NewStats: 3,263,969 , 8,182,110 topics. Date: Monday, 09 June 2025 at 06:06 AM 3w4y5y

By EBERE NWOJI & KAYODE ADELOWOKAN

• Floats own pension fund

• It’s unconstitutional – PENCOM

The Academic Staff Union of Universities (ASUU) may have put action to its threat to quit PenCom, forming the National University Pension Commission (NUPENCO), an independent body to manage its pension fund.

But PenCom, which claims a statutory responsibility to manage pension funds in the country, insisted no such thing would happen.

PenCom said no association or labour union, including ASUU, has the constitutional right to pull out of the contributory pension scheme established by the Pension Reform Act (PRA) 2004 or set up its own pension fund without the approval of the commission.

PenCom said pulling out of the scheme by any association can only be done after the amendment of the 2004 Pension Act.

However, ASSU officials told Daily Newswatch that they are already recruiting the personnel that would pilot the affairs of the NUPENCO, arguing that as a body of elite, the union has constitutional right to handle what concerns the destiny of its .

The Chairman of ASUU, University of Lagos chapter, Dr. Karo Ogbinaka, had in a recent interview with Daily Newswatch stated that due to irregularities and lack of transparency noticed by the union in the management of their pension fund by their various pension fund managers, the union have unanimously agreed to take their fate into their hands by pulling out of the pension fund s licensed by the National Pension Commission and set up their own pension body that would manage their funds.

According to him, the body tagged NUPENCO will be domiciled at the University of Lagos and will start operation by first managing the pension fund of academic staff of universities nationwide, after which it will sweep all staff of universities and other tertiary institutions under its management.

Ogbinaka said the purpose is to ensure that ASUU have their pension entitlement intact, adding that the current situation in which there is disparity in the amount the universities deduct from the salaries of the ASUU and the amount the PFAs record as savings in their Retirement Savings (RSA) will not guarantee the safety of the ’ hard earned money.

Ogbinaka also complained that ASUU and other contributors are kept in the dark on the investments of their funds, arguing that of the union would want their money to be invested in places that would be beneficial to them and in a very transparent way.

He insisted that the establishment of NUPENCO is not negotiable, stressing that recruitment of personnel for the body is already in progress and there is no going back.

“ASUU has started the recruitment of personnel that will manage the board of NUPENCO at the University of Lagos. So, if anybody is saying we don’t have constitutional right to have what concerns our destiny, if they are still doubting it, please, you can go to Google search engine and find out,” he said.

He explained that “the formation of NUPENCO is part of the issues determined by law in the country. The law is open to anybody that wants to set up its own pension manager as long as it can follow the rule of law and ASUU will not do anything that is illegal.

“We have who are lawyers, even senior advocates; anywhere you have a university across the federation. We have people who have Ph. D in Law as our , so, nobody should think we don’t know what we are doing. We are duly ed.”

But Mr. Emeka Onuora, Head Corporate Communications of PenCom, and Usman Musa, former Special Assistant to the Acting Director General of PenCom, Mrs. Chinelo Anohu- Amazu, told Daily Newswatch that the law establishing the contributory pension scheme and the pension fund s is still intact and has not permitted anybody to pull out of the scheme or establish own pension fund manager without due license from the regulatory body.

Consequently, they said NUPENCO establishment is not backed by law and, therefore, cannot exist.

http://www.mydailynewswatchng.com/2013/06/24/crisis-as-ASUU-quits-pencom-over-fraud/

Make dem no make dem vex o because d only language wey dem understand na STRIKE.

Like seriously!!! PENCOM has a lot to answer sincerely with regards people's hard earned monies! They are so full of the monopoly the law has put for them! They are feeding fat from people's cash all over the country!

I do not ASUU going against the law or Act establishing Pension matters, but in the same way, I do not subscribe to PENCOM acting in this monopolistic tendencies for one bit!!!

Lets see this unfold

I see strike on the way

Thiefery Pencom

Abandon projects version 2!!

just few months and i'll graduate i hope they will not go on strike because of dis.I don tire for dis skool.

dear students,

begin preparations for a possible long stay at home should this matter escalate.

Babaofor: just few months and i'll graduate i hope they will not go on strike because of dis.I don tire for dis skool.

I will understand your frustrations if they do.. In my period.., the strike was every other week..

One thing that diminish the integrity of various institutions in Nigeria is lack of transparency & corruption. You all know that Pencom do not v clean hands.
____________________
Last Bullet: If ASUU successfully pulls out of Pencom, it's a greenlight for other bodies in Nigeria to also pull out 1 by 1, citing various excuses like lack of transparancy, corruption.

i love this union

i see a STRIKE

corruption everyhwhere

raytony: Make dem no make dem vex o because d only language wey dem understand na STRIKE.

