The Director General, National Pension Commission PenCom, Ms Omolola Oloworaran, says the pension and insurance industries are fundamentally concerned with service to people.
Ms Oloworaran who said she has assumed the pivotal role of service to ordinary Nigerians, said, “Whenever ordinary Nigerians are being discussed, count me in always. In pension industry we protect against the inevitable. But the insurance industry protects against the unexpected. At the end of the day, the most important thing to us is that the stakeholders exist to serve.
The PenCom DG who spoke at the 11th conference of the Nigerian Association of Insurance and Pension Editors, in Lagos, said building trust is very important and a lot more is required of the stakeholders to earn that trust. “In building trust, we come up reforms, initiatives, regulations to strengthen the institutions.
Strengthening institutions that that can be trust to serve she cleared will require higher dimension of capital hence the current recapitalisation exercise in the pension industry. Not mincing words she said there is no going back, the new level of recapitalisation has to be met at the deadline.
“I don’t want to over stress this, but the reason why we have to continue to review capital requirement for institutions particularly the regulated ones, that the ordinary Nigerians depend on like pension and insurance industries, is because we serve ordinary Nigerians, and there is need to make sure that organisations that exist for this purpose are strong and resilient and they are able to also withstand the shocks that will come,” she said.
She emphasised that the recapitalisation is to make sure that institutions will build the best of systems, provide the best of services, have capital that is adequate. Have capital that will support the business that is operating in the interest of ordinary Nigerians
