Thread: First Bank Plc
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Old 20th December 2012, 10:57 AM
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Default Re: First Bank Plc

Originally Posted by knightofdelta View Post
The PFAs don't have direct access to the pension funds so there is no way they can "loot" them. Before any investment is made or terminated, instructions are sent to the Pension Fund Custodians (PFCs) to move funds or assets from one place to the other.

The Pencom goes through all transactions and asset class, issuer, etc exposure on a monthly basis, with a fine tooth comb, and flag any lapses. There are definitely loopholes that can be used to skim some funds but the era of finding two billion naira in the house of a pension fund managers is over.
but how do we mitigate against wrong bettings? does anyone check what they are betting on with our funds?
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