The Nigeria Employers’ Consultative Association (NECA) has called on the Federal Government to urgently inaugurate the Boards of NSITF, PenCom and other Federal Government’s Agencies, noting that the current situation of non-functional boards is a violation of the laws setting up the Agencies. The association also warned that the non inauguration could erode the confidence of Nigerians in those Agencies.
Speaking in Lagos as a follow up to the recent investigative activity of the National Assembly on the National Pension Commission (PenCom), the Director-General of NECA, Mr. Timothy Olawale stated that, “Section 19 of the Pension Reform Act 2014 provides for a Governing Board of PenCom, which is saddled key responsibilities.
It is saddening to note that the Board of the PenCom has not been constituted. This raises a fundamental governance issue, as Contributors’ Funds are involved, being contributions from Employers and Workers in Nigeria,”.
The NECA boss further stated that the implication of the non governance framework, which is to regulate the activities of these agencies, three and half years down the line, is unfortunate especially for a government that prides itself in the rule of law.
“There is, therefore, no reason why Boards of various Government Agencies should, urgently, not be constituted and inaugurated – to avoid eroding the confidence that had been built over the years by Nigerians, especially where contributors’ funds are involved and should be protected.”
Olawale disclosed that the Acts establishing the various agencies had provided for the composition of the Board members and in some instance “Institutional Representatives” to the Boards are mentioned.
He maintained that government should ensure and encourage the practice of good corporate governance at all levels.