Kano pension fund bank deposits hits N4.83bn
From DESMOND MGBOH, Kano
Tuesday, November 09, 2010
The Kano State Pension Trust Fund has over N4.83billion in various bank deposits, apart from other investments in shares, real estate and other financial instruments. The Executive Chairman of the trust fund, Professor Bello Ahmad Salim who disclosed this to Journalists in Kano, further noted that in the area of real estate, they had invested in the purchase of 18 housing units of three bed room flats in Aguiyi Ironsi Housing Estate, which was purchased from Unity Bank Plc at the cost of N700 million.
The chairman added that they had also purchased from the Kano State Housing Corporation, Durimi Estate plots at Abuja at the cost of N923 million, adding that the said estate would be developed through the services of a reputable estate developer under a Public Private Partnership (PPP) arrangement.
Besides, he noted they had purchased 16 units of three bedroom flats and 12 units of one bedroom flat at Gimbiya Street, Garki, at the cost of N650million and four units of three bedroom flats and one Pent house from the NNDC at the cost of N230millon at Wuse 11, Abuja.
He said since inception, the fund had invested in the share capitals of various companies totaling N975,286,533.65, adding that they had to slow down in this sub-sector given the slide in the value of shares in the capital market.
While assuring the 19,177 pensioners on their pay roll that they would be paid their October pension on time to enable them celebrate their Sallah festival, he, however regretted that some local government councils and government agencies in the state were not forthcoming with their 8% and 17% monthly pension contributions to the fund.
Professor Salim warned such defaulters to take urgent steps to regularize their pension account, adding that they risk the public disclosure of their identity as well as prosecution for misappropriation of the pension funds against the provision of the Kano State Pension and Gratuity Law (2006).