FMBN to offset N364m pension arrears

AFTER concluding its verification exercise, Federal Mortgage Bank of Nigeria (FMBN) has announced plans to pay up the pension arrears of its pensioners totaling N363, 585,854.28.The FMBN management with series of consultations arrived at this amount after a pensioners' verification exercise conducted in April between the bank and its pensioners as well as with National Pension Commission (PENCOM) officials and independent pension consultants.FMBN Managing Director, Mr. Gimba Ya'u Kumo, who disclosed this, said the Bank had paid N145, 434,341.71 in April, 2011 while the balance of N218, 151,512.57 would be paid in two installments of N109, 075,756.28 in May 2012 and N109, 075,756.28 in August this year.The FMBN had on February 20, 2012 advertised in national newspapers, a verification exercise for its pensioners, in a bid to ascertain the true number of its pensioners and how much the pensioners were being owed. This exercise lasted for eight days starting from March 5 to 12, 2012, in FMBN head office, Abuja and all FMBN state offices nationwide.After the exercise and wide-ranging consultations with the pensioners and their stakeholders, the N363,585,854.28 were arrived at.The FMBN management as well increased the pensioners' monthly pay by 25 per cent, and this became effective since April 2011 when the first batch of pension arrears of N145, 434,341.71 was paid.In statement, FMBN stated that payment of pension arrears would start this month. Kumo enjoined FMBN Pensioners to use this gesture as a platform for joining hands with the bank's management in its drive to provide affordable shelter for the generality of Nigerians who are contributors to the National Housing Fund Scheme.
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