Reps to probe PenCom over allegations on violation of provisions of the Public Procurement Act

Members of the House of Representatives on Wednesday unanimously expressed support for the probe of various allegations bothering on violation of provisions of the Public Procurement Act and financial mismanagement by the National Pension Commission (PenCom).

The resolution was passed sequel to the adoption of a motion sponsored by Zakariya’u Galadima, who accused the Commission of failing to comply with extant laws.

“The House recalls that following the enactment of the Pension Reform Act, 2014 the National Pension Commission (PenCom) is required to enforce and administer the provisions of the Act, co-ordinate and enforce all other laws on pension and retirement benefits in Nigeria.

“The House also recalls that based on the provisions of the Pension Reform Act (PRA) 2014, the Commission is empowered to charge and collect fees, levies and penalties in the cause of administering its regulatory and compliance role and in some cases to impose sanctions and fine on erring employers, Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs).

“The House notes that like other Government agencies, PenCom is required to utilize its funds prudently and efficiently and to make all payment into the Treasury Single Account (TSA) or designated accounts maintained in the Central Bank of Nigeria (CBN), except otherwise expressly approved.

Further recalls that PenCom is authorized by the provisions of the PRA 2014 to invest its funds

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