Home BUSINESS BANKING & FINANCE How Pencom Director General Allegedly Turns The Organization Into Family Affair

How Pencom Director General Allegedly Turns The Organization Into Family Affair

PENCOM DGFacts emerged on how the Director General of the National Pensions Commission (Pencom), Chinelo Anohu-Amazu has turned the company into a family affair.

It was gathered that the DG has transferred the funds of an active pension fund administrator to another firm, known as Premium Pension Limited in which her family has interest.

The firm, according to insiders, is a family business in which the DG`s mother, Mrs. Virgy Anohu-Amazu served two full terms of five years each (10 years), which is the maximum allowed under Pencom regulations years. The DG`s mother was said to have been replaced on the Premium Pension Board by her elder brother.

It was learnt that the sacked Managing Director, whose case was the basis for the regulator`s intervention, was appointed and remains the Chief Executive Officer of the Premium Pension Limited, a firm in which the DG`s family has substantial interests.

It would be recalled that Justice D. U. Okorowo of the Federal High Court in Abuja had on August 11, 2011, gave an injunction, restraining the DG from taking any action based on the spurious Draft Report but that she went on defy the Court Order and that she also ignored a letter of the Attorney General of the Federation and Minister of Justice, directing Pencom to obey the Court order.

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The subsequent judgments of 10 July and 18 July 2012, by justices Okechukwu Okeke and Okorowo, respectively, asking Pencom to reverse the unlawful actions it had taken in defiance of a subsisting Court Order and restraining its agents and collaborators, including the EFCC and the Corporate Affairs Commission (CAC), from taking further actions on the matter, were also ignored by the DG. [myad]

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