Tuesday, 11 September 2012

£2 Million PHCN Fund stashed away in Barclays Bank

An investigative panel set up by the Federal Government to audit the controversial Power Holding Company of Nigeria (PHCN) Superannuation Pension Fund has discovered that parts of the company’s pension is stashed away in a bank in the United Kingdom (UK). The amount, totaling £2,204,814.18, which has been in Barclays Bank for about 21 years, was discovered to have accumulated from pension deposits for expatriate workers of the power utility and was believed to have been transferred by its officials long before the National Electric Power Authority (NEPA) metamorphosed into PHCN.
The panel’s report also indicates that PHCN has in the past 21 years failed to fund its in-house pension scheme, thus putting the future of its retiring workers in jeopardy. It disclosed that the company has no money to fund the pension scheme.
The chairman of the eight-man audit panel on PHCN pension, Mr. Joseph Ajiboye, who is also a former Auditor-General of the Federation (AGF), said that the panel could not ascertain if officials of PHCN had continued to remit pension and gratuity deductions to the foreign account, considering that the last expatriate pensioner of the utility is reported to have died.

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