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Nairaland Forum / Nairaland / General / Education / ASUU Quits Pencom & Forms NUPENCO Over Fraud (9206 Views)
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ASUU Quits Pencom & Forms NUPENCO Over Fraud by sukods55: 7:25am On Jun 24, 2013 |
By EBERE NWOJI & KAYODE ADELOWOKAN http://www.mydailynewswatchng.com/2013/06/24/crisis-as-ASUU-quits-pencom-over-fraud/ 2 Likes |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by raytony: 7:44am On Jun 24, 2013 |
Make dem no make dem vex o because d only language wey dem understand na STRIKE. 2 Likes |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by freebreezeyz(m): 10:04am On Jun 24, 2013 |
Like seriously!!! PENCOM has a lot to answer sincerely with regards people's hard earned monies! They are so full of the monopoly the law has put for them! They are feeding fat from people's cash all over the country! I do not support ASUU going against the law or Act establishing Pension matters, but in the same way, I do not subscribe to PENCOM acting in this monopolistic tendencies for one bit!!! 1 Like |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by KingsleyOGBITI(m): 10:10am On Jun 24, 2013 |
Lets see this unfold |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by ITbomb(m): 10:11am On Jun 24, 2013 |
I see strike on the way |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by Airforce1(m): 10:19am On Jun 24, 2013 |
Thiefery Pencom |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by nairaman66(m): 10:19am On Jun 24, 2013 |
Abandon projects version 2!! |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by Babaofor(m): 10:19am On Jun 24, 2013 |
just few months and i'll graduate i hope they will not go on strike because of dis.I don tire for dis skool. 1 Like |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by toluernanes: 10:26am On Jun 24, 2013 |
dear students, begin preparations for a possible long stay at home should this matter escalate. |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by nairaman66(m): 10:28am On Jun 24, 2013 |
Babaofor: just few months and i'll graduate i hope they will not go on strike because of dis.I don tire for dis skool. I will understand your frustrations if they do.. In my period.., the strike was every other week.. 1 Like |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by OkikiOluwa1(m): 10:56am On Jun 24, 2013 |
One thing that diminish the integrity of various institutions in Nigeria is lack of transparency & corruption. You all know that Pencom do not v clean hands. ____________________ Last Bullet: If ASUU successfully pulls out of Pencom, it's a greenlight for other bodies in Nigeria to also pull out 1 by 1, citing various excuses like lack of transparancy, corruption. 1 Like |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by Nobody: 10:59am On Jun 24, 2013 |
i love this union |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by PIPPROF(m): 11:18am On Jun 24, 2013 |
i see a STRIKE |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by AdekunleSegun(m): 11:19am On Jun 24, 2013 |
corruption everyhwhere |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by raystanley(m): 11:38am On Jun 24, 2013 |
raytony: Make dem no make dem vex o because d only language wey dem understand na STRIKE.Hey you copied my style, Having Letter (Y) consonant surfix at the Merged names...like (Raystanley)... Lol |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by Nobody: 11:48am On Jun 24, 2013 |
Most Powerful Union in Nigeria... So powerful, they could be making their own Laws soon. I Love ASUU Joor. Comprising of the greatest collection of Scholars in the Country. What do you have to tell them? 2 Likes |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by integrityfood: 11:50am On Jun 24, 2013 |
I support ASUU. Must they fold their hands and one son of Adam empty their saving such that at retirement all you hear is story |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by dnawah(m): 11:59am On Jun 24, 2013 |
Mee234: i love this unionme too,waiting 4 big big grammar to start flowing soon |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by bobthebuilder99(m): 12:12pm On Jun 24, 2013 |
PENCOM said we MUST chop your pension. |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by Nobody: 1:03pm On Jun 24, 2013 |
So lecturers dey retire? Na wao....abeg pension abi na pencon make una giv those guys wetin dem want or una go see strike and hear grammar |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by Kesmakveli(m): 1:52pm On Jun 24, 2013 |
Dis movie go sweet to watch o! ThankGOD Unizik no dey go strike cos i see ASUU going on strike cos of dis.. 50:50=the way 4ward.. |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by Chocboyslim: 1:57pm On Jun 24, 2013 |
ASUU u have really done well with this new idea.....PENCOM is one of the most corrupt organization in nigeria* Take a look @ what happen to retired officeers of NPF(Nigeria Police Force) in nigeria, do u no dat PENCOM will withheld your 60 % of ur gratuity & pay u 40% to start up with ur life after serving Nigeria in 35years with ur life & sacrifice? Tell me, hw will diz officiers survive with diz little token givn 2 dem as gratuity? Sum of dem has families to takecare of, also problems to attend 2 since dey have retired* My very own uncle who retired as a senior supritendent of police is now beggin for food 2 feed his family in d villiage, where as his remaining gratuity is restn in d hand of PENCOM for no reason* The worse of it, they will pay u ur pension through dat ur gratuity u left behind, what a wicked country? PENCOM should go & stop eatn off civil servants hard earn* 1 Like |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by iceberry1759: 1:57pm On Jun 24, 2013 |
raytony: Make dem no make dem vex o because d only language wey dem understand na STRIKE.hahahahahaha |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by mikolo80: 3:53pm On Jun 24, 2013 |
IF WE SAY MAKE DEM VOTE BUHARI NA DEM NO GO HEAR WORD.ABEG MAKE DEM ENJOY D FRESH NO SHOE BREEZE |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by yomalex(m): 5:09pm On Jun 24, 2013 |
A test for the courts i think |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by olajay5: 5:55pm On Jun 24, 2013 |