Hey you copied my style, Having Letter (Y) consonant surfix at the Merged names...like (Raystanley)... Lol

Most Powerful Union in Nigeria... So powerful, they could be making their own Laws soon.
I Love ASUU Joor. Comprising of the greatest collection of Scholars in the Country. What do you have to tell them?

I ASUU. Must they fold their hands and one son of Adam empty their saving such that at retirement all you hear is story

Mee234: i love this union

me too,waiting 4 big big grammar to start flowing soon

PENCOM said we MUST chop your pension.

So lecturers dey retire? Na wao....abeg pension abi na pencon make una giv those guys wetin dem want or una go see strike and hear grammar

Dis movie go sweet to watch o! ThankGOD Unizik no dey go strike cos i see ASUU going on strike cos of dis.. 50:50=the way 4ward..

ASUU u have really done well with this new idea.....PENCOM is one of the most corrupt organization in nigeria* Take a look @ what happen to retired officeers of NPF(Nigeria Police Force) in nigeria, do u no dat PENCOM will withheld your 60 % of ur gratuity & pay u 40% to start up with ur life after serving Nigeria in 35years with ur life & sacrifice? Tell me, hw will diz officiers survive with diz little token givn 2 dem as gratuity? Sum of dem has families to takecare of, also problems to attend 2 since dey have retired* My very own uncle who retired as a senior supritendent of police is now beggin for food 2 feed his family in d villiage, where as his remaining gratuity is restn in d hand of PENCOM for no reason* The worse of it, they will pay u ur pension through dat ur gratuity u left behind, what a wicked country? PENCOM should go & stop eatn off civil servants hard earn*

raytony: Make dem no make dem vex o because d only language wey dem understand na STRIKE.

hahahahahaha

IF WE SAY MAKE DEM VOTE BUHARI NA DEM NO GO HEAR WORD.ABEG MAKE DEM ENJOY D FRESH NO SHOE BREEZE

A test for the courts i think

Chocboyslim: ASUU u have really done well with this new idea.....PENCOM is one of the most corrupt organization in nigeria* Take a look @ what happen to retired officeers of NPF(Nigeria Police Force) in nigeria, do u no dat PENCOM will withheld your 60 % of ur gratuity & pay u 40% to start up with ur life after serving Nigeria in 35years with ur life & sacrifice? Tell me, hw will diz officiers survive with diz little token givn 2 dem as gratuity? Sum of dem has families to takecare of, also problems to attend 2 since dey have retired* My very own uncle who retired as a senior supritendent of police is now beggin for food 2 feed his family in d villiage, where as his remaining gratuity is restn in d hand of PENCOM for no reason* The worse of it, they will pay u ur pension through dat ur gratuity u left behind, what a wicked country? PENCOM should go & stop eatn off civil servants hard earn*

The level of lack of knowledge on the Nairaland forum is so apparent in some people's comment. It is always good speak on what you know rather than just jump into conclusion blindly. I think it is always good to educate ourselves where and when necessary.

For your information, PENCON don't keep anybody's money. PENCOM (Pension Commission) is just a regulatory body created to license and regulate the activities of Pension funds s (PFAs) and Pension fund custodians (PFCs). As an individual, you have the right to choose your PFA (there are 24 licensed PFAs and 5 licensed PFCs and these are respectable private companies such as Stabic IBTC, Pension Alliance, AIICO, ARM, Citi-Trust, Crusader-sterling, Fidelity, IGI, Leadway, Legacy, Sigma etc. The five PFCs are Diamond PFC, First PFC, Oceanic PFC, UBA PFC and Zenith PFC). While the PFAs manage your funds (invest and ), the actual custody of your pension funds are domiciled with the PFCs which are all banks.

It is your right to choose your PFA and demand services from them just like banks. The roles of Pencom is similar to that of CBN which license and regulate banks, NSE which license and regulate Stockbrokers, NAICOM which license and regulate insurance companies, NCC which license and regulate telecoms. As an individual, you can change your PFA if you are not satisfy with their service. You can demand monthly statement from them or better still require an online logging details that would give access to your pension fund online real-time. Just like other regulators, you can report irregularity or fraudulent acts of your PFA to Pencom for appropriate sanction(s).

