From Joseph Inokotong, Abuja

The National Pension Commission (PenCom) has accumulated pension assets in excess of N13 trillion, which have been invested in various aspects of the economy.

This was disclosed by the Director General of the Commission, Aisha Dahir-Umar in her goodwill message at the sensitisation programme on “Eradication of Pension Fraud in Nigeria”, held in Abuja yesterday in partnership with the Economic and Financial Crimes Commission (EFCC).

She said, “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.”

The PenCom DG pointed out that the problems of fraud and mismanagement in the pension sector in Nigeria were amongst the reasons that necessitated the pension reform of 2004 by the Federal Government.

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According to her, the Pension Reform Act 2004, which was later reviewed and re-enacted in 2014, introduced legal and institutional frameworks aimed at addressing the rot that characterized the administration of pensions in the pre-reform era.

“The Act also established PenCom to regulate and supervise all pension matters in Nigeria, including the licensing of Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs). The Pension Transitional Arrangements Directorate (PTAD) was also established by the PRA 2014 to administer, in a transparent manner, the Defined Benefits Scheme (DBS) for pensioners exempted from the Contributory Pension Scheme (CPS). These measures substantially restored credibility and confidence in Nigeria’s pension systems”, said Dahir-Umar.

Pursuant to its statutory mandate under Section 23(f) of the PRA 2014, she noted that PenCom has consistently undertaken public education, enlightenment and awareness campaigns on the CPS and other pension matters, stressing that it has also developed and established structures, systems and procedures that ensure transparency, accountability and efficiency in the administration of pension in Nigeria.

According to her, these systems and procedures have become reference points for other African countries, many of whom have undertaken study visits to the Commission.