Date: 2012-04-20

Director General, National Pension Commission (PENCOM), Mohammed Kabir Ahmed, has said that PENCOM assets have hit N2.5 trillion. He also said 19 states out of the 36 states of the federation had so far complied with the implementations of PENCOM scheme while one state had not complied at all and others were at various stages of compliance.

Ahmed made the disclosure Thursday in Ilorin, Kwara State capital, while speaking as a guest speaker at the Talk-Shop organised by the Academic Staff Union of University (ASUU), university of Ilorin branch on Pension Scheme.

He  assured that  the system was now corrupt free because  with the operating system of the present PENCOM it is very difficult to perpetrate any fraud as all the money are being kept in the Central Bank, unlike previously when funds were kept in the commercial banks.

Represented by Head, Research and Policy Unit of PENCOM, Dr. Tunde Alayande, Ahmed noted that PENCOM had come to stay and urged the beneficiaries to have confidence in the PENCOM because safe keeping had been guaranteed to ensure continuity.
He also said PENCOM regulation was dynamic and that it changed in its operating environment in order to accommodate the assets and tackle the possible problems as they came.

The director general added that there was no problem about the issue of what age the participants would stop benefitting, because pension scheme was already undergoing reforms that would accommodate such problem.

Chairman of ASUU, Dr. Wahab Egbewole, in his address said the talk shop became necessary to provide platform that would proffer solutions to many problems and agitations of the members with respect to PENCOM.

While noting that NPC is not playing its roles too well, Egbewole expressed the need for PENCOM to be more proactive, pragmatic and strategic in its approach to the exercise of powers. He expressed hope that the talk shop will correct all the problems and discrepancies as it affect the staff of the university.