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PENCOM SAYS FG DIDNT TAKE N10TRN LOAN
PenCom Director General, Aisha Dahir-Umar, in a media interview over the weekend, said apart from the fact that PenCom is not a bank and does not warehouse or manage pension funds, the Federal Government did not take a loan of N10 trillion from the Commission.
She also responded to claims that PenCom was owing Federal Government retirees arrears of pensions as well as insinuations that Pension Fund Administrators (PFAs) are not fulfilling their obligations to retirees with regards to access to their retirement savings.
“Investments by the PFAs in the securities of the Federal Government of Nigeria (FGN) are not loans as erroneously portrayed, but investments in securities, through bonds and treasury bills, as approved by the relevant government agencies, in this case the Debt Management Office (DMO) and Securities and Exchange Commission (SEC). They are traded on authorized capital markets. That is, the Nigerian Exchange Limited and FMDQ OTC Securities Exchange,” she stated.
“Moreover, pension fund assets are not managed by PenCom. I have said it repeatedly that when we say pension assets have grown to N19.6 trillion, that does not mean PenCom has N19.6 trillion locked somewhere in its office or bank accounts. Pension fund assets are managed by the licensed PFAs and held in custody by the licensed Pension Fund Custodians (PFCs).