As for ASUU, the only thing they can do under the PENCOM ACT 2004 is to apply to PENCOM to as a Closed-PFA (such as we have Chevron Closed PFA) and will be able to manage their ' fund but they will still be regulated by the Pencom so there is nothing like pulling out of the scheme under the LAW unless amended. Or is it possible for ASUU to float their own bank without CBN approval? Sure it is NOT possible, therefore ASUU should apply if they want but they cannot pull out of the scheme.

olajay5:

The level of lack of knowledge on the Nairaland forum is so apparent in some people's comment. It is always good speak on what you know rather than just jump into conclusion blindly. I think it is always good to educate ourselves where and when necessary.

For your information, PENCON don't keep anybody's money. PENCOM (Pension Commission) is just a regulatory body created to license and regulate the activities of Pension funds s (PFAs) and Pension fund custodians (PFCs). As an individual, you have the right to choose your PFA (there are 24 licensed PFAs and 5 licensed PFCs and these are respectable private companies such as Stabic IBTC, Pension Alliance, AIICO, ARM, Citi-Trust, Crusader-sterling, Fidelity, IGI, Leadway, Legacy, Sigma etc. The five PFCs are Diamond PFC, First PFC, Oceanic PFC, UBA PFC and Zenith PFC). While the PFAs manage your funds (invest and ), the actual custody of your pension funds are domiciled with the PFCs which are all banks.

It is your right to choose your PFA and demand services from them just like banks. The roles of Pencom is similar to that of CBN which license and regulate banks, NSE which license and regulate Stockbrokers, NAICOM which license and regulate insurance companies, NCC which license and regulate telecoms. As an individual, you can change your PFA if you are not satisfy with their service. You can demand monthly statement from them or better still require an online logging details that would give access to your pension fund online real-time. Just like other regulators, you can report irregularity or fraudulent acts of your PFA to Pencom for appropriate sanction(s).

As for ASUU, the only thing they can do under the PENCOM ACT 2004 is to apply to PENCOM to as a Closed-PFA (such as we have Chevron Closed PFA) and will be able to manage their ' fund but they will still be regulated by the Pencom so there is nothing like pulling out of the scheme under the LAW unless amended. Or is it possible for ASUU to float their own bank without CBN approval? Sure it is NOT possible, therefore ASUU should apply if they want but they cannot pull out of the scheme.

guy thank u 4 dat lecture

olajay5:

The level of lack of knowledge on the Nairaland forum is so apparent in some people's comment. It is always good speak on what you know rather than just jump into conclusion blindly. I think it is always good to educate ourselves where and when necessary.

For your information, PENCON don't keep anybody's money. PENCOM (Pension Commission) is just a regulatory body created to license and regulate the activities of Pension funds s (PFAs) and Pension fund custodians (PFCs). As an individual, you have the right to choose your PFA (there are 24 licensed PFAs and 5 licensed PFCs and these are respectable private companies such as Stabic IBTC, Pension Alliance, AIICO, ARM, Citi-Trust, Crusader-sterling, Fidelity, IGI, Leadway, Legacy, Sigma etc. The five PFCs are Diamond PFC, First PFC, Oceanic PFC, UBA PFC and Zenith PFC). While the PFAs manage your funds (invest and ), the actual custody of your pension funds are domiciled with the PFCs which are all banks.

It is your right to choose your PFA and demand services from them just like banks. The roles of Pencom is similar to that of CBN which license and regulate banks, NSE which license and regulate Stockbrokers, NAICOM which license and regulate insurance companies, NCC which license and regulate telecoms. As an individual, you can change your PFA if you are not satisfy with their service. You can demand monthly statement from them or better still require an online logging details that would give access to your pension fund online real-time. Just like other regulators, you can report irregularity or fraudulent acts of your PFA to Pencom for appropriate sanction(s).

As for ASUU, the only thing they can do under the PENCOM ACT 2004 is to apply to PENCOM to as a Closed-PFA (such as we have Chevron Closed PFA) and will be able to manage their ' fund but they will still be regulated by the Pencom so there is nothing like pulling out of the scheme under the LAW unless amended. Or is it possible for ASUU to float their own bank without CBN approval? Sure it is NOT possible, therefore ASUU should apply if they want but they cannot pull out of the scheme.

Rubbish. Whether PENCOM,PFA,PFC or whatever u call it is nothing but a scam 2 enrich few govt officials. What can u say about d thief that was asked 2 pay peanut 4rom what he stole by d court? Or where is mr Maina? Whether one regulate while d others collect & ,what we re saying is they all are feeding fat on civil servant money in d name of pension. How can u deduct 4rom sombody's salary 4 over 35 yrs & only giv peanuts 2 lucky few after retirement. How about those that leave their job b4 d 35 yrs & are not up to 60? May b u dont know what pensioners are ing thru under d current system. Or are u saying those lecturers dont know about PENSION Act 2004? Just like NHIS, Pension contribution is a scam under d present system

lesson maina well learnt...carry go joor ASUU!

olajay5:

The level of lack of knowledge on the Nairaland forum is so apparent in some people's comment. It is always good speak on what you know rather than just jump into conclusion blindly. I think it is always good to educate ourselves where and when necessary.

