House Calls For Probe Into Violations Of Public’s Procurement Act By PENCOM

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House Calls For Probe Into Violations Of Public’s Procurement Act By PENCOM

The House of Representatives has called for investigation into an Alleged Violation of Provisions of the Public Procurement Act and Financial Mismanagement by the National Pension Commission.

This followed a motion raised by Hon. Zakariya  Galadima, on Wednesday at the plenary session.

The Lawmaker howevet expressed worries that the PENCOM investment power in the recent past have been subjected to gross abuse without compliance with the provisions of the Public Procurement Act, 2007 by its Management.

He further noted that PENCOM, under the guise of investing its funds, deposited about one billion naira into Aso Savings and Loans Plc, Abuja, at a ridiculously low interest rate and further directed Aso Saving to lend the money to MGSL Mortgage Bank Limited, Abuja where a senior member of the Management has interest

House of Representative Correspondent Linda Ike reports that the lawmakers also raised alarm that has no recourse to due process in awarding contracts and sundry services.

The committee on public procurement and pension to investigate the allegations and report back to the house within six weeks for further legislative action.