I.There was over payment of salaries to members of Staff of the company from 2016 to 2019 totalling N432,812,544.23.
II. In line with the provision of Section 4(1) of the Pension Reform Act 2014, employees are to contribute a minimum of (that is, not less than) 8% while the employer contributes 10%. It was however observed that only 5% was deducted from employee’s emolument.
III. This overpayment was due to under-deduction of employees’ contributions to the pension scheme by 3% amounting N432,812,544.23
The Managing Director and Chief Executive Officer is requested to:
I.Justify the under-deduction of employees’ contributions to the pension scheme by 3% amounting to N432,812,544.23
II. Recover the sum of N432,812,544.23 from the affected employees and pay same to government treasury, forwarding evidence of recovery to the Public Accounts Committees of the National Assembly for verification
III.Otherwise, sanctions relating to irregular or wrong payment in Financial Regulations 3106 should apply.
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