November 4, 2010

Kano Pension Fund invests N4bn on properties

By AbdulSalam Muhammad
KANO—Kano state Pension Fund Trustees has invested over N4 billion on properties from surplus funds to ensure safety and returns.

Chairman of the Fund, Professor Bello Salim (OFR) explained in Kano that the nature of the investment includes bonds, debenture issued or granted by the Federal, states, and local governments, bank securities, real estate.

Professor Salim stated that the Fund purchased 18 units of 3 bedroom estate at the cost of N700 million, adding that another estate in Abuja was acquired at the cost of N922,178,178.55.

The chairman further revealed that the Fund also purchased another 16 units 3 bedroom flat also in Abuja at the cost N650 million, pointing out that it bought another estate from NNDC at the cost of N230 million.

While revealing that Kano Pension Fund has over 19,000 pensioners on its pay-roll, Salim stated that it sunk N975,286,533.65 in shares from various companies in Nigeria.

He lamented that non-chalant attitude of some local government councils, and some agencies who he accused of failure to remit collection, stressing that henceforth the Fund will press for the prosecution of defaulting councils.

The former university don said that by January 2011, the Fund will publish such defaulting councils/agencies, adding, “it is illegal for them to take peoples money and fail to remit same to relevant authorities.”

Professor Bello Salim said that the Fund spent over N205 million on retirement benefits of the pensioners in October alone.