PENCOM Staff Issues 48-hr Ultimatum Over DG’s Removal, Seeks Her Recall

Following the unceremonious and sudden removal of the Director General of National Pension Commission (PENCOM) Mrs. ChineloAnohu-Amazu, the staff of the organization has threatened to down tools if she is not recalled immediately, issuing a 48-hour ultimatum to the Federal government.


According to our sources, Mrs. ChineloAnohu-Amazu ouster is politically motivated because she turned the moribund pension industry which before her appointment was a cesspool of corruption. Within her short stay in office, the Pencom DG has revived and repositioned our ailing pension sector, having grown the capital base to over N6 trillion.


Industry operators are worried that her sudden removal will destroy the sector and jeopardize the confidence of pensioners in the system and stifle investors’ confidence in the pension industry. At a time, our country is witnessing economic recession, the pension industry has given our financial system a boost by ensuring that pensioners collect their entitlements as at when due. It has also rekindled the hopes and aspirations of workers, investors and shareholders including growing the economy for the much needed relief.


According to the staff, the recently announced change of baton by the federal government does not follow due process because before the incumbent head of Pencom is relieved of his/her appointment, he/she ought to informedbeforehand. That industry operators are worried that the recent appointment of the new helmsman runs contrary to the spirit and letters of Section 21(1) and (2) of the Pension Reform Act, 2014, and therefore his appointment is null and void. That ordinarily and statutorily, the former DG ought to be informed of her removal either formally by the authorities, but sadly in her own case the reverse is the case.


Our source is also worried despite the superlative performance by the former DG, she is being crucified because she is a woman and from the South East geopolitical zone. It is also believed in certain quarters that certain cabal whose concern is to feather their selfish interest is taking advantage of Mr. President’s ill-health to feather their nest.


The staffs are also of the opinion that during the tenure of the immediate past DG, the organization witnessed an unprecedented boost in staff welfare and morale including human capital development and confidence in the pension regulation of the country. Our sources also emphasized that her zero-tolerance for corruption may have led to her ouster and as some vested interest keen on hijacking the key agenciesof government were unhappy with her transparency and dogged commitment to President Muhammadu Buhari’s crusade against corruption. Observers also believe that she may have incurred the wrath of the cabals who have taken over the reins of government.


Nigerians are of the view that the recent change of baton is shallow and not in tandem with President Muhammadu Buhari’s avowed commitment to a corrupt-free Nigeria where the wishes and aspirations of teeming Nigerians who believe that the youths are leaders of tomorrow should be given opportunity to prove their mettle as evidenced by ChineloAnohu’s sterling stewardship of Pencom.


According to industry watchers, the said appointment of a new Director-General runs foul of all known principles and ethics of best management practice as operators are now been made the regulators by this new appointment. This is fraught with irregularities as the new helmsman will compromise his office to further their selfish interest. It is also on this premise, that the staff, industry operators and stakeholders are aggrieved that the said new appointee does not have the pre-requisite qualifications and experience to continue the massive transformation of Pencom by the immediate past helmsman whose sole ambition was to drive the industry to the greatest height in the world.


In the same vein, a pensioner lamented their fate saying after a woman of substance and impeccable character has been removed before her tenure. That, what is the hope of retirees and pensioners in Nigeria now the wolves have taken over the pension sector? Industry watchers are of the opinion that the highest level of management dexterity and patriotism exhibited by Mrs. Anohu has been rubbished by her sudden removal.


Finally, the staff threatened and gave a 48 hours ultimatum to the Federal Government to recall the former Director General or face grave consequences

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