Reps to investigate PENCOM

Reps to investigate PENCOM

The House of Representatives on Wednesday, May 23 resolved to investigate the alleged violation of provisions of Public Procurement Act and Financial Mismanagement by the National Pension Commission.

The resolution followed the adoption of a motion by Hon. Zakariya’u Galadima Yobe State at plenary.

Leading the debate, Galadima expressed worry that PENCOM investment power in the recent past had been subjected to gross abuse without compliance with the provisions of the Public Procurement Act of 2007.

He said that like other government agencies, PENCOM was required to utilise its funds prudently and efficiently and to make all payments into the Treasury Single Account or designated accounts maintained in the Central Bank of Nigeria.

Galadima, who represents Bade/Jakusko Federal Constituency of Yobe, expressed concerns that the alleged reckless spending, misappropriation of funds and lack of adherence to the law, if not addressed, would lead to more abuses.

This, according to him, will put the interest of pensioners and the industry as a whole in jeopardy.

After contributions by other lawmakers, the motion was unanimously adopted when it was put to a voice vote by the Speaker, Mr Yakubu Dogara.

The House, therefore, mandated its Committees on Public Procurement and Pensions to investigate the allegations and report back within six weeks



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