THE National Pension Commission, PenCom, has appealed appealed against the judgment of the Abuja High Court setting aside its takeover of the Board and Management of the First Guarantee Pension Limited, FGPL.

The commission has also applied for a stay of the execution of the judgment presided over Justice D.U Okorowo delivered on July 18, 2012, pending pending the determination of the appeal filed at the Court of Appeal.

Justice Okorow had issued an interim injunction under the Fundamental Rights Enforcement Rules and on the application of Derrick Roper.

The Federal High Court, Lagos had earlier struck out the application by the erstwhile Chairman, Chief Orlando Ojo and Vice Chairman, Nze Chidi Duru seeking a judicial review of the decision on their removal and takeover.

Pension and You gathered that PenCom had intimated the Commissioner of Police, Federal Capital Territory, FCT, and Lagos Command on the status of the appeal.

It is also gathered the Commission forwarded an endorsed copy of the notice of appeal to the Inspector General of Police intimating him of the motion for stay of execution pending appeal.

It will be recalled the Commission in exercise of its power under the Pension Reform Act, PRA, (2004) took over the management FGPL in August 2011.

Announcing the takeover in a statement, PenCom, said “The National Pension Commission (the Commission), by the powers conferred on it under the Pension Reform Act 2004 (PRA 2004) and in the exercise of its statutory mandate of protecting the pension fund and assets, has taken over the management of First Guarantee Pension Limited (FGPL) with effect from Monday 15th August, 2011. The takeover became necessary due to incessant shareholders squabbles and several issues of adverse corporate governance in the PFA.”

“Accordingly, the Commission has constituted an Interim Management Committee to superintend over the affairs of FGPL until the shareholders convene an Emergency General Meeting (EGM)/Annual General Meeting (AGM) with a view to properly constituting a Board and putting an effective management for the PFA. The Commission wishes to assure all Retirement Savings Account holders of FGPL and the general public that the pension funds and assets under the management of the PFA are safe and secure.”

NLC seeks capital punishment for pension fund looters

NIGERIA Labour Congress, NLC, has called for capital punishment for perpetrators of pension fund fraud, saying “Pension is the life line of the pensioner and any assault on this is clearly a capital offence that equals the taking of the pensioners’ life.”

President NLC, Comrade Abdulwaheed Omar, At a one-day interactive session between NLC and PenCom to appraise the state of pension administration in Nigeria, said it was alarmed and concerned with the level of fraud uncovered in the management of pension unit in the Office of Head of Service of the Federation and para-military agencies including the Police and customs.

According to Omar, “the Nigeria Labour Congress is worried by the level of fraud so far uncovered in the management of pensions of some military and paramilitary Agencies including police, coming on the heels of earlier efforts to draw the members of staff of these organizations away from the Contributory Pension Scheme.

This issue of the several billions of naira pension scam perpetrated by government officials involved in the administration of pension in these organizations, and the subsequent counter allegation from the Nigerian senate is a scenario that is most unacceptable. Pension is the life line of the pensioners and any assault on this is clearly capital offence that equals the taking of the pensioners’ life, and must be taken very seriously in treating such infraction.”

”It is like sentencing those pensioners to death or life punishment. Therefore, their punishment should be maximum. What we are saying is that the matter should not be treated with kid’s gloves. It is something very serious. How a few people can contrive and connived and removed billions of Naira of pensioners money, not even government oil money?

Today, it is like they are being allowed to roam the streets without any problem. Anyway, we will continue to watch and even though some of the cases are in the courts, but we will continue to monitor that and will make sure that a very resounding example is made of the culprits because if nothing is done to them and their cases go the same way other cases go, nobody should blame workers and particularly pensioners, when they react, the way they would react.”

Omar said NLC would encourage its affiliate unions to appoint pension desk officers, while providing Group Life Assurance policies for their employees in continuation of efforts designed to ensure greater social protection for Nigerian workers.

He said “It is one of the key issues in this interactive session. We are going to fashion out ways of approaching employers who have refused to remit the deductions of employees to get them to see reason to remit appropriately, but if they don’t, of course they have to bear the brunt.

The laws must be visited on them and they must bear it. It is my hope that through the instrumentality of this interaction, we shall be enriched with the perspective that will ensure that the thrust of pension administration in our country is able to flow with current thinking in service delivery.”