Nnaji Panel Uncovers N546m PHCN pension stashed in London bank since 1970

Nnaji Panel Uncovers N546m PHCN pension
stashed in London bank since 1970.
**it was to settle the salaries and pension of
expatriate workers then.
**PHCN workers lied about Govt deducting
25% of their salaries.
**our High Commissioner in UK can help in
retrieving the money.”
A panel set up by the federal government to
investigate pension fund of the Power
Holding Company of Nigeria (PHCN) has
unearthed £2.2million (N546 million) lying in
an account at the Barclays Bank of London,
United Kingdom.
The account was opened in the 1960s or 70s,
the committee chairman, Mr. Joseph Ajiboye
told Daily Trust.
Former minister of Power Prof Barth Nnaji
had on July 18, 2012 inaugurated an eight-
member probe panel to investigate the status
of pension in the power sector vis-à-vis the
Pension Laws since 1979.
Ajiboye said effort to retrieve the money was
met with “bottleneck” and brick wall but
assured that “the Nigerian High
Commissioner in London can help in
retrieving the money.”
He said today’s PHCN started as Niger Dam
Authority to Electricity Company of Nigeria
(ECN). The account was meant to settle the
salaries and pension of expatriate workers
then but that the committee learnt the last
expatriate has died and “there was no longer
reason to keep the account.”
On the controversial 25 percent allegedly
deducted from PHCN workers salary, Ajiboye
explained that findings from meetings held
with the Nigerian Union of Pensioners and
pay slips of up to April 2012 presented by
PHCN workers revealed that there was no
evidence of deduction from any workers
salary.
In his remarks, minister of state for power
Darius Ishaku expressed the hope that the
report will aid in finding a lasting solution to
the lingering feud between PHCN workers
and government saying the “only issue left
with labour has now been transferred to
office of the Secretary to the Federal
Government (SGF).” - daily trust.