…As Pension assets rise to N8.23tn***

After a five-hour search, the Economic and Financial Crimes Commission (EFCC) yesterday arrested a former Director-General of the Department of State Services (DSS), Mr. Ita Ekpenyong.

He was quizzed by the anti-graft agency’s operatives and granted bail. He is expected back for further interrogation today.

There were indications that the arrest of the ex-DG was in connection with alleged N40billion linked to the agency in the twilight of the administration of ex-President Goodluck Jonathan.

The EFCC is working on clues that the cash was part of the $2.1billion arms funds managed by the Office of the National Security Adviser (ONSA).

The anti-graft agency was also acting on intelligence that a substantial part of the cash was diverted to personal use.

It was gathered that the EFCC had uncovered that about N17billion to N21billion in the coffers of DSS also could not be accounted for during the transition period between Ekpenyong and the sacked DG of DSS, Mr. Lawal Daura.

But detectives were yesterday able to recover the handover note which Ekpenyong gave to Daura containing some “startling revelations.”

It was learnt that the EFCC team of detectives yesterday arrived at Ekpenyong’s residence at 46, Justice Maman Nasir in Asokoro District of Abuja, at about 10am in three buses with about 20 policemen.

There was no resistance unlike in November 2017 when an arrest bid was foiled on the order of sacked DG Daura.

The detectives searched Ekpenyong’s home from 10am till about 3.20pm.

A top source, who spoke in confidence, said: “When we got to Ekpenyong’s residence, we told the DSS operatives on guard our mission and they politely sought clearance from the agency’s headquarters.

“As soon as we got the clearance, our operatives met with Ekpenyong who cooperated with the EFCC’s team in searching his residence.

“Thereafter, we arrested Ekpenyong and took him to our headquarters at about 3.50pm for interrogation. He is still making statement to our team.”

The source added: “We were able to recover some documents including the Ekpenyomg’s handover note to Daura.

“The note is highly useful because of some revelations that will help our investigation.”

The source confirmed that the EFCC got the required order from a court to search and arrest Ekpenyong.

The warrant said in part: “You are hereby commanded by this state with proper assistance to enter the above-named residence and premises and there diligently search for the things aforesaid and if the same or any part thereof are found to bring the things so found and also the said person before this court to be dealt according to law.

“This warrant shall be executed between the hours of five o’ clock and eight o’clock at night and may also be executed at any hour during day or night.”

It was not immediately clear if Ekpenyong was detained or released later yesterday.

The EFCC source said “At the moment, we have not met or interacted with Daura. We are also yet to invite him. I think some other agencies are currently handling Daura’s matter.

In the meantime, total assets under the Contributory Pension Scheme rose to N8.23tn at the end of the second quarter of 2018, figures obtained from the National Pension Commission on Thursday showed.

The figures specifically indicated that the number of contributors grew by 312,291 from 7.89 million in December 2017 to 8.14 million as of June 2018.

It stated, “The net assets value of the pension assets of the contributory pension fund was N8.23tn as of June, 2018. This represents an increase of N716.94bn up from the value of N7.52tn as of 31st December, 2017. This increase is attributed to new contributions received, interest/coupon from fixed income securities and net realised/unrealised gains on equities and mutual fund investments.”

The commission said the operators had invested a substantial part of the pension funds in the Federal Government’s bonds, treasury bills and state government securities.

The PenCom report stated that some of the money was invested in agency bonds, supra-national bonds, commercial papers, foreign money market securities, and open/close-end funds.

Other investment portfolios where the operators invested the funds are Real Estate Investment Trusts, private equity funds, infrastructure funds, cash and other assets.

PenCom also stated that in order to improve the monthly pension payment to retirees under the CPS, the commission initiated the pension enhancement programme.

The commission said the returns being generated by the PFAs on the balances of the RSAs of majority of retirees could be used to enhance their monthly pensions.

Consequently, the commission sought for and obtained the approval of the Secretary to the Government of the Federation to implement the pension enhancement, which resulted in increased monthly pensions for most retirees receiving pension under the Programmed Withdrawal arrangement.

Accordingly, the PFAs commenced the enhancement of pensions of all retirees under the Programmed Withdrawal with effect from December 2017.

It noted that the implementation of the pension enhancement was one of the significant milestones attained since the commencement of the CPS.

According to PenCom, the CPS has workable internal mechanisms to respond to legitimate demands of retirees as they seek a reasonable retirement income.

The commission said it intended to sustain this periodic review exercise in line with relevant provisions of the law.

The Nation with additional report from Punch