N33bn probe: PenCom ignoring demands for bank statement

The House of Representatives’ Ad Hoc Committee investigating the activities of the National Pension Commission and violation of the PenCom Act has alleged that the regulatory body has refused to provide the statement of its accounts with the Central Bank of Nigeria.

At the investigative hearing of the committee in Abuja , there was also a mild drama when PenCom told the panel that it operated an account with the CBN but the apex bank said the commission operated five with it.

Appearing before the committee were Lana Loyinmi, head, contributory bond and redemption department, PenCom, who represented the acting director-general, Aisha Dahir-Umar; and a director in the office of the Accountant-General of the Federation, Olusegun Olufehinti, who represented the AcGF, Mr Ahmed Idris.

There were also representatives of the Office of the Secretary to the Government of the Federation and Civil Society Organisations in attendance.

The lawmakers particularly grilled Loyinmi during the sitting, saying that they were satisfied with the presentations made and defences filed by other stakeholders, whom PenCom had asked the panel to clarify some of the issues from.

The panel accused PenCom of failing to provide series of documents demanded, noting that the statement of account provided by the CBN had contradicted the earlier submission by the commission on its remittances.

The Chairman of the committee, Mr Johnson Agbonayinma, had noted that there were irregularities between the information provided by PenCom and the statement of account of the commission provided by the CBN.

Loyinmi, however, said what PenCom presented to the panel was a remittance schedule and not account statement.

“I am not aware that we submitted a specific account, what we submitted is a schedule. If your letter had asked for bank statement, he would probably have reproduced this from CBN for you,” he said.

The hearing took a dramatic turn when the PenCom boss was asked how many accounts the commission operated with the CBN, and he answered, “I think it is about three.”

Shocked by Loyinmi’s indefinite response, a member of the panel, Wole Oke, asked for his position in PenCom, asking him again if he knew the number of accounts the commission had with the CBN, urging him to state if he did not know.

Responding, Loyinmi said, “I don’t know the exact number.” He added that the Director of Finance of PenCom, who was not at the venue, could provide the information.