Politics
Pencom Fund: Reps Threaten To Issue PFAs Bench Warrant
House of Representatives has threatened to issue a bench warrant to compel Pension Fund Administrators (PFAs) to appear before its ad-hoc committee, if they fail to attend the public hearing.
Rep Johnson Agbonayinma (APC-Edo), Chairman, Ad hoc Committee to investigate the activities of National Pension Commission (PenCom) and its Administrators, gave the warning on Wednesday in an interview with newsmen in Abuja.
The Tides source reports that the House had, after a resolution passed in Feb., ordered the committee to commence investigations into the activities of PenCom since April 2017 over allegation of violation of the Act establishing the commission and the N9 trillion pension fund controversy.
However, the Pension Fund Operators Association of Nigeria (PenOP) had, in two separate letters dated Jan. 28 and April 2, informed the committee that the PFAs would not be able to appear before the committee on Jan. 29 and April 4.
PenOp had, in the letters, attributed the reason the PFAs would not attend the meetings “to prior engagements slated for the same day.”
Agbonayinma, who cautioned the PFAs against disobeying the order of the House, said the PFAs and other stakeholders in the industry were deliberately avoiding the ad hoc committee.
According to him, the pension association, which the committee did not write letters to or invite, has no right to derail the lawmakers from holding the investigative hearing.
“If they fail to appear before the committee, we would have no option than to apply the law.
“That is, we would have to seek to issue bench warrant so that they can be compelled to come to appear before this ad-hoc committee.
“We would do just that to PFAs that refused to appear before this ad hoc committee ànd any organisation, not just the PFAs that are invited but the banks and PenCom,” he said.
The lawmaker, who expressed concern over the development, said the committee would not succumb to any deliberate effort to undermine the committee’s work.
“We have been having different issues; people trying to avoid coming to the public hearing.
“We had our first public hearing. In order for us to continue with our investigations that was slated for Thursday, I believe some people are trying to derail the wheel of the progress of our ad hoc committee.
“We invited different PFAs, we invited the PenCom, the acting DG, the Nigerian Labour Congress (NLC), Trade Union Congress (TUC) and many civil societies who submitted document related to the subject matter.
“We never invited the so-called Pension Fund Operators Association of Nigeria (PenOp).
“But we are surprised to be receiving letters; the first one we received before our public hearing telling us that the PFAs will not be able to attend under the umbrella of PenOp.
“There was no time this ad hoc committee wrote a letter to PenOp. They have been representing the various PFAs we have invited, the administrators, some of the banks and the custodians of the funds,” he said.
Agbonayinma said the committee was surprised to receive another letter from the association on April 3 “writing to us that the pension operators will not be able to attend the investigative hearing slated for tomorrow (April 4).”
The legislator, who condemned the act, described the move as “a plot to derail the wheel of progress of the ad hoc committee.”
“This has to do with the Nigerian people, the workers who have worked and deserved to make sure that whatever money is deducted from their accounts should be put to use and the PenCom must do the needful,” he said.
He, however, hinted that since no one has been indicted, the public hearing was “to serve as an opportunity for the stakeholders to clear the air on issues raised and assure Nigerians that nothing is amiss.”
In a statement issued on Wednesday, December 31, 2025, and signed by its National Publicity Secretary, Mr Obiora Ifoh, the party said it had taken note of Mr Obi’s defection alongside some of his supporters, as well as what it called a “lacklustre speech” delivered by the former Anambra State governor at the defection event.
“We wondered what new he intends to sell to Nigerians,” the party said, adding that it was not surprised by the move, having “since September 2024, parted ways with Peter Obi and some of his blind supporters in the National Assembly.”
According to the statement, the faction said it had patiently awaited Mr Obi’s exit, describing it as a blessing.
“The party is finally liberated by this defection and as party leaders, we count it as a blessing,” the party said.
The faction further disclosed that it had previously urged Mr Obi and his supporters to leave if they were unable to work with the party leadership.
It claimed that several lawmakers had been suspended for anti-party activities and that similar action would have been taken against Mr Obi but for the intervention of “some well-meaning Nigerians.”
It also blamed its internal crisis on Mr Obi and Abia State Governor, Dr. Alex Otti, accusing them of sponsoring what it described as an insurrection against the Julius Abure-led leadership.
“The crisis we had in the Labour Party was caused by Peter Obi and the Abia State governor, Alex Otti,” the statement alleged, adding that it was surprising Dr Otti had not followed Mr Obi out of the party despite his suspension.
Reacting to Mr Obi’s defection event in Enugu, the faction claimed the gathering was largely boycotted by prominent political and traditional institutions in the South East, insisting that those present were “political spent forces who cannot win in their wards should there be an election today.”
It warned that this development signalled the failure of any future Mr Obi presidential or vice-presidential ambition, claiming he had “clearly lost the charm that had endeared him to the people prior to 2023.”
The faction also accused Mr Obi of misleading the South East during the 2023 elections, alleging that the region suffers political marginalisation under President Bola Tinubu’s administration as a result.
“He must be told that the South East lost out completely in President Ahmed Tinubu’s government because they trusted and believed in him in 2023,” the statement said, alleging disparities in ministerial appointments and infrastructure allocation to the zone.
The Abure-Led LP apologised to Nigerians for its decision in the last election.
