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More Investment Fuse Boxes Requested In PRA Bill

Nwanne Ikemefune by Nwanne Ikemefune
February 2, 2021
in Business Unlimited
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The call for more investible funds points to pension assets and long term insurance funds, as alternative strategies to retool the economy and reconnect the country to growth path with long term funds.

The board chairman, Nigeria Social Insurance Trust Fund (NSITF), Mr. Austin Enajemo-Isire, placed the demand as an alternate growth vehicle for the real sector to finance their operations with long term pension and insurance assets. ENajemo-Isire, spoke at the 5th national Conference of the National Association of Insurance and Pension Correspondents.

Despite this clamour for more space for pension assets to boost economic operations, chieftains in the pension industry said the sector is as much as real sector, interested in collaborating with them to earn more funds for long term development. Besides, both the regulator, National Pension Commission, and pension operators: Pension Fund Administrator and Pension Fund Custodian, said N3tn is still available to fund the economy out of the N11.25tr pension assets. The pension operators said it was the function of the real sector and the financial managers to create vehicles which meet the conditions set in the pension act to give them access to the fund. however, they said eligible instruments still don’t exist.

However, NSITF chairman, said there is a pertinent need to invest pension and insurance assets in such sectors as manufacturing, agriculture and aviation with inbuilt safety net. He said it has become more ardent because of the economic downturns of the #EndSARS protest and the economy that was already on the downward trend leading to decline in GDP from a growth of 2.2% in 2019 to about -4% globally by the year end.

He speaks further: “In furtherance of the foregoing, the current restrictive nature of insurance and pension funds investment outlets calls for review of the legislations guiding investment of insurance and pension fund” stating that this will give the organised private sector access to funds.

Still holding on to safety net he said: “It is worthy to note and be reminded that insurance and pension funds are subject to regulatory guidelines as provided in section 25 of the Insurance Act 2003 as amended and section 86 of the PRA 2014, for the purpose of safety and returns.”

L-R:Dr. Akin Ogunbiyi, chairman, Mutual Benefits Assurance Plc, Mr. Austin Enajemo-Isire, chairman, Nigeria Social Insurance Trust Fund (NSITF), Mr. Chuks Okonta, chairman, NAIPCO, Mr. Rasaq Salami, Head, Commissioner for Insurance Directorate and Mr. Val Ojumah, MD/CEO FBNInsurance Limited, in Lagos at the 2020 NAIPCO Confab.

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