Abuja—An investigative panel set up by the Federal Government to audit existing financial activities around the controversial Power Holding Company of Nigeria, PHCN, Superannuation Pension Fund has uncovered about £2,204,814.18 million company’s total pension sum stashed away in a bank in the United Kingdom (UK).


The money which has been lodged in the UK’s Barclays Bank for close to 21 years was said to have accumulated from pension deposits for expatriate workers of the utility by its officials long before it metamorphosed into PHCN.
Chairman of the eight-man government audit panel on PHCN pension, Mr. Joseph Ajiboye who is also a former Auditor General of the Federation, AuGF, said however that the panel could not ascertain if officials of PHCN had continued to remit pension and gratuity deductions to the said foreign account considering that the last expatriate pensioner of the utility is reported to be late.

Presenting the report of the investigation yesterday to the Minister of State for Power, Mr. Darius Ishaku, Ajiboye explained that its consideration of various financial audit activities of the in-house pension scheme of the company showed that its failure to fund the scheme was based on an excuse that it has perpetually operated at commercial loss, especially within these periods.
He noted that financial audits of the scheme from 1990 to 2010 which it studied in a bid to ascertain transactional trends in the account showed that from 1990 to 1999, a total of N1, 787,919 billion was paid out as pension and gratuities to workers while N51, 279,940,138 was paid out in the years 2000 to 2010.
The panel’s report also indicates that PHCN has in the past 21 years failed to fund its in-house pension scheme, thus putting the future of its retiring workers in jeopardy. The report disclosed that currently the electricity behemoth has no money to fund the pension scheme.
It also discovered that some of PHCN assets which were assigned to fund the pension scheme had been purportedly sold off.
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