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N42 BILLION FRAUD ROCKS PENCOM…… THE DG’S INVOLVEMENT AND SHADY DEALS EXPOSED!

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The Centre for Public Accountability (CPA), has urged President Muhammadu Buhari, to order an immediate investigation into alleged sundry fraudulent practices in the National Pensions Commission, (PENCOM).
The group specifically alleged that about N42billion collected by PENCOM in 2012 cannot be accounted for by the Director General, Mrs. Chinelo Anohu-Amazu.
In a petition addressed to the president and signed by the Executive Director of the Centre, Comrade Olufemi Lawson, CPA said the petition is intended to bring to the attention of the president the long list of infractions, mismanagement and maladministration that is ongoing at the commission under the leadership of Mrs. Chinelo Anohu-Amazu.
A copy of CPA’s petition which was made available to newsmen, read: “Mr. President, as you may be aware, the Pension Reform Act was enacted in 2004 for sustainable management of retirement benefits of citizens who worked within the public or private sectors of the federation. As at today, the accumulated pension assets stand at about N5.4 trillion. From that period to date, we want to assert that the commission has never been in the worst state than it is today.
“We affirm that the commission is bedeviled with multiple infractions, violations of the law and widespread corruption that warrant immediate and urgent attention of Mr. President.”
Raising its first issue on the annual collection, the Centre alleged that the Commission is mismanaging the 0.3 per cent annual fees on pension assets, thereby calling for a thorough investigation into it.
“The commission collects annually, 0.3 per cent on the total pension assets which presently stands at N5.4 trillion. Annually the commission collects about N15billion as fees which it spends without any accountability.
“We challenge the commission to publish how it has expended that annual fund which is regarded as slush fund by insiders. As at December 2015, the  current Director General of PENCOM has collected N42 billion which she cannot account for till date.
“We specifically call on the President to order an immediate investigation into how the N42 billion fees collected by the commission was expended from 2012 to date.
Similarly, the Center alleged that the Commission’s DG is involved in illegal application of regulatory powers, stating that there are obvious cases of harassment and selfish tendencies in the leadership of the commission.
“In addition to not implementing statutory provision as above, records showed that the commission under the current Director General has deployed regulatory powers of the commission for selfish, illegal and family usage.
Pension administrators and custodians are harassed and subjected to unholy surcharges including share takeover among others.
Currently, the families of commission Director Generals are the owners of Premium Pension. May we also inform you, that the commission also took over First Guarantee Pension under flimsy excuses and has refused to obey court orders directing a return of the firm to the owners. For more than five years, the commission held on to the firm and is scheming to sell it to interest known to be close to its Director General.”
While describing the annual World Pension being hosted by PENCOM as a wasteful expenditure, the Centre said the country is set to waste almost a million naira for a jamboree like event at a time the country is in recession.
“Annually, the commission plays host to the World Pension Summit, a body owned by two brothers from the United States. The commission forced pension administrators and custodians to pay participation fees while the commission itself spends almost a billion naira annually to host the annual event. The 2016 edition of that event is scheduled to hold by September 27 to 28   in Transcorp Hilton Abuja.
“In this era of recession, this is not just wasteful but corruption laden and out of tune with the spirit of the era. We call on President Muhammadu Buhari to direct the Director General to stop the summit forthwith as Nigeria and pensioners can ill afford such wasteful and extravagant event meant to enrich a family alleged to be working on behalf of the commission management.”
CPA also highlighted the non-implementation of transfer window by the Commission, stating that, “Nigerians deserve to know why depositors are not allowed to migrate if they so wish. We want to know why billions are spent without such migration being realized.”
Urging the president to urgently beam a searchlight on the activities of the commission, the CPA said, “that sector needs urgent clean up if the world, pensioners and workers are to take the administration seriously.
Among other requests to the president, the Center said, “We also call for an immediate investigation into the activities of PENCOM, under its present leadership, by the Economic and Financial Crimes Commission, EFCC and the Independent Corruption Practices and other related offences related Commission, ICPC.”
All efforts to speak with Emeka Onuora, the Corporate Affairs manager of PENCOM proved futile as his mobile number was not reachable as at press time.

