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PenCom Does Not Give Loans to Federal Government, says DG

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Mrs Aisha Dahiru Umar ,DG Pen Com

 

Mrs. Aisha Dahir-Umar, the Director General of National Pension Commission (PenCom), has described as “totally misleading” widespread reports that the Commission gave a N10 trillion loan to the Federal Government.

She also responded to claims that PenCom was owing Federal Government retirees arrears of pensions as well as insinuations that Pension Fund Administrators (PFAs) are not fulfilling their obligations to retirees with regards to access to their retirement savings.

Mrs. Dahir-Umar, in a media interview at the weekend, said apart from the fact that PenCom is not a bank and does not warehouse or manage pension funds, the Federal Government did not take a loan of N10 trillion from the Commission.

“Investments by the PFAs in the securities of the Federal Government of Nigeria (FGN) are not loans as erroneously portrayed, but investments in securities, through bonds and treasury bills, as approved by the relevant government agencies, in this case the Debt Management Office (DMO) and Securities and Exchange Commission (SEC). They are traded on authorized capital markets. That is, the Nigerian Exchange Limited and FMDQ OTC Securities Exchange,” she explained.

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“Moreover, pension fund assets are not managed by PenCom. I have said it repeatedly that when we say pension assets have grown to N15 trillion, that does not mean PenCom has N15 trillion locked somewhere in its office or bank accounts. Pension fund assets are managed by the licensed PFAs and held in custody by the licensed Pension Fund Custodians (PFCs). The PFAs are responsible for investing pension fund assets in allowable asset classes, including FGN debts instruments. The objectives are safety and fair returns. All these are in line with the provisions of the enabling law, the Pension Reform Act 2014, and the rules issued by the Commission. It is obvious from the above that what is referred to ‘loan to FGN’ is just investment in FGN securities by the PFAs, as is done by other institutional investors such as banks, insurance companies, asset managers, etc.”

Mrs. Dahir-Umar added that it is an international best practice to invest in investible instruments issued or backed by the sovereign authority and that the FGN securities meet the objectives of safety and fair returns.

“The FGN has consistently met its repayment obligations, both principal amount and accrued interest, for all investments in bonds and T-bills to all investors including pension funds. The information is always in the open and accessible on our website, www.pencom.gov.ng,” she said.

The PenCom DG further clarified claims about outstanding benefits to Federal Government retirees.

“The delayed payment of retirement benefits to some Federal Government retirees and deceased employees is because of the inadequate and delayed funding for the payment of Accrued Pension Rights for those who were in service before the Contributory Pension Scheme (CPS) was introduced when PenCom was established in 2004,” she said.

“Payment of the accrued rights is subject to release of funds by the Federal Government. So, it is beyond the powers of the Commission. However, we have been engaging the Federal Ministry of Finance for more funds to be released to settle these liabilities, but it is not a secret that the government itself has budgetary constraints.”

She said all those enrolled under the CPS have been receiving their benefits through their PFAs and there is no unsolved complaint before the Commission.

 

 

 

 

 

 

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President Tinubu Sends State Police Amendment Bill to Senate

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By Yusuf Danjuma Yunusa

President Bola Tinubu has transmitted a Constitution Alteration Bill seeking the establishment of state police to the Senate.

The Senate President, Godswill Akpabio, made this known during Tuesday’s plenary, adding that the Senate will consider the constitutional amendment bill on Wednesday, tomorrow.

Akpabio also announced that the states have promised to consider the state police bill on the same day once they receive it.

The proposed legislation seeks to amend relevant provisions of the 1999 Constitution to create a legal framework for state police across the federation.

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The move follows repeated calls by the President for constitutional reforms to enable states to play a greater role in securing their territories.

In February, Tinubu urged the National Assembly to amend the Constitution to accommodate state police, describing the reform as necessary to tackle terrorism, banditry and other security threats.

During his Democracy Day address earlier this month, the President vowed that terrorists, bandits and their sponsors would face the full weight of the law, insisting that no mercy would be shown to enemies of the state.