Chocboyslim: ASUU u have really done well with this new idea.....PENCOM is one of the most corrupt organization in nigeria* Take a look @ what happen to retired officeers of NPF(Nigeria Police Force) in nigeria, do u no dat PENCOM will withheld your 60 % of ur gratuity & pay u 40% to start up with ur life after serving Nigeria in 35years with ur life & sacrifice? Tell me, hw will diz officiers survive with diz little token givn 2 dem as gratuity? Sum of dem has families to takecare of, also problems to attend 2 since dey have retired* My very own uncle who retired as a senior supritendent of police is now beggin for food 2 feed his family in d villiage, where as his remaining gratuity is restn in d hand of PENCOM for no reason* The worse of it, they will pay u ur pension through dat ur gratuity u left behind, what a wicked country? PENCOM should go & stop eatn off civil servants hard earn* The level of lack of knowledge on the Nairaland forum is so apparent in some people's comment. It is always good speak on what you know rather than just jump into conclusion blindly. I think it is always good to educate ourselves where and when necessary. For your information, PENCON don't keep anybody's money. PENCOM (Pension Commission) is just a regulatory body created to license and regulate the activities of Pension funds administrators (PFAs) and Pension fund custodians (PFCs). As an individual, you have the right to choose your PFA (there are 24 licensed PFAs and 5 licensed PFCs and these are respectable private companies such as Stabic IBTC, Pension Alliance, AIICO, ARM, Citi-Trust, Crusader-sterling, Fidelity, IGI, Leadway, Legacy, Sigma etc. The five PFCs are Diamond PFC, First PFC, Oceanic PFC, UBA PFC and Zenith PFC). While the PFAs manage your funds (invest and account), the actual custody of your pension funds are domiciled with the PFCs which are all banks. It is your right to choose your PFA and demand services from them just like banks. The roles of Pencom is similar to that of CBN which license and regulate banks, NSE which license and regulate Stockbrokers, NAICOM which license and regulate insurance companies, NCC which license and regulate telecoms. As an individual, you can change your PFA if you are not satisfy with their service. You can demand monthly statement from them or better still require an online logging details that would give access to your pension fund account online real-time. Just like other regulators, you can report irregularity or fraudulent acts of your PFA to Pencom for appropriate sanction(s). As for ASUU, the only thing they can do under the PENCOM ACT 2004 is to apply to PENCOM to register as a Closed-PFA (such as we have Chevron Closed PFA) and will be able to manage their members' fund but they will still be regulated by the Pencom so there is nothing like pulling out of the scheme under the LAW unless amended. Or is it possible for ASUU to float their own bank without CBN approval? Sure it is NOT possible, therefore ASUU should apply if they want but they cannot pull out of the scheme. 4 Likes |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by Nobody: 6:14pm On Jun 24, 2013 |
olajay5:guy thank u 4 dat lecture |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by Eazeee(m): 7:34pm On Jun 24, 2013 |
olajay5: Rubbish. Whether PENCOM,PFA,PFC or whatever u call it is nothing but a scam 2 enrich few govt officials. What can u say about d thief that was asked 2 pay peanut 4rom what he stole by d court? Or where is mr Maina? Whether one regulate while d others collect & account,what we re saying is they all are feeding fat on civil servant money in d name of pension. How can u deduct 4rom sombody's salary 4 over 35 yrs & only giv peanuts 2 lucky few after retirement. How about those that leave their job b4 d 35 yrs & are not up to 60? May b u dont know what pensioners are passing thru under d current system. Or are u saying those lecturers dont know about PENSION Act 2004? Just like NHIS, Pension contribution is a scam under d present system |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by Nobody: 8:18pm On Jun 24, 2013 |
lesson maina well learnt...carry go joor ASUU! |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by bobthebuilder99(m): 1:25am On Jun 25, 2013 |
olajay5: Save your stories. Tell us how you steal the money. |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by olajay5: 9:16am On Jun 25, 2013 |
Eazee-e: Bros, the best way to live is to learn and seek knowledge always. "A man starts dying the very day he stopped learning". The issue of Maina and the fraud perpetrated was based on the old system under which the Civil Servants’ pension entitlements was kept by the government. Though the Maina saga was just discovered now but the fraud has being going on a very long time ago. However, the Pencom Act was enacted during the OBJ's tenure in 2004. I maintained, this is one of the best policy any Nigerian government has ever made. The Act effectively "privatised" the pension system so that it is in the hands of respectable companies (mostly banks and/or their subsidiaries). With the Pencom Act, it is difficult for anybody to defraud you of your pension fund. With your comment above, I guess you are NOT working in a structured corporate environment. If you do, you would have had dealings with your PFA to know the status of your pension account. Please read about the PENSION ACT. It is available on the internet but the problem is most Nigerians will NEVER read and they act in absolute ignorance. As stated earlier, it is the responsibility of the employer to deduct the pension from your salary (usually 7.5% of your basic, housing and transport to be contributed by the employee and same by the employer. Though some employers contribute more than 7.5% but that is the minimum) and remit to your PFA NOT LATER THAN 7 days after payment of salaries. It is your responsility to check your payroll to see how much was deducted and check your online PFA account or monthly statement to be sure that the amount remitted is at least X2 of what was deducted from your salary. |
Re: ASUU Quits Pencom & Forms NUPENCO Over Fraud by bioye(m): 11:03am On Jun 25, 2013 |
Guys, olajay5 is absolutely right. Pencon is designed to curb the excesses of the old pension system. However, those older civil servants that started out with the old system had the option of continuing with that system instead of the new one. The current Pension Scheme is excellent and should be encouraged. The ASUU story doesn't seem to add up. If you work in a corporate environment in Nigeria, you would know. And if you are as student or unemployed, ask from your acquaintances who are currently employed. They would educate you better. |
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