The Director- General of the National Pension Commission ( PenCom) has stated that the pension industry currently has accumulated pension assets worth more than N13 trn.
She was speaking while delivering a goodwill message to a sensitisation workshop it organised in partnership with the Economic and Financial Crimes Commission (EFCC).She stressed that the Pension Reform Act 2004 which birthed several reforms in the industry has gone a long way in tackling the rot of fraud and fraudulent practices which hitherto were prevalent.
“These measures substantially restored credibility and confidence in Nigeria’s pension systems. Thus, we have, today, an industry that has accumulated pension assets in excess of N13 trillion, invested in various aspects of the economy and still growing”, she said.
Stressing the efforts of PenCom since its establishment, the DG said, “Pursuant to its statutory mandate under Section 23(f) of the PRA 2014, PenCom has consistently undertaken public education, enlightenment and awareness campaigns on the CPS and other pension matters.
“It has also developed and established structures, systems and procedures that ensure transparency, accountability and efficiency in the administration of pension in Nigeria. These systems and procedures have become reference points for other African countries, many of whom have undertaken study visits to the Commission.
She however noted that “retrogressive elements continued to exploit procedural gaps in the operations of pension practitioners in both the CPS and DBS to the detriment of unsuspecting public. Thus, new issues and challenges continue to emerge, which place special responsibility on the regulators, the operators and other stakeholders to constantly review their operating environment with a view to finding solutions to address the problems.
She commended the dynamism of the EFCC management.