Ex­perts: N285bn Po­lice pen­sion in jeop­ardy if…

Daily Trust - - BUSINESS - From Kay­ode Ogun­wale, La­gos

The of­fi­cers and men of the Nigeria Po­lice face a bleak fu­ture af­ter re­tire­ment if plans by the federal govern­ment to move the N285bn pen­sion sav­ings meant for their pen­sion from Pen­sion Fund Ad­min­is­tra­tors (PFAs) to the Po­lice author­ity is al­lowed to ma­te­ri­alise.

The Federal Govern­ment has, there­fore, been ad­vised to drop the idea.

Pro­fes­sional PFAs op­er­at­ing in the coun­try cur­rently man­age po­lice pen­sion funds, which are meant to set­tle men and of­fi­cers of the NPF upon re­tire­ment in line with the Pen­sion Re­form Act (PRA) of 2004.

How­ever, plans are on to trans­fer N285bn of the funds to a new PFA to be known as NPF PFA and be man­aged by the Nigeria po­lice. But in­dus­try an­a­lysts and stake­hold­ers said given the re­cent hap­pen­ings re­lat­ing to the em­bez­zle­ment of po­lice pen­sions out­side the PFAs, tak­ing away the funds in the cus­tody of ex­ist­ing pro­fes­sional PFAs to po­lice will spell doom for their fu­ture.

Ac­cord­ing to some an­a­lysts, who spoke on con­di­tion of anonymity, tak­ing away the pen­sions from the PFAs does not only jeop­ar­dise their fu­ture but it also against the pro­vi­sion of PRA.

“We have heard and seen how pen­sion funds out­side the man­age­ment of the PFAs but be­long­ing to the po­lice have been em­bez­zled. Those em­bez­zled funds are gone and noth­ing is be­ing done to re­cover them. Now, the funds un­der the man­age­ment of the PFAs are be­ing tar­geted in the form of set­ting up a new NPF PFA to man­age the funds. This will amount to en­trust­ing the fu­ture of Nigeria po­lice men and woman to the hands of few in­di­vid­u­als. It is not only risky but it will also dampen the moral of of­fi­cers and men of the NPF,” an an­a­lyst said.

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