For your information, PENCON don't keep anybody's money. PENCOM (Pension Commission) is just a regulatory body created to license and regulate the activities of Pension funds s (PFAs) and Pension fund custodians (PFCs). As an individual, you have the right to choose your PFA (there are 24 licensed PFAs and 5 licensed PFCs and these are respectable private companies such as Stabic IBTC, Pension Alliance, AIICO, ARM, Citi-Trust, Crusader-sterling, Fidelity, IGI, Leadway, Legacy, Sigma etc. The five PFCs are Diamond PFC, First PFC, Oceanic PFC, UBA PFC and Zenith PFC). While the PFAs manage your funds (invest and ), the actual custody of your pension funds are domiciled with the PFCs which are all banks.

It is your right to choose your PFA and demand services from them just like banks. The roles of Pencom is similar to that of CBN which license and regulate banks, NSE which license and regulate Stockbrokers, NAICOM which license and regulate insurance companies, NCC which license and regulate telecoms. As an individual, you can change your PFA if you are not satisfy with their service. You can demand monthly statement from them or better still require an online logging details that would give access to your pension fund online real-time. Just like other regulators, you can report irregularity or fraudulent acts of your PFA to Pencom for appropriate sanction(s).

As for ASUU, the only thing they can do under the PENCOM ACT 2004 is to apply to PENCOM to as a Closed-PFA (such as we have Chevron Closed PFA) and will be able to manage their ' fund but they will still be regulated by the Pencom so there is nothing like pulling out of the scheme under the LAW unless amended. Or is it possible for ASUU to float their own bank without CBN approval? Sure it is NOT possible, therefore ASUU should apply if they want but they cannot pull out of the scheme.

Save your stories. Tell us how you steal the money.

Eazee-e:


Rubbish. Whether PENCOM,PFA,PFC or whatever u call it is nothing but a scam 2 enrich few govt officials. What can u say about d thief that was asked 2 pay peanut 4rom what he stole by d court? Or where is mr Maina? Whether one regulate while d others collect & ,what we re saying is they all are feeding fat on civil servant money in d name of pension. How can u deduct 4rom sombody's salary 4 over 35 yrs & only giv peanuts 2 lucky few after retirement. How about those that leave their job b4 d 35 yrs & are not up to 60? May b u dont know what pensioners are ing thru under d current system. Or are u saying those lecturers dont know about PENSION Act 2004? Just like NHIS, Pension contribution is a scam under d present system

Bros, the best way to live is to learn and seek knowledge always. "A man starts dying the very day he stopped learning". The issue of Maina and the fraud perpetrated was based on the old system under which the Civil Servants’ pension entitlements was kept by the government. Though the Maina saga was just discovered now but the fraud has being going on a very long time ago.

However, the Pencom Act was enacted during the OBJ's tenure in 2004. I maintained, this is one of the best policy any Nigerian government has ever made. The Act effectively "privatised" the pension system so that it is in the hands of respectable companies (mostly banks and/or their subsidiaries). With the Pencom Act, it is difficult for anybody to defraud you of your pension fund. With your comment above, I guess you are NOT working in a structured corporate environment. If you do, you would have had dealings with your PFA to know the status of your pension . Please read about the PENSION ACT. It is available on the internet but the problem is most Nigerians will NEVER read and they act in absolute ignorance.

As stated earlier, it is the responsibility of the employer to deduct the pension from your salary (usually 7.5% of your basic, housing and transport to be contributed by the employee and same by the employer. Though some employers contribute more than 7.5% but that is the minimum) and remit to your PFA NOT LATER THAN 7 days after payment of salaries. It is your responsility to check your payroll to see how much was deducted and check your online PFA or monthly statement to be sure that the amount remitted is at least X2 of what was deducted from your salary.

Guys, olajay5 is absolutely right. Pencon is designed to curb the excesses of the old pension system. However, those older civil servants that started out with the old system had the option of continuing with that system instead of the new one. The current Pension Scheme is excellent and should be encouraged. The ASUU story doesn't seem to add up.

If you work in a corporate environment in Nigeria, you would know. And if you are as student or unemployed, ask from your acquaintances who are currently employed. They would educate you better.