By Emma Ujah, Abuja Bureau Chief

ABUJA – The Federal Government has vowed to safeguard the nation’s pension assets put at N2 trillion with a view to ensuring an efficient system under the National Pension scheme which is being supervised by the National Pension Commission, PenCom.

Secretary to the Government of the Federation, SGF, Alhaji Yayale Ahmed said this at a two-day international workshop on risk-base supervision by pension regulatory bodies,  in Abuja, yesterday.
Several top government functionaries who were allegedly involved in a multi-billion Naira fraud in the Federal Government pension office are now facing trial in the law courts.

Yayale said the Federal Ggovernment would take every necessary step to protect the contributions by Nigerians in both public and private sectors to guarantee a comfortable retirement for every contributor.
According to him, “the scheme which took off in 2004 has grown its membership to about 4.7 million in its seven years of operation and we will ensure that contributors receive their retirement benefits as and when due.

“These no doubt, require strict supervision in order to  safeguard and provide returns on investment that would ensure contributors receive retirement benefits as and when due.

In his own remarks, Director-General of PENCOM, Dr Muhammad Ahmad, said the commission’s lawyers had been directed to commence law suits against employers who failed to emit contributions of their workers.

According to the PenCom boss, a three-week ultimatum had earlier been given to all defaulting firms to comply but that many failed to do so, thereby leaving the commission with no other option than to take legal actions against them.

His words, “what we said in that notice is that we would appoint lawyers and the lawyers have been appointed to  take the matter up.”