Organised Labour has commended the Economic and Financial Crimes Commission (EFCC) for swooping on the management of the Power Holding Company of Nigeria (PHCN) over the workers’ missing N200 billion pension and superannuation fund, noting that the action will make the workers to get back their money.

The President of the Senior Staff Association of Electricity and Allied Companies (SSAEAC), Bede Opara said it was a good development, as the union would not allow its members’ interest to be undermined.
Opara explained that in 2004, when the new Pension Reformed Act came into force requiring public sector employees to open accounts with pension fund administrators, N88 billion contributed by the 47,000 PHCN workforce was thought to be in the pension scheme, but only a paltry N3 billion had been accounted for to date.

He said: “The important fact is that the management of PHCN is managing the pension fund and if they have any challenge, maybe the coming of the EFCC may expose it, because once we are able to know those who have embezzled our money, we would get it back from them for the workers. The most important thing here is for the workers to get back their money.


http://www.sunnewsonline.com/article/phcn-pension-scam-electricity-workers-commend-efcc-0

It beats my imagination when people intentionally deny retired workers of their pension, after 35years of meritorious service. Those involved should be exposed, and severe punishment be awarded to them. These victims are sometimes old men, with protracted sickness contacted from the hazards of their job. Some even die trying to fill forms. Pay them their due, it's a problem. God is watching