Reps To Investigate Alleged Violation of Public Procurement Act, Financial Mismanagement

The House of Representatives on Wednesday moved in favour of a motion seeking to investigate the alleged Violation of provisions of the Public Procurement Act and Financial Mismanagement by the National Pension Commission.

This is the sequel to a motion sponsored by Representative Zakariya’u Galadima from Yobe State who expressed worry that PENCOM investment power in the recent past has been subjected to gross abuse without compliance with the provisions of public procurement act of two thousand and seven.

Galadima stressed that like other government agencies, PENCOM is required to utilize its funds prudent and efficiently and to make all payment into the Treasury Single Account or designated accounts maintained in the Central Bank of  Nigeria, except otherwise expressly approved.

He is concerned that if these alleged reckless spending, misappropriation of funds and lack of adherence to due process are not addressed, the Commission at proceeding with similar abuses in future that will certainly put the interest of Pensioners and the industry as a whole in jeopardy.

The House in its resolution mandated its Committees on Public Procurement and Pensions to investigate the allegations and report back within six weeks for further legislative action.

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