Symbol of justice
Chineme Okafor
A report submitted by the probe panel set up by the Federal Government to investigate the status of the pension funds of employees of state-owned power utility company, Power Holding Company of Nigeria (PHCN) has recommended the prosecution of its culpable top personnel for misleading the company.
The panel headed by former Auditor-General of the Federation, Mr. Joseph Ajiboye, had in September submitted its report to the Minister of State for Power, Mr. Darius Ishaku, discovered that the finances of PHCN were recklessly managed by its managers, thus affecting the status of its in-house pension scheme, the PHCN Superannuation Pension Fund.
The 45-page report obtained by THISDAY in Abuja, noted that the financial books of PHCN had records of inconsistent figures in financial statements of the Superannuation Fund that ran contrary to figures submitted to the panel by the market operator.
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