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Market Digest Nigeria

Finance

LCCI charges PENCOM to protect N12.8trn pension assets

The Lagos Chamber of Commerce and Industry (LCCI) has charged the National Pension Commission (PENCOM) to ensure the safety and profitability of Nigeria’s N12.8 trillion pension assets

LCCI

Mrs Toki Mabogunje, President, LCCI, gave the charge while speaking at the PENCOM Special Day at the 2021 Lagos International Trade Fair (LITR) on Friday in Lagos.

The News Agency of Nigeria (NAN) reports that the fair is holding from Nov. 5 to Nov. 14 and has as its theme: “Connecting Businesses, Creating Value”.

Mabogunje said: “Nigeria’s pension assets have reached N12.8 trillion as of September 2021 and still growing.

“While this is an impressive wealth accumulation, we urge PENCOM to exercise the strictest form of supervision and monitoring to ensure the safety and profitability of these assets.

“The regulatory framework for the sector should be based on international best practice.”

She commended the leadership of PENCOM for their innovative strategies aimed at increasing coverage, transparency and profitable management of pension assets.

“We, however, urge the management of PENCOM to leverage more on technology and effective sensitisation to achieve wider coverage, acceptance, and compliance among formal and informal sectors.

“With 9.44 million registrants on the contributory pension scheme as of September 2021, there is still so much room to achieve more coverage of workers in the scheme,” Mabogunje said.

She added that the trade fair was a very good platform for PENCOM to interface with hundreds of Micro, Small and Medium Enterprises that were yet to be captured in the nation’s pension scheme.

On his part, Mr Babatunde Alayande, Head, PENCOM, South-West Office, said President Muhammadu Buhari had on March 28, 2019 signed the Micro Pension Plan (MPP) to expand contributory pension scheme to the informal sector.

“This platform avails workers such as artisans and self-employed persons the opportunity to easily register and contribute in a flexible manner, and in a safe and secure environment for their pension at retirement.

“The MPP would ensure that there is a pension coverage for all eligible Nigerians and provide access to other incentives for them,” he said.

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