its employees that retired between 2015 and October 2016 amounting to N63.34 billion.

Director General of National Pension Commission (PENCOM), Chinelo Anohu-Amazu who disclosed this at a function organised by the National Union of Pensioners (NUP) in Abuja also said the total registered participants in the Contributory Pensions Scheme (CPS) have increased to 7, 240,196 as at September 2016.

The DG further said that a total of 174, 844 persons have retired under the CPS since inception.

Represented by Director of Surveillance at the commission, M.B Umar, she said the number comprised 140,532 retirees on monthly programmed withdrawal and 34,312 retirees on monthly annuity, adding that the monthly pension payment of the retirees were N4.67 billion and N1.72 billion respectively.

According to her, despite the success recorded, the CPS has some challenges especially in funding of accrued rights of Federal Government employees.

Credit:

http://sunnewsonline.com/fg-yet-to-remit-n63-34b-pension-fund-pencom-2/

How Oronsaye, Others Diverted N14bn Pension Fund– Witness

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First prosecution witness, Rouqayya Ibrahim, on Tuesday narrated to a Federal High Court in Abuja, how a former Head of Service of the Federation, Mr. Stephen Oronsaye, and some officials allegedly siphoned N14bn pension fund using about 66 illegal bank accounts.

Ibrahim, an investigator and an operative with the Economic and Financial Crimes Commission told Justice Gabriel Kolawole that the fraud was discovered in 2010.

Oronsaye was Head of Service of the Federation between June 2009 and November 2010.

Ibrahim said the methods used for perpetrating the fraud included payments to “ghost” pensioners and disbursements of funds for non-existing contracts.

She also said the scam in which about N14bn pension fund was siphoned was perpetrated through payments of non-existing allowances to fake members of staff and to the National Union of Pensioners and Association of Federal Civil Service Retirees.

The EFCC is prosecuting Oronsaye, Osarenkhoe Afe and three other firms on 35 counts, including illegal acts of “conducting procurement fraud by means of fraudulent and corrupt act on the contract of biometric enrolment”.

Credit: Punch

Contributory Pension Fund Hits N5 Trillion- DG PenCom

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Mrs Chinelo Anohu-Amazu, Director-General (DG), National Pension Commission (PenCom), on Monday said that the Contributory Pension Fund (CPF) had risen to over N5 trillion in its 10 years of operation.

Anohu-Amazu disclosed this while speaking at the second edition of the World Pension Summit, Africa Special, held in Abuja.

The News Agency of Nigeria (NAN) reports that the summit had the theme: “Building Sustainable Pension Systems in Africa.”

She said that the summit was designed to bring up practical and enduring strategies for pension fund regulation in the continent.

The director general said that sustainable pension systems in Africa were reflective of the emerging consensus of the continent on the need to institutionalise a robust pension system.

Anohu-Amazu said that the aim of the summit was to evolve measures to tackle the plethora of development challenges that plagued Africa in the 21st Century.

She said the summit was also in line with the multilateral paradigm shift of promoting sustainable development goals within the institutional framework of the United Nations 2030 Agenda for sustainable development.

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