Of Joseph inokotong, Abuja
The The National Pensions Commission (PenCom) has accumulated pension assets of over 13 trillion naira, which have been invested in various aspects of the economy.
This was revealed by the Director-General of the Commission, Aisha Dahir-Umar, in her message of goodwill during the awareness program on “the eradication of pension fraud in Nigeria”, held yesterday in Abuja in partnership with the Economic and Financial Crimes Commission (EFCC).
She said, “So today we have an industry that has accumulated more than 13 trillion naira in pension assets, invested in various aspects of the economy and is still growing.”
DG PenCom pointed out that the problems of fraud and mismanagement in the pension sector in Nigeria were among the reasons which necessitated the 2004 pension reform by the federal government.
According to her, the Pension Reform Act 2004, which was later revised and enacted in 2014, introduced legal and institutional frameworks aimed at tackling the decay that characterized the pension administration before the reform.
“The law also created PenCom to regulate and oversee all pension matters in Nigeria, including the licensing of pension fund administrators (PFAs) and pension fund custodians (PFCs). The Transitional Pension Scheme Directorate (PTAD) was also created by the PRA 2014 to transparently administer the defined benefit scheme (DBS) for retirees exempt from the contributory pension scheme (CPS). These measures have significantly restored credibility and confidence in Nigerian pension systems, ”said Dahir-Umar.
In accordance with its statutory mandate under Article 23 (f) of the PRA 2014, it noted that PenCom has regularly undertaken public education, information and awareness campaigns on CPS and other issues. relating to pensions, noting that it has also developed and established structures, systems and procedures that ensure transparency, accountability and efficiency in the administration of pensions in Nigeria.
According to her, these systems and procedures have become benchmarks for other African countries, many of which have made study visits to the Commission.