Maikanti Baru, immediate past
group managing director (GMD) of the Nigerian National Petroleum Corporation
(NNPC), says he has sacrificed 45.6% of his terminal benefit for the
corporation’s pensioners.
Speaking at his valedictory
speech in Abuja, on Monday, Baru said he lost N1.5 million to the deliberate
sacrifice.
He commended the efforts of other
officers who worked with him during his tenure.
Commending Isiaka Abdulrasaq, the
chief financial officer of the corporation, for sharing his vision in making
the earnings of pensioners better, Baru said: “You keep reminding me that I
took an undertaking that our pensioners must not be handed over to other PFAs,
and as such the almost N200 billion pension gap that was a good bait to stop
the continuation of the closed pension fund scheme that we operate is hanging
over our neck,” he said.
“PENCOM was around the corner to
severe us and send retirees into oblivion and consistently you drew up the programme
and N198 billion was fully paid off last year and the gap is closing.
“You are able to see my vision in
saying that some of our pensioners that were earning about one thousand naira
because of the time they retired and some less than five thousand naira, that
we should bring alms home by inviting some of those that are earning much more
to do sacrifices, earn scheme, whereby to weeks ago, you were able to get most
of the high earners into one room and 90% of them agreed. A serious cut had to
be done in order to spread some of their earnings down to those in lower ranks.
“In NNPC, we always pay above
minimum wage, and as such, we are able to convince those high earning retirees
to shed off some weight and make sure that no pensioner from NNPC, from 1st of
this month, earns less than N50,000 in a month.
“This was not a small sacrifice,
I was the greatest victim of all these because I lost 45.6% of my terminal
benefits to the sacrifice and I am also losing N1.5 million from my monthly
stipend.”
Mele Kyari was appointed as
Baru’s successor.
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