FCTA remitted N3.2b to PENCOM in 2013 – Mohammed

The Federal Capital Territory Administration has remitted N3.2 billion to the National Pension Commission in 2013, being the contributory funds of staff of the Administration as well as the six Area Councils of the Federal Capital Territory.
The FCT Minister, Senator Bala Abdulkadir Mohammed, made this disclosure while receiving the Director-General of the Commission who paid him a working visit to his office at Area 11, Garki I District, Abuja.
The Minister further disclosed that this payment was done after due reconciliations between the officials of the FCT Administration and the National Pension Commission.
Senator Mohammed revealed that in addition, about N92 million is now being worked out to pay the Commission, being the outstanding of the FCT Contributory Pension fund.
The Minister however called on the management of the National Pension Commission to look into ways of making the huge amount of funds available to it for investment in infrastructural development instead of leaving such funds idle.
He said that the Commission can check the law establishing it to enable it go into partnership with genuine investors to use such funds available, thereby reducing the overdependence on foreign capital inflow.
Mohammed stated that such partnership could be guaranteed by a reputable bank in the country to take off the risk aspect of the investment from the Commission.
According to him, some of this infrastructural development like roads, housing and transportation are bankable and that monies stockpiled at the National Pension Commission can be used to turn around infrastructure in the country with profitable interest to all parties.
His words: “The banks can be used to float bonds for such purposes which could be beneficial to all parties involved.”
He said, for instance, the Abuja Master Plan has about 79 districts with nine sector centres in the Federal Capital City, with only 11 Districts as well as two Sector Centres so far developed while about 80 per cent of such districts have not been attended to due to the paucity of funds.
The Minister promised to make available a plot of land for PENCOM to build its State-of-the-Art Headquarters after the Commission has met all administrative processes.
Speaking earlier, the Director-General of the National Pension Commission, Chinelo Anohu-Amazu, remarked that she has gone round the country, including the FCTA, to explain the merit of PENCOM scheme to the end users.
The Director-General noted that ignorance from the people seems to be working against the Commission, especially some members of the Organized Private Sector that are not keen in joining the scheme.
Anohu-Amazu pointed out that the National Pension Commission has opened zonal office across the country to strengthen its performance.