AIICO Pension Debunks Reports

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AIICO Pension Fund Manager has denied media reports that it had mismanaged its pension assets.

The company stated this in a statement recently.
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Titled “Media Reports on Probe of Mismanagement of Pension Funds by the House of Representatives,” the Pension Fund Administrator (PFA) explained: “We are aware of recent reports in the media citing a probe by the House Committee on Pensions on the alleged mismanagement of pension assets in which AIICO Pension and our Managing Director, Mr. Eguarekhide Longe were mentioned.

“We would like to clearly state that we have always enjoyed a cordial relationship with the legislative arm of government and routinely, in the past when we have had cause to be invited to interactive sessions such as the one cited in the media reports, we have always honored the invitations.

“On this occasion, in spite of the short notice, our Managing Director intended to honor this invitation in person.”

It stated further: “However, shortly before he was expected to travel to Abuja, he realised he wasn’t feeling too well, and given the strict travel protocols occasioned by the coronavirus disease, he thought it wise to stay back and have our Regional Manager resident in Abuja, Mr. Temitope Ajogbeje, attend in his stead.

“Because of the impromptu circumstance surrounding his inability to travel, there was no time in which to formally inform the Committee of his inability to attend.”

The company further explained that in response to the content of the invitation letter received from the Committee, the management ensured that all documents requested by the committee were submitted.

The documents requested were its annual reports and audited accounts for 2017 – 2020, evidence of remittance of pension contributions to our pension fund custodian, list of our shareholders, minutes of our Annual General Meetings, among others.