By VICTOR AHIUMA-YOUNG
PETROLEUM and Natutal Gas Senior Staff Association of Nigeria, PENGASSAN, has called on the Federal Government to set up Special Commission on Pension to deal with the abuses in deferred Pension Scheme, DPS, otherwise called Pay As You Go, PAYG, fund administration in the country.

The umbrella body for senior staff in the oil and gas industry, blamed the monumental fraud being uncovered in the system to poor management, administration and regulation.

PENGASSAN President, Babatunde Ogun in a presentation at a stakeholders meeting in Abuja argued that efforts by the National Assembly to probe the recurring incidence of pension fund abuse could not check abuses in the system as such probes were mere recommendations which in most cases were not implemented.

Ogun demanded that the National Pension Commission, PenCom and all the Pension Funds Administrators, PFAs, in the new contributory pension scheme, be summoned by the Special Commission for inquiry to establish causes of abuses as well as appropriate sanctions to be meted.

Poor monitoring

According to him, “Pension Reform and the restructured/mandated Institution was supposed to be a succour but has gradually become a major source of worry to all workers who look forward happy retirement life going by the incidence poor monitoring and enforcement leading to the abuse of the funds within the various hands as being reported in the news daily.

“While noting the efforts of the National Assembly at probing the nationally embarrassing   and scandalising incidences of Pension Fund abuse and the placement of special surveillance on Bank CEO by the Economic and Finance Crime Commission, EFCC, we are disillusioned by the fact that what normally end up such probes and prosecutions are mere recommendations and court judgement and not justice. Such unacceptable measure only makes Nigeria a mere laughing stock and unserious lot among nations.”