• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Banking

      FBN Holdings appoints new Non-Executive Director

      December 11, 2019

      Finance

      Insurance sector to attract N200bn post-recapitalization – Onyema

      December 10, 2019

      Finance

      Uganda holds key interest rate to help shield economy

      December 9, 2019

      Finance

      CBN gets new director of currency operations

      December 6, 2019

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Trade

      US agrees to lower tariffs on some Chinese imports in trade deal

      December 13, 2019

      Europe

      European Union agrees to cut emissions to net zero by 2050

      December 13, 2019

      Frontpage

      Stocks pare loses on skepticism around reports of US tariff delay

      December 10, 2019

      Business News

      Standard Chartered removes charges for ATM withdrawals, transfers

      December 10, 2019

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Energy

      Nigeria LNG, partners sign Train 7 gas supply agreements

      December 13, 2019

      Concerns as NEITI unveils oil blocks’ owners

      December 13, 2019

      Energy

      Who will fund Rosneft’s $157bn mega oil project?

      December 11, 2019

      Energy

      84 women graduate from Intels’ empowerment programme in Rivers 

      December 11, 2019

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analysis

      On Nigeria’s cyber security skill gap

      December 10, 2019

      Analysis

      Nigeria’s resilience against global risks

      December 3, 2019

      Analysis

      Getting the Board on board GRC implementation

      December 3, 2019

      Analysis

      How much money do you need?

      December 3, 2019

Frontpage

N33bn probe: PenCom ignoring demands for bank statement – Lawmakers

April 10, 2019157 views0 comments

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.
ReplyReply to allForward

Related posts:

Ghana emerges as Nigeria’s biggest trade partner for the first time
FinTech Partners: Nigeria miles away from financial inclusion
Concerns as NEITI unveils oil blocks’ owners
Nigeria falls short of economic growth expectation – IMF
National Assembly transmits 2020 budget to Buhari
NLC gives govs Dec 31 deadline for new minimum wage implementation
Banks refund N76.7bn, $20.9m to customers —CBN 
MTN, Glo, Airtel, 9Mobile, ntel, lose N119bn revenues monthly
Who will fund Rosneft's $157bn mega oil project?
Nigeria to spend N750.81bn on fuel subsidy in 2020
Share on Facebook Tweet Email
PreviousIMF cuts global growth outlook amid trade tensions, Brexit worries
NextLCCI tasks FG on timely cargo clearance, reduction in business cost 

Leave a comment

- Cancel reply

MARKET DATA

Recent Posts

  • Nigeria Daily Street Market Exchange Rate (December 13th 2019)
  • Gold fails to crumble as trade deal hit meets dollar’s decline
  • Nigeria LNG, partners sign Train 7 gas supply agreements
  • US agrees to lower tariffs on some Chinese imports in trade deal
  • Ghana emerges as Nigeria’s biggest trade partner for the first time

World

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

Ethiopia considers sale of minority stakes in telecoms, airline to foreign investors

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

OPEC suggests sustained alliance with Russia, non-producers for market stability

Frontpage March 6, 2018

1
2

Russian billionaire Alisher Usmanov explores sale of his 30% Arsenal stake

Frontpage July 24, 2018

3

Huawei, WorldRemit in new mobile money transfer deal for Africa

Frontpage July 11, 2017

4

President Buhari projects GDP growth of 3.5% in 2018 as he presents budget of consolidation to National Assembly

Frontpage November 7, 2017

5

Nigerian banks record N675.9bn non-interest income in 9 months

Banking November 8, 2019

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.