Tinubu said more than 13,000 terrorists had been neutralised within the last year and noted that terrorism-related deaths had fallen significantly compared to previous years.

However, he acknowledged that the continued captivity of schoolchildren abducted in Oyo and Borno states remained a painful reminder of the country’s security challenges.

The state police proposal has gained momentum in recent months, with both chambers of the National Assembly advancing constitutional amendment processes aimed at decentralising policing powers to the states.

The Senate is also expected to reconvene today for an emergency plenary session as lawmakers move to pass the bill and advance one of the most far-reaching security reforms in the country’s democratic history.

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PRP: Kwankwaso Not Our Member, Primaries Are Over – Secretary Dismisses Guza’s 69 Forms Claim

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Rabiu Musa Kwankwaso

 

 

The Peoples Redemption Party, PRP, has denied allegations that it sold 69 nomination forms to former Kano Governor Rabiu Musa Kwankwaso to “hijack” the party, saying all positions have been filled and Kwankwaso is not even a member.

Abdulkadir Guza had alleged that Kwankwaso procured 69 PRP nomination forms to take over the party’s structure ahead of 2027.

In an interview with Journalists on Monday, PRP Secretary Alhaji Musa Maigari said ”
As it stands, all positions in PRP have been filled. Primary elections are over, and every political party has concluded its primaries,” he said.

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He further stated that the person behind the allegation has no link to PRP. “The man who raised these allegations is not even our member. It is laughable at this time when primaries are over, someone is talking about primaries or nomination forms.”

The Secretary insisted there is no record of any form transaction with Kwankwaso or his representatives at the party secretariat.

Maigatari noted that the claim appears ill-timed, coming after PRP concluded its primary elections for the next election cycle.

He urged members of the public to disregard “baseless rumors” and rely only on information from the party’s official channels.

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El-Rufai Files No-case Submission, Insists DSS Lacks Evidence in Security Breach Case

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By Yusuf Danjuma Yunusa

Former Governor Nasir El-Rufai of Kaduna State on Tuesday opted for a no-case submission in his ongoing trial over alleged beach of national security.

The ex-governor made this known through his lawyer, Paul Erokoro, SAN, before Justice Joyce Abdulmalik of the Federal High Court in Abuja, shortly after State Security Service, SSS, closed it case.

When the case was called, the DSS lawyer, Oluwole Aladedoye, SAN, informed the court that the prosecution would not be calling further witnesses in the matter.

Aladedoye said with the evidence led so far, the prosecution was satisfied that it had been able to establish the offences with which El-Rufai was charged.

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Following the development, Erokoro notified the court that the defence planned to file a no-case submission, arguing that the prosecution had failed to establish sufficient evidence against the former governor.

He, therefore, sought two weeks to file the application, while the prosecution requested two weeks to respond.

Erokoro also applied for a variation of some of the bail conditions earlier granted to El-Rufai, describing them as stringent and difficult to meet.

He argued that the bail terms were too stringent, particularly the requirements for level 17 civil servants with properties in Maitama or Asokoro, as well as verification and attestation letters from the Kaduna State traditional council.

Aladedoye, however, opposed the request, insisting that qualified public officers who meet the conditions exist and urging the court to refuse the application.

Justice Abdulmalik, in her ruling, declined the application to vary the bail conditions.

The judge held that there are civil servants who own properties at the said location.

She adjourned the matter until Sept. 22 for the filing of the no-case submission and continuation of trial.

The DSS had sued El-Rufai after he claimed, during an Arise Tv interview, that he intercepted a telephone conversation involving the the National Security Adviser (NSA), Mr Nuhu Ribadu.

The ex-governor had alleged that the conversation, on the telephone, revealed instructions to security operatives to arrest him.

He linked the alleged directive to an incident at the Nnamdi Azikiwe International Airport on Feb. 12 after his return from Cairo, Egypt.

Mr El-Rufai, who was arraigned on April 23 for allegedly intercepting the phone conversations of the telephone line of the NSA, pleaded not guilty to the five-count further amended charge.

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