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Senate Approves Bill To Ease Retirees’ Access To Pension Funds

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The Senate has cleared the Pension Reform Act 2014 (Amendment) Bill, 2022, for a second reading, with the goal of making funds in the Contributory Pension Scheme’s Retirement Savings Account more accessible to retirees.

Senator Aliyu Wamakko (APC/Sokoto-North) sponsored the bill.

Wamakko, who led the debate on the bill’s general principles, said the proposed revisions to the Pension Reform Act 2014 would allow retirees to take a specific and appropriate percentage of their retirement savings accounts.

According to him, the bill’s recommendations aim to help retirees with the delays and other issues they have when withdrawing their money from their RSA.

The lawmaker, a former governor of Sokoto State, decried the inability of pensioners to access their benefits after service, which he said had resulted in their suffering and, in most cases, led to eventual and untimely deaths.

He said, “None of us can claim ignorance of the long-drawn-out anguish of retirees from the civil service, Nigerian Prison Service, universities and parastatals, among other federal agencies in this country.

“These retirees, rather than enjoy retirement after selflessly serving their fatherland, have continued to live in misery and pain, leading to diseases and even death, as they cannot easily access their benefits.”

The lawmaker explained that the Pension Reform Act 2004, amended as Pension Reform Act 2014, provides for a departure from the old pension scheme of ‘Defined Benefits’ to the new Contributory Pension Scheme that established the National Pension Commission.

Wamakko also noted that despite the amendments to the Pension Act, the legislation had failed to achieve its objective of solving the intractable pension crisis in the country.

The lawmaker added, “Suffice to say that the issue of pension Nigeria has more or less turned into a monster that has defied all efforts by successive governments to contain it.

“In view of the retirees’ protracted sufferings and pains, who are equally Nigerians, continued search for a lasting panacea is a duty-bound upon us and all others concerned.”

Wamakko explained that the Act in Section 7(1)(a) was amended in the bill to allow retirees to withdraw 75 percent of their benefits.

He bemoaned the situation where pension administrators in the country benefit at the expense of Nigerian pensioners who continue to suffer neglect.

The lawmaker said, “These Nigerians who have retired from service after several years serving the nation are finding it extremely difficult to be the owners of their pension savings in this new arrangement.

“So, unless that law is made categorically clear that they can withdraw the 75 percent, which we are proposing in this amendment, then they can definitely have some relief as retirees.”

President of the Senate, Ahmad Lawan, referred the bill to the Committee on Establishment and Public Service Matters after scaling the second reading.

The committee was given four weeks to report back to the Senate.

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JUST IN: EFCC To Arraign Former CBN Governor Emefiele On Fresh Charge, Says He Printed N684.5m Notes With N18.9bn

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The Economic and Financial Crimes Commission (EFCC) has filed a new indictment at the High Court of the Federal Capital Territory against the embattled former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

Emefiele was charged by the EFCC with authorising the printing of N684,590,000, or N18.96 billion.

The EFCC claimed in the charge sheets released on Tuesday that Emefiele violated the law while carrying out the former President Muhammadu Buhari’s naira swap programme with the intention of hurting the general public.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

The document dated April 2, 2024, and marked Suit No: CR/264/2024, was filed by EFCC’s top prosecutor, Rotimi Oyedepo, SAN revealed that Emefiele will be arraigned on a new four-count charge before Justice Hamza Muazu bordering on disobeying the law to punish Nigerians, iilegal printing of money, abuse of office, among others.

Counts one to four of the charge, read, “STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.

“PARTICULARS OF THE OFFENCE: That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

“COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

“COUNT 3: “That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

“COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”

Recall that Emefiele was on November 18, 2023, arraigned before the court on six counts of procurement fraud, in what is the most high-profile corruption case under President Bola Ahmed Tinubu.

He was also accused of abusing his office by approving a contract for the acquisition of 43 vehicles totalling N1.2 billion from 2018 to 2020.

