February 3, 2023

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NANS recants fraud allegations in opposition to PENCOM


PenCom DG Aisha Dahiru-Umar
The Nationwide Affiliation of Nigerian College students (NANS) has retracted its allegation and apostatized its earlier place of ‘wasteful spending’ in opposition to the Nationwide Pension Fee (PenCom).
The Affiliation didn’t cease at that but additionally went additional to go a vote of confidence on the company’s Director-Common Aisha Dahir-Umar.

Talking at a press convention on Wednesday, the NANS Senate President Attah Felix Nnalue admitted that the union’s current Freedom of Data (FOI) letter on the alleged annual expenditure of N14 billion on personnel prices was not solely deceptive however wasn’t backed by any truth.

The union had threatened to stage day by day mass protests in opposition to PenCom ought to the pension regulator fail to furnish it with the small print demanded within the FOI.

Nnalue, nevertheless, mentioned that after rigorously reviewing its allegations in opposition to PenCom, NANS discovered that there was a “marked distinction between employees price and employees wage” with the previous consisting of coaching allowances, employees exit profit scheme, and employers’ pension contribution “versus salaries which are mounted and eared month-to-month”.

He blamed the misunderstanding on the “lack of inattentiveness that performed out on the Nationwide Meeting” when the lawmakers not too long ago invited officers of PenCom to hunt clarification on points as a part of their oversight capabilities.

He reiterated that NANS realized that it was “inconceivable for anyone to counsel that the least paid employee on the PenCom earns as a lot as N3m!

”Explaining the choice to go the vote of confidence on Dahir-Umar, NANS mentioned the PenCom DG has proven “exemplary management and observe file of efficiency” over time.

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A part of Nnalue’s speech reads: “It’s crucial to state that on the inception of the PenCom over 18 years in the past, the Fee has operated, particularly beneath the current DG, an worker compensation coverage that favourably compares to comparator authorities our bodies within the monetary providers sector, such because the Central Financial institution of Nigeria (CBN), the Nigeria Deposit Insurance coverage Company (NDIC) and the Securities and Change Fee (SEC).

“Moreover, the NANS is conscious that the Presidential Committee on the Consolidation of Emoluments within the Public Sector headed by the late Chief Ernest Shonekan, former Head of the Interim Nationwide Authorities, made numerous suggestions which guided the PenCom Board in its compensation evaluation workouts. One of many suggestions is that the pay construction of self-funded companies must be benchmarked with their personal sector comparators in order to make sure relativity in such companies and appeal to and retain high-caliber professionals.”