Don’t leave your funds idle, invest in infrastructural development — Bala Mohammed to PENCOM DG

on   /   in News 12:45 am   /   Comments

•Says fcta remitted N3.2bn to pencom in 2013

By Henry Umoru, Abuja

MINISTER of the Federal Capital Territory Administration, FCTA, Senator Bala Mohammed yesterday charged the  Director-General,  National Pension Commission, Mrs. Chinelo Anohu-Amazu to invest the huge amount of funds available to it in infrastructural development rather than leave such  funds idle, just as he disclosed that  the administration in 2013 remitted  a total sum of N3.2 billion to the Commission  being the contributory funds of staff of the Administration and the  six Area Councils of the Federal Capital Territory.

According to the Minister,  the Commission can check the law establishing it that would enable it go into partnership with genuine investors to use such funds available, adding that such partnership could be guaranteed by a reputable bank in the country to take off the risk aspect of the investment from the Commission.

Speaking  yesterday when he received the Director-General,  National Pension Commission, Mrs. Chinelo Anohu-Amazu in his office, Senator Bala Mohammed who noted that the payment  was done after due reconciliations between the officials of the FCT Administration and the National Pension Commission, however revealed that in addition, about N92 million was now being worked out to pay the Commission being the outstanding of the FCT Contributory Pension fund.

According to him, some of these infrastructural developments  like roads, housing and transportation are bankable and that monies stockpiled at the National Pension Commission can be used to turn around infrastructure in the country with profitable interest to all parties, adding, “The banks can be used to float bonds for such purposes which could be beneficial to all parties involved”.

He said for instance, the Abuja Master Plan has about 79 districts with 9 sector centres in the Federal Capital City and with only 11 Districts as well as 2 Sector Centres so far developed while about 80 percent of such districts have not been attended to due to the paucity of funds.

The Minister promised to make available a plot of land for PENCOM to build its Headquarters after the Commission must have met with all administrative processes.

Speaking earlier, the Director-General of the National Pension Commission, Mrs. Chinelo Anohu-Amazu remarked that she has gone round the country including the FCTA to explain the merit of PENCOM scheme to the end users.

The Director-General noted that ignorance from the people seems to be working against the Commission especially some members of the Organized Private Sector that are not keen in joining the scheme.

She pointed out that the National Pension Commission has opened zonal offices across the country to strengthen its performance.

    Print       Email