• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Saturday, September 23, 2023
  • Login
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Pension

PenCom Board Crafted To Hedge Setback

Nwanne Ikemefune by Nwanne Ikemefune
February 1, 2021
in Pension
0 0
0
Preferred PenCom Logo
0
SHARES
568
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The preparation for a pension law in Nigeria consumed thousands of man hours, globetrotting, and assembling of pension experiences of other climes especially those of South American countries- Chile, Brazil and others, all these were done by the government of President Olusegun Obasanjo, to avoid a repeat or relay of the over N1tr debt hanging on the federal government.

With a water tight commitment to establish a pension industry that is devoid of the experiences of the past secured in the Presidency and put in the high impact file, the crafters of what shall be the coming pension act, had a common focus that one of the pillars of the new law that would emerge would be a board that was diverse, pooled from staggering stakeholders, a rainbow coalition of representatives of institutions of immense influence. All these inputs secured in the executive bill were handed over to the National Assembly intact. This was indeed injected into the maiden but repealed Pension Reform Act 2004 and re enacted in the existing Pension Reform Act 2014.

It’s therefore no fluke that the board membership which is set at 16, has ten of them drawn from institutions, representatives of critical stakeholders in the pension industry, whose inputs are critical in formulating and providing general policy guidelines for the discharge of the functions of the Commission; monitor and ensure the implementation of policies and programmes of the Commission. They are to carry out such other functions as necessary or expedient to ensure the efficient performance of functions of the commission under the Act.

Going by the outlandish stream of responsibilities of the PenCom board, the absence of the board has been a setback to the pension regulator, likewise the state of limbo of the executive committee, which has made the executive work room inactive until the active button is switched on by a reconstituted board.

It was in this wise the President, M Buhari, sent nominees for reconstituted PenCom board to the Senate for confirmation. The list includes the Acting Director-General, Mrs Aisha Dahir-Umar and four commissioners and of course, the chairman.

Putting a good tick on the current management, a former board member and executive director, Centre For Pension Right Advocacy, Ivor Takor, said despite the drag of the absence of board and executive committee, the Acting DG and the management team has been able to move the pension industry forward through effective regulation and supervision , ensuring increased level of compliance by private sector employers; while small and medium enterprises are increasingly embracing the CPS, expanding the coverage of the CPS through the Micro Pension Plan, which as at June 2020, had 51,974 informal sector workers, contributing N41.1m. Besides, RSA registration grew to 9,039,727 as at the end of second quarter, growing pension assets to N11.08tr. He also said the Commission has been firm in maintaining the engagement of fit and proper persons insulating the industry from fraud and maladministration thereby securing pension funds and assets.

On the dust in the Senate over Acting DG converting to the de facto DG, which the opposing Senators called breach of the provision on the appointment of DG, Takor said the the names submitted by the President was in accordance with the provision of the PRA Act 2014, and the constitution of the federal republic of Nigeria.

The argument against the replacement of former PenCom DG Mrs Chinelo Anohu-Amazu, was that since she had not served her full term, a replacement to complete her term as they interpret the specific section of the 2014 pension law, was that any replacement should come from her geo-political region.

Spokesperson for PenCom, Mr. Peter Aghahowa, diffusing the argument said: “Section 19(3) of the PRA 2014 provides that chairman, the Director General and commissioners shall be appointed by the president subject to confirmation by the Senate. Similarly, section 171 of the 1999 constitution (as amended) vests in Mr President the power to appoint persons to hold or act in certain offices and to remove such persons. These offices include heads of all federal government extra ministerial department, however designated.”

Aghahowa described as misleading “the argument that Mrs. Amazu’s replacement as DG of PenCom must come from the Southeast zone to complete her remaining term.” However, contrary to this submission, he said a careful review of the relevant provisions of the PRA 2014 would lead to the following conclusions:

“A reading of both subsections (1) & (2) of section 21 of the PRA 2014 indicates that they consistently use singular phrases such as, “a member” ; “a vacancy”; “a replacement” ; immediate past member that vacated office etc. Accordingly, it is submitted that the correct interpretation of S 21 (2) of the PRA 2014 is to hold that it addresses only cases of occasional vacancies created by the exit of individual members of the board of PenCom as enumerated in subsection (1) of the same section, rather than where the whole board is dissolved or all executive management are removed by Mr president.”

The Head Corporate Communications, said without prejudice the commission rests its case on the overreaching provision of S 171(2) of the 1999 constitution (as amended.)

Previous Post

Image Spin: NAICOM Hosts Insurance Journalists In Uyo

Next Post

Lagos Settles The Benefits Of 219 Retirees

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Image Spin: Insurance, Pension & Stakeholders Bare Minds At NAIPE 8th Confab
Insurance

Finance Expert Urges Govt To Position Pension & Insurance Sectors For Economic Development With Conducive Policies

September 18, 2023
NLC, Pensioners Surround FG With Persisting Retirees Hiccups Want Integrated Improved Welfare
Pension

NLC, Pensioners Surround FG With Persisting Retirees Hiccups Want Integrated Improved Welfare

September 11, 2023
Customer Protection, PenCom Assigns RSA Holders, Retirees As Steering Head
Pension

Customer Protection, PenCom Assigns RSA Holders, Retirees As Steering Head

August 4, 2023
Next Post
Lagos Settles The Benefits Of 219 Retirees

Lagos Settles The Benefits Of 219 Retirees

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

September 23, 2023
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

June 7, 2023
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Seeks NSE’s Nod To Conduct  Rights Issue

AIICO Seeks NSE’s Nod To Conduct Rights Issue

0
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

0
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

September 22, 2023
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

September 18, 2023
Image Spin: Insurance, Pension & Stakeholders Bare Minds At NAIPE 8th Confab

Finance Expert Urges Govt To Position Pension & Insurance Sectors For Economic Development With Conducive Policies

September 18, 2023
Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

September 18, 2023
First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

September 18, 2023
Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

September 14, 2023
2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

September 14, 2023
AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

September 13, 2023
ADVERTISEMENT

Recent News

NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

September 22, 2023
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

September 18, 2023
Image Spin: Insurance, Pension & Stakeholders Bare Minds At NAIPE 8th Confab

Finance Expert Urges Govt To Position Pension & Insurance Sectors For Economic Development With Conducive Policies

September 18, 2023
Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

September 18, 2023
First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

September 18, 2023
Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

September 14, 2023
2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

September 14, 2023
AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

September 13, 2023
Insurance: Nigeria Rides The Waves In IFRS 17 Implementation In Africa

Insurance: Nigeria Rides The Waves In IFRS 17 Implementation In Africa

September 13, 2023
London Company Market Premium Reaches £44bn In 2022

London Company Market Premium Reaches £44bn In 2022

September 12, 2023
NLC, Pensioners Surround FG With Persisting Retirees Hiccups Want Integrated Improved Welfare

NLC, Pensioners Surround FG With Persisting Retirees Hiccups Want Integrated Improved Welfare

September 11, 2023
Smart Solutions, The Only Panacea For Insurance And Pension Upbeat, Stakeholders Insist

Smart Solutions, The Only Panacea For Insurance And Pension Upbeat, Stakeholders Insist

September 8, 2023
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

September 22, 2023
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In