Tuesday, July 15, 2025
24.3 C
Lagos

PenCom, EFCC Partner on Non-Remittance of Pension Funds

L-R: Chairman of Pension Fund Operators Association of Nigeria(PenOp), Mr. Longe Eguarekhide; Chief Executive Officer, World Pension Summit(WPS), Chris Battaglia; Director-General, National Pension Commission (PenCom), Chinelo Anohu-Amazu and Founder, WPS, Eric Eggink at the 2016 World Pension Summit ‘Africa Special’ press conference held yesterday in Lagos.
L-R: Chairman of Pension Fund Operators Association of Nigeria(PenOp), Mr. Longe Eguarekhide; Chief Executive Officer, World Pension Summit(WPS), Chris Battaglia; Director-General, National Pension Commission (PenCom), Chinelo Anohu-Amazu and Founder, WPS, Eric Eggink at the 2016 World Pension Summit ‘Africa Special’ press conference held yesterday in Lagos.

The National Pension Commission [PenCom] and the Economic and Financial Crimes Commission [EFCC} are now working together to identify and deal with all cases of non-remittance of pension funds after deductions by organisations in the public and private sectors of the economy.

Mrs. Chinelo Anohu-Amazu, Director-General, National Pension Commission, who described non-remittance of deducted pension funds as criminal, said the collaboration with the EFCC is meant to immediately stop the trend and support PenCom to enforce the relevant pension laws. She added that the PenCom-EFCC is proceeding very well because the Commission has full control of the data on such non-remittances across the board.

The PenCom DG also reiterated her earlier stand that the N5.7 trillion pension assets as at June 2O16 is not sitting idle somewhere for disbursement but has been actively invested in various instruments in accordance with pension laws.

“Indeed, the steady growth of pension funds seems to suggest that funds are lying idle somewhere. But more public awareness and understanding is on-going to properly educate people on this. We need to increase the pace of such awareness going forward.”

She said PenCom has already established a new department on micro-pension to ensure direct active engagement with people in the informal sector just as the Commission is gathering accurate data to help with policy formulation and subsequent implementation.

Anohu-Amazu, who addressed a World Press Conference on the up-coming 3rd World Pension Summit [Africa Special] on September 27-28 in Abuja, said the summit provides a unique opportunity to improve the sector and derive appropriate channels of investment that leverages Nigeria’s fast growing pension funds for real sector development.

“The theme of this year’s summit-‘Pension Innovations: The African Perspective’ has been carefully chosen as PenCom seeks to drive into greater prominence, the revolutionary strides and achievements of African governments in the area of pensions and social benefits. PenCom also seeks to galvanise not only the Nigerian pension system but also those of other African countries towards sustainability and socio-economic impact.”

She said the themes of the two previous summits were selected based on the need to lay a solid foundation for the establishment of enduring pension systems in Africa and chart ways for effectively channeling the pension funds to sustainable investments such as railways, power, agriculture and real estate. This would serve as a catalyst to actively stimulate economic development across countries in Africa.

Some of the plenary sessions for the summit include:

  • Regional Reports: Revolutionary Strides in Pensions by African Countries
  • Emerging Insurer Role
  • The Dynamics of Pension Investments
  • Financial Inclusion
  • Pension Distribution: The Impact of Technology
  • Actuarial Issues and Their Impact on Pension Benefits

A major part of the summit would the 2nd Africa Pension Awards [APA] to recognise excellence, achievement and commitment to the development and strengthening of the African pension industry, in order to entrench good and innovative practices in pension administration.

“The 3rd edition of the World Pension Summit [Africa Special] promises to harness African talents in pensions and other support services such as investments, insurance and actuarial valuations. Indeed, the summit would provide a platform for pension regulators and operators in Africa to make positive contributions in ushering in a new dawn of innovations in pension administration.”

spot_img
spot_img
spot_img

Hot this week

NAICOM, Insurance Industry Mourn Buhari

It is with profound sadness that we received the...

Polaris Bank Partners Woodhall Capital, UK, Lagos State in ₦1.5bn Creative Economy Fund

L-R- Abimbola Ozomah, Executive Director, Polaris Bank; Mojisola Hunponu-Wusu,...

Heirs Insurance Group Reports N61bn GWP in 2024, an Increase of 70%

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Stanbic IBTC Holdings Meets CBN’s N200bn Recapitalisation Policy

In a landmark achievement that highlights the steadfast confidence...

SanlamAllianz Partners NCRIB on 2025 Empowerment Series

Dr. Abosede Adegbite, Consultant, Family Physician; Tope Adaramola, Executive...

Topics

Ecobank, Access, BOI Nominated for 2019 African Banker Awards

Nominees for the 2019 African Banker Awards have been...

Business Leaders, Experts Meet to Discuss Economic Reforms Oct 12

Business leaders from various sectors will meet in Lagos...

The CIIN 52nd AGM in Lagos

The 52nd Annual General Meeting (AGM) of the Chartered...

NSE Downgrades E-Tranzact from Medium to Low Stock

The Nigerian Stock Exchange (The NSE ), hereby announces...

The Buhari-Osinbajo 50% Salary Cut: Leading From The Frontline!

These are desperate times in Nigeria! Times that demand tough decisions in public interest and exemplary leadership on the part of leaders. It is tough not to acknowledge the difficult economic and security situation of the nation today.

2020: Turning Point for Sustainable Finance in Africa’s Mining Sector

    As corporates proactively implement measures to operate more responsibly...
spot_img

Related Articles

Popular Categories

spot_imgspot_img