 

 

 

Source: THE CPA

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News and Report

Just In: Again, national grid collapses to zero megawatts

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Nigeria’s national grid crashed to zero megawatts (MW) at 10:51am on Monday, causing power outage nationwide outage.

The collapse occurred days after electricity consumers said they had enjoyed improved supply.

The national electricity grid as of 10am on Monday had 3,712MW generated from 21 Generation Companies (GenCos) before it dropped to 0MW one hour after.

According to the information from the System Operations, a section of the Transmission Company of Nigeria (TCN), only Afam IV was on the grid but with zero supply as of 12noon.

As of Sunday, the highest generation was 4,100MW while the lowest was 3,652MW with the frequency hovering between 49.04 Hertz (Hz) and 50.34Hz.

Since July 1 this year, consumers said power supply had increased in their various areas.

For instance, the Abuja Electricity Distribution Company (AEDC) recently confirmed increment in its daily allocation to over 500MW from the actual 300MW it had distributed before then.

Though the national grid had not cross 5,000MW, Daily Trust observed that level of load rejection especially around the DisCos’ networks had dropped significantly with some customers entitled to five-hour supply, recording over 12 hours daily.

The Nigerian Electricity Regulatory Commission (NERC) had attributed the improvement in power supply nationwide to the partial activation of contracts that seeks to hold sector operators liable for deliberate incompetence.

The national grid collapsed twice, in July and in August but was quickly restored and power supply improvement was sustained before the latest system collapse on Monday.

According to records, this is the seventh system collapse this year, much more than the three recorded last year.

Although TCN, the national grid manager was yet to establish the cause of the crash, some insider said it could be as a result of a maintenance of the 330 kilovolts Jos – Bauchi transmission line maintenance slated for Monday.

Some DisCos including Kaduna Electric, Enugu, and Kano, had already communicated the nationwide outage to their customers noting that efforts were ongoing to restore supply.

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Police Deploy More Personnel To Seaports In Lagos Over Nigerian Students, NANS’ Protest

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Following the ASUU strike that has kept university students across the nation at home for over seven months, NANS declared “Occupy The Airport” nationwide protest.

The Nigeria Police Force has announced that it has deployed personnel to adequately secure seaports across the nation following a threat by the National Association of Nigerian Students (NANS) to shut down commercial activities at the nation’s busiest seaports ¬¬¬¬¬¬- the Apapa and Tin-Can Island Ports in protest over the lingering strike by the Academic Staff Union of Universities (ASUU).
Following the ASUU strike that has kept university students across the nation at home for over seven months, NANS declared “Occupy The Airport” nationwide protest.
The aggrieved students who protested on Monday at the Murtala Muhammed International Airport also reportedly threatened to ground commercial activities at the Apapa and Tin-Can Island Ports in Lagos State.
Disclosing the security beef up to Daily Trust, the Commissioner of Police in charge of Western Port Authority Command, Jonathan Towuru, said security was tightened around the Western Ports to avoid any breakdown of law and order although the student body did not show up as threatened.
The commissioner said, “People went about their businesses while operations at the terminals went on seamlessly, without any hindrance. But if the students eventually turn up, we will engage them in discussions. I must say that they conducted themselves well on Monday at the airport even though you still saw police monitoring the protest.”

 

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Evans The Billionaire Kidnapper Bags 21 Year Imprisonment

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Justice Oluwatoyin Taiwo of the Ikeja Special Offences Court on Monday sentenced kidnap kingpin, Chukwudumeme Onwuamadike, also known as Evans, and his co-defendant, Victor Aduba, to 21 years imprisonment for kidnapping one Sylvanus Hafia.

They were accused of conspiring and kidnapping Sylvanus Ahanonu Hafia at about 5:30 pm on June 23, 2014, at Kara Street, Amuwo Odofin in Lagos and were alleged to have captured and detained Hafia and demanded a ransom of $2m.

But they pleaded not guilty to the four charges.

The judge held that the sentence would serve as a deterrent to other aspiring kidnappers

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