The eight-man-panel reported that over two million pounds
(approximately N500 million) which ought to have gone to the retirement fund is
presently stuck in a London account and that if recovered could help solve the
ongoing impasse between the electricity workers and the federal government.
Monday in Abuja, the Chairman of the investigative panel and a former Auditor-General of the Federation, Joseph Ajiboye said that Power Holding Company of Nigeria’s (PHCN) workers’ pensions was never a contributory scheme and was never funded by a budgetary allocation but rather through an internal arrangement in the company.
“The problem with the PHCN was that they didn’t have sufficient fund to be able to meet the requirements of that closed system, that is the major problem,” he said. Another major finding of the report according to Mr Ajiboye, was the existence of a mini—estate constructed to service the electricity workers’ retirement fund which was sold off without remissions to the fund, thereby starving the fund and making it impossible to pay off retired workers.
The investigative panel’s report has long been awaited. The panel was given 30 working days to probe the PHCN pension scheme especially the details of the N300 billion allegedly accumulated in the NEPA retirement fund which the former minister of power, Barth Nnaji had insisted was only N3 billion. The Minister of State for Power, Nuhu Wya, while receiving the report from the panel said “We hope this report will aid us to find a solution the lingering labour issue. And you know the only labour issue that is outstanding now is that of pension.”
The PHCN staff are demanding a 25 percent benefit on their pensions different from the 15 percent severance package offered by the federal government on grounds that this was a set standard for pensions and gratuity payoff peculiar to the PHCN pensions scheme under the retirement fund.
The former Auditor-General said he believes that “government in its wisdom will find a solution to this problem.”
8 comments:
Okay now they the govt know that such amt is stuck in London account what are they going to do abt it
The Ideally this money can be brought out from this account and then use it to solve this unnecssary problem on the pesioner but our dear country will always have a story to tell on this money
What a shame, so this was the reason why we didn't have steady or next to nothing when it came to power situation for 52yrs
Gd for them for all the pain they have caused us, as citizens,employers and individuals for 52yrs
But this is not fair, they have worked for 25yrs they shld be paid for their gratuity
Gratuity is meant to be paid to those that deserve it,they are cause to most of the problems in this nation-corruption
Nawo! such amt just lying there in another man's land and they are using it to trade and better their country since its an account
Big shame,all the money wasted in an abandoned in the so called NEPA buildings and now this huge amt in london? Msh! i give up, ds country needs miracle
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