Senate Begins Probe Of N27 Billion PHCN Pension Fund


The senate Committee on Ethics, Privileges, and Public Petition on Monday opened investigative hearing into the allegedly “Missing” N27billion meant for the payment of the pension of former staff of Power Holding Company of Nigeria PHCN. The probe by the Senate followed a petition by the disengaged staff under the aegis of the National Association of Disengaged Staff of PHCN. Presenting the petition, the Deputy Chairman of the disengaged PHCN workers, Lawal Abdul Magini told the Senate panel that it relied on some media reports alleging that N27 billion meant to clear pension was approved and paid but was diverted by a private insurance company, BestWorth Insurance Brokers. The workers through their lawyer, Emmanuel Okere told the Senate panel that the matter is currently being investigated by the Economic and Financial Crimes Commission, EFCC; calling on it to use its power to invite the Bureau For Public Enterprises, BPE, EFCC, BestWorth insurance Brokers and Polaris Bank for questioning. Responding, the chairman of the committee and senator representing Ondo Central, Senator Ayo Akinyelure however stepped down the petition; advising the petitioners and their lawyer to furnish it with more documentary evidence to drive its investigation to a logical conclusion as it could not rely solely on circumstantial evidence.

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