To The Nigerian Banks, PENCOM Co.

Alhaji Mohammed Kabir Ahmed, is the Director- General of the Pension Commission of Nigeria (PENCOM).From a distance, I could discern that he an efficient and dutiful public servant, a pious Muslim and a gentleman, who, looks into the merits of petitions.

This was why I swore to an Affidavit on the non-payment of my gratuities, three years and two months after my retirement from the Obafemi Awolowo University, in June 2006.

During his visit to Governor Idris of Kogi state recently, he said that he was “not aware of missing N9 billion” For me, this was very good news since there is enough fund to urgently pay my gratuities.

By now, I hope that he would have read my depositions in my Affidavit, in which I sent an SOS to him. I am optimistic that my long-standing financial entitlements will be paid very soon.

To the jeep-riding Damaging Directors of Banks and Financial institutions, now under corrective measures, it would seem that A SANUSI has come to judgment.

Although I have not discussed with the CBN Governor to find out the details of the banks’ malpractices, I hereby publish my observations about banking in Nigeria.

Some banks hold clients’ account, juggling fat accounts in a criminal manner. They do not pay Acceptances on sight and they defer determinable dates for payment, thereby violating banking regulations. Some banks send young ladies on a wild goose chase and harlotry missions.

Banks often place conditions on term bills, causing problems for issuing banks to waver, with regards to acceptance of documentary credit. They over-charge on Account receivable, which they manipulate.

Some banks detain accrued interests, which accumulate quickly, but are paid slowly.. Their advances, which include loans, overdraft, discounts and other accommodation are given to cronies and favoured people.

This operational strategy has killed entrepreneurial interest. The selectivity is partly responsible for banking failure in Nigeria. There is an amortization system that pushes what should be periodic payments into eternal convenience.

Valuation of assets by “experts” over blow the real worth of what is valued. Yet, funds are approved for the “deal”.

The arbitrage system, in which banks collude with dealers in foreign exchange, was perhaps one of Sanusi’s major concern.

The internal conduct of some banks, do not conform to the terms of the document setting out the rules.

The toxic assets listed by some banks do not help the CBN to determine the true, financial condition of the banks. Customers available balances are regularly intruded into and charges are extorted if the customer seeks to know his balance! The quick writing off of “bad debts” is questionable.

Business development loans are often made only to cronies or good customers.

PENCOM does not engage in mal-practices, but they have to understand that when one waits for three years and two months to receive his life-sustaining emoluments, he is justified to call on man and GOD, Almighty for help. The GOD that answers by fire, HE is my GOD.

I will soon notify my former law students like Barristers, Femi Falana, Bamidele Aturu, Mike Ozekhome, Deji Sasegbon (SAN), Mrs .Elizabeth Esiemokhai, Dr. Amos Idowu, Iziyon (SAN) and all the International law graduates(1979-2006) of OAU, to assemble in Abuja to demand an explanation from PENCOM & CO why they are detaining the gratuities of their teacher!

It will be an epic legal battle, unprecedented in the legal history of the Federal Republic. We are loaded with legal arguments, facts and figures.

GOD will overturn, overturn and overturn until justice is done to all pensioners and minorities.

Pencon fi mi s’ere. Baba, emi omo re mare O!

Baba wa gbo ohun mi o, Baba!

When “WE, THE PEOPLE” Vs “WE, THE PEOPLE” fight for economic supremacy, “we the people” should not clap. I will keep you posted.

4 thoughts on “To The Nigerian Banks, PENCOM Co.

  • excellent write ups. What little hope i should have after reading what pains and frastrations eminent Nigerians like Esiemokhais and Soetans have had to go through to receive the sweat of their so many years of labour serving our nation. Yes!I, presently a level 13 officer in a federal government information parastatal, am already going through that excrutiating pains of frastration. As i write, no kobo has been remitted into my PFA account. and after a year of doing a letter to both my PFA and pencom in this regard, nothing has been done save to be told that i should be PATIENT! Patient i have tried to be in an age of technology, in an age where the CBN has directed all transactions to be online, in an age where all government accounts and transactions are supposed to be easily verifiable electronically. i am even more worried with the latest news of the EFCC’s discovery of the over N800million stolen pension funds found in the account of a Deputy Director (Finance and Accounts). Like the elder say, may God forgive those sitting on or trading with our sweats!

    Reply
  • I am sure that pencom never happens to do any upgrade. My prayer to God is that they take a cue from nafdac,efcc and most recently JAMB led by Prof Dibu Ojerinde who released 2010 results exactly 7 days after the maiden UTME exam. A feat that has never been achieved in Nigeria

    Reply
  • One could see frustration per excellence very well displayed in Professor Esiemokhai’s petition. This is the world in which we are in Nigeria. It is not just starting, it has been there before the present government. If the past rulers in Nigeria were to live on their pensions, (majority of them military personnel who retired on monthly salaries) the situation would have been a different ball game. But because a host of them had already amassed what the ants in their domain cannot exaust at least in their life-time, they do not care. The omen, however, is bad. Forget about rebranding Nigeria or the eradication of corruption as long as we create the medium of uncertainties for civil servants. For instance, if someone in a “milky” position had known that when he leaves, the service, he is going to wait another five years to have his entitlements, why will he not steal? How then do you want to rebrand someone who is not sure of his future? Someone chauffeau driven while in the service but could no longer afford to feed let alone

    using a choice vehile or employing a driver when he goes out of service, will the fellow not steal? I don’t seem to see any hope in the future of this blessed country if we continue this way.

    I am not different from Emmanuel because I retired from the federal public service of Nigeria on 1st September 2004 as an ADA and Secretary of a Psychiatric Hospital Management Board. I was a Pensions Desk Officer for many years as an Admin Officer. I am yet to receive my entitlements after 5 years of disengagement; suffering in the hands of my own colleagues. It berates my imagination. The reasons adduced are most unGodly. But may God forgive those sitting on or trading with our sweats. We do not need to curse them; they are already cursing themselves. Many have died prematurely because they have no means to financial assistance to sustain themselves whereas their money was trading about in banks engineered by influential personalities and people in positions of authority. May God forgive them all! The earlier they have a rethink, the better.

    Reply

Leave a Reply

Your email address will not be published.

*