Operators Harp On Compliance Frameworks For Pension Industry Transformation

Pension fund operators, under the auspices of the Pension Fund Operators Association of Nigeria (PenOp) have underscored the pivotal role of robust compliance frameworks in sustaining and transforming the nation’s pension industry.

At the Pension Industry’s Compliance Officers’ Forum held recently in Lagos, the president of the Compliance Institute, Nigeria (CIN), Pattison Boleigha said, the forum highlighted the indispensable nature of a compliance culture built on transparency, accountability, and unwavering ethical governance—a culture deemed critical not only for industry excellence but also for Nigeria’s ambitious drive to exit the Financial Action Task Force (FATF) Grey List.

In his opening address, Boleigha stressed that, the pension industry, akin to all sectors of the financial ecosystem, must transcend mere regulatory adherence, adding that, “Our collective expertise, when effectively harnessed and aligned, can set new benchmarks that fortify our industry’s integrity and elevate Nigeria’s regulatory landscape.”

He asserted that continuous professional training, rigorous audits, and steadfast commitment to ethical practices are fundamental to sustaining growth and ensuring that Nigeria’s financial system meets international standards.

A key highlight of the forum was the presentation by the CIN’s CEO/Registrar, Bawo Egbakhumeh, who unveiled a series of targeted initiatives aimed at fortifying compliance expertise within the pension sector. Among these initiatives are: specialised training programmes and the introduction of industry-specific certifications—measures that are designed to professionalise and empower compliance officers at every level.

The forum also provided an opportunity for senior industry leaders to share insights and forge deeper collaborations. President of PenOp and chairperson and chief compliance officer of Stanbic IBTC Pension Managers, Edidiong Akan, lauded the ongoing partnership with CIN.

With several PenOp members already recognized as Designate Compliance Professionals (DCP) through CIN, she said, there is growing momentum for obtaining the advanced ACIN certification move anticipated to further elevate compliance standards across the industry.

Such collaborative synergies, she stated, are critical in fostering a unified front among public and private sector stakeholders, thereby reinforcing Nigeria’s global financial reputation.

Beyond its immediate impact on the pension industry, the forum’s discussions resonated with a broader national imperative: the urgent need for a cohesive and proactive compliance framework to help Nigeria exit the FATF Grey List.