On Monday, April 8, 2024, the EFCC arraigned the former banker alongside one Henry Omoile before Justice R.A. Oshodi of the Special Offences Court sitting in Ikeja, Lagos for an alleged $4.5bn and N2.8bn fraud.

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UNN Suspends, Probes Lecturer For ‘Attempting To Sexually Assault’ Student

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A lecturer known as Mfonobong Udoudom has been suspended by the University of Nigeria (UNN) for what it called an “inappropriate affair” with a student.

Viral videos surfaced on Tuesday showing the senior lecturer of general studies pacing around his office in his pants, looking visibly alarmed.

Sources at the university said that the lecturer was “caught pants down attempting to have sex with a married female student of the school.”

According to the sources, Udoudom had a long-standing custom of “passing female students only after sleeping with them.”

He was accused of forcing a female student to understand that she would fail his course unless she agreed to have sex with him.

One of the sources, under anonymity, said the female student planned with her husband to entrap the lecturer while working with UNN security and other students.

The student source further said the security agents forcefully broke into his office and caught the lecturer “in action.”.

“It was planned out with her husband and security agents at the school. The female was made to approach the lecturer to offer him money in order to scale through his course. He refused and insisted he needed to have sexual intercourse with her in his office,” the source said.

“When the lady succumbed to his demands and asked him to undress, he was caught wearing only boxers.”

In the now-viral footage, a witness is heard saying, “We have been following this case from day one. We have all the chats, voice notes, video calls, and every conversation he had with the female student.”.

When contacted, UNN management told TheCable that Udoudom has now been suspended.

Okwun Omeaku, UNN’s acting media spokesperson, said the senior lecturer will be made to face the staff disciplinary panel.

“The indefinite suspension is with immediate effect pending the outcome of a disciplinary panel constituted by the university to investigate the incident,” he said.

“UNN has a zero tolerance for sexual misconduct involving our staff and students.

“We are committed to protecting our students from any form of abuse and exploitation. The university management will not hesitate to punish Mr. Mfonobong David Udoudom according to our rules if he is found guilty.”

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Yahaya Bello Took $720k From State Treasury To Pay His Child’s School Fees — EFCC Chairman Olukoyede

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The Economic and Financial Crimes Commission (EFCC) chairman, Ola Olukoyede, claims that Yahaya Bello, the former governor of Kogi, took out $720,000 to cover his child’s upfront school fees.

Olukoyede made this known in Abuja on Tuesday during an interactive session with media executives.

The head of EFCC claimed that the former governor of Kogi transferred funds to a bureau de change operator and utilised them to pay his child’s school fees ahead of time.

Olukoyede added that Bello made the payment in anticipation that his tenure was gradually coming to an end.

“A sitting governor, because he knew he was leaving office, moved money directly from the government to bureau de change and used it to pay his child’s school fee in advance,” the EFCC boss said.

“Over $720,000 in anticipation that he was going to leave the government house. In a poor state like Kogi, you want me to close my eyes under the guise of ‘I’m being used’. Used by who? At this stage of my life.”

Olukoyede said he inherited the case file of the former Kogi governor, noting that he did not initiate the investigation against Bello.

On April 17, EFCC operatives laid siege on Bello’s residence in Abuja to arrest him over alleged N80 billion fraud.

While the EFCC operatives were at Bello’s residence, Usman Ododo, governor of Kogi, came to visit his predecessor.

Shortly after Ododo departed from the residence, the EFCC operatives also left the house.

Bello was reportedly rescued by Ododo when he departed his residence located in the Wuse Zone 4 district of Abuja.

Subsequently, the anti-graft agency declared the former governor wanted.

The Nigeria Immigration Service (NIS) has also placed Bello on a watchlist.

The anti-graft agency alleged that Bello, alongside Alli Bello, chief of staff to Ododo; and one Daudu Suleiman, diverted about N80.2 billion belonging to the Kogi government.

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