The Director General of Pension Commission of Nigeria, PenCom, Mrs. Chinelo Anohu-Amazu has disclosed and cleared rumours by some stakeholders that the N5.3trillion Pension Fund is sitting idle with some commercial banks in Nigeria.
The DG of the commission during a media chat in Lagos revealed that contrary to the rumours, the fund was not in any commercial bank and has rather been invested in some securities in accordance with the law.
Mrs. Anohu-Amazu, noted that the funds had security fence built to protect it from being diverted into personal use. She added that the funds has been invested in Federal Government bonds, among others lucrative investment windows which could be redeemed upon retirement of the beneficiaries.
“Nobody denies anybody from accessing pension funds for investment, but the guideline must be strictly followed, and majority of those complaining of such denial have not complied with investment guidelines,” She added.
She also disclosed that investments into infrastructural development and other investments must abide strictly by the guidelines laid down in the Pension Reform Act 2014.
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