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Nigerian lawmakers to investigate Police Pension scheme
The House of Representatives on Tuesday directed its Committees on Police Affairs and Pension to investigate the Nigerian Police Force Pension Limited over failure to meet it’s pension and gratuity obligations.
Adeyemi Taofeek, member representing Mushin Federal constituency, Lagos who presented the motion before the House expressed the need for the investigation as a necessary measure to ensure Police reform.
The House during plenary session mandated the two committees to investigate the immediate and remote causes of the NPF Pensions Limited inability to meet its monthly pension obligation and the timely payment of gratuities to retiring police officers.
The Nigeria Police Force launched its own Pension Fund Administrator (PFA) known as NPF Pensions Limited in 2014 according to the Pension Reform Act (PRA 2014) with the responsibility for managing pension assets of the entire Nigeria Police Force personnel.
The NPF Pensions Limited was incorporated with a fully paid share capital of N1 billion while the two major shareholders are; Nigeria Police Welfare Insurance Cooperative Society Ltd and Nigeria Police Multipurpose Cooperative Society Limited.
The Committees on Police Affairs and Pensions were charged to report back to the House in four weeks with findings and recommendations for a model to prevent future misappropriations.