The Coalition of Civil Societies and Media Executives for Good Governance in Nigeria (COCMEGG), has lauded the ongoing reforms in the operations and administration of the pension industry.
This was contained in a press release issued by the president of the coalition, Omoba Kenneth Aigbegbele, in Abuja yesterday.
Aigbegbele said the National Pension Commission (PenCom) has become a benchmark of success and a reference point in Nigeria. He listed the successes to include the paradigm shift and change as a result of the personal sacrifices in building strong institution, robust management of pension funds and performance measurement indices and productivity templates put in place by the current director general, Aisha Dahir Umar, who has placed the industry’s growth and good governance structure.
“The management has given marching orders to Pension Fund Administrators (PFAs) and PFCs and Directorate of Licensing Pension Operators to work within the ambit of established rules and guidelines, within the Act establishing PenCom so as to shore up confidence of investors into the country and grow investments for the interest and the generality of the industry at large.
“This is attributed to the corporate culture of investment monitoring of pension funds, regulation, and the supervision of all pension matters on a daily basis to see that they conform with industry standards so as to build stakeholders, retirees’ confidence for the greater good of the country,” he said.
He said the recent presidential approval for the payment of outstanding pension liabilities under the Contributory Pension Scheme(CPS) is a landmark and milestone achievement by the President Muhammadu Buhari’s administration and the Aisha Dahir Umar’s led management.
He said stakeholders and retirees of the treasury funded Federal Ministries, Departments and Agencies (MDAs) will enjoy the benefits of payment of some critical aspects of the outstanding pension liabilities under the scheme.
“This includes the payment of accrued pension rights for the verified and enrolled retirees that retired but are yet to be paid their retirement benefits as well as backlog of death benefits claims due to beneficiaries of deceased employees of the treasury funded MDAs.”