“We gave Nigerians a candidate we thought was good for the nation in 2023, but time has since proved that we made the greatest political mistake. We plead for forgiveness from Nigerians,” the party said.
It urged Nigerians to watch out for a rebranded Labour Party, promising to present “the best prospect” capable of returning Nigeria to what it described as its “glorious days.”
steadily toward unity, justice, and shared prosperity”, he said.
Speaking to journalists on Wednesday at his country home in Ikere-Ekiti, Dr Oluyede said the development came as a shock, stressing that INEC supervised and monitored the PDP governorship primary that produced him as the party’s candidate.
According to him, INEC officials documented the process, completed all required forms, and even affirmed his candidacy in court through sworn affidavits arising from cases linked to the primary election.
He maintained that no court order or injunction currently restrains INEC from listing his name as the PDP candidate, arguing that the electoral body lacks the constitutional power to determine who emerges as a party’s nominee.
Dr Oluyede described such decisions as the exclusive responsibility of political parties, not the electoral umpire.
While playing down panic over the released list, Dr Oluyede noted that electoral processes often involve reviews and corrections.
He disclosed that he had commenced wide consultations, including engagements with PDP leadership and formal correspondence with INEC, to seek clarification on the omission and determine the next line of action.
The PDP candidate assured his supporters across Ekiti State that he would appear on the ballot, expressing confidence that the situation would be resolved in his favour.
He described attempts to exclude candidates from elections as dangerous and undemocratic, warning that such tactics undermine the people’s right to freely choose their leaders.
Dr Oluyede called on the people of Ekiti to reject any form of disenfranchisement, insisting that elections should be contests of ideas, records, and acceptance by the electorate rather than exclusionary maneuvers.
He also declared that the PDP in Ekiti had resolved its past internal crises and was now united, focused, and ready to win the forthcoming governorship election.
He urged party members and supporters to remain calm and focused, expressing optimism that, with divine grace and the will of the people, the PDP would emerge victorious at the polls.
Mr Obi spoke while formally declaring for the African Democratic Congress (ADC) at a well-attended event in Enugu on Wednesday, where he outlined what he described as a fresh roadmap for rescuing the country from its socio-economic challenges.
Addressing party members, supporters and other stakeholders, the former governor stressed that leadership must be driven by integrity and accountability, warning against the culture of double standards in public office.
“We cannot continue to deceive our people. Leadership is about telling the truth and leading by example. You cannot promise one thing in public and do another in private. That is not leadership, and that is not the change Nigeria needs”, Mr Obi said.
He maintained that genuine national rebirth would only be possible if entrenched wrongs were corrected, adding that governance must be guided by competence, discipline and a clear sense of purpose.
Mr Obi also underscored the need for fresh thinking in the nation’s political space, urging political actors to move away from recycled ideas that have failed to deliver sustainable development.
“We must come with new ideas,” he said, adding that “Nigeria’s problems are not mysterious; what has been lacking is the courage and competence to address them differently. We need a new approach that puts people first and focuses on production, not consumption.”
Calling for a broad based political collaboration, Mr Obi appealed to parties and stakeholders across ideological divides to work together in the national interest.
“This country is bigger than any party or individual. All parties must come together to change the present trend. What matters is not the platform, but the future of Nigeria and the wellbeing of its citizens”, he declared.
Looking ahead to the 2027 general elections, Mr Obi challenged aspirants seeking elective offices to ensure transparency in their credentials, warning that the era of falsified certificates was drawing to a close.
“Anyone contesting for any position in 2027 must come with genuine certificates. All the machinery is now in place to verify what is genuine and what is not. Integrity must start from the very foundation of leadership”, he stated.
Drawing lessons from international development models, Mr Obi cited Rwanda and Indonesia as examples of countries that rose from difficult beginnings to become thriving economies through disciplined leadership and sound policies.
“These countries were once behind us,” he noted, adding that “Today, they are moving ahead because they chose competent leadership, clear vision and policies that support local production and human capital development.”
He also criticised the economic policies of the present administration, particularly the continued importation of food items that can be produced locally, describing such practices as inimical to national development.
“You cannot grow an economy by killing local production. Importing food that we can produce in Nigeria destroys jobs, weakens our farmers and drains our foreign exchange. A serious country must produce what it consumes”, he argued.
The event featured renewed calls from ADC supporters for sustained engagement and mobilisation, as Mr Obi reiterated his belief that Nigeria remains redeemable if led with honesty, competence and a commitment to shared national progress.
In his remarks, the National Chairman of the ADC, Senator David Mark, expressed confidence in the emerging coalition, assuring Nigerians that the party would deliver good governance at all levels of administration if entrusted with power.
The gathering also witnessed the defection of several prominent politicians from different political parties across the South-East and beyond.
The motion endorsing the defection was moved by a former Deputy Speaker of the House of Representatives, Chief Emeka Ihedioha, and seconded by former economic adviser to ex-President Olusegun Obasanjo, Prof. Osita Ogbu.
Goodwill messages from notable political figures, including Senator Enyinnaya Abaribe, Mrs. Aisha Yesufu, Chief Sam Egwu, Dr. Okwesilieze Nwodo, Chief Achike Udenwa, Mr Onyema Ugochukwu and Senator Gilbert Nnaji among others, further underscored the growing momentum within the ADC.