The phenomenal growth of pension assets and the roll up of retirees pains and other indices has earned National Pension Commission the endorsement of Conference of Civil Society of Nigeria (CCSN) as one of the top performing Ministries, Departments and Agencies (MDAs) in Nigeria.
The CCSN, which is a coalition of Civil Society Organisations (CSOs) crusading for good governance and transparency, said PenCom “stands out as one of the most ambitious financial inclusion programmes targeted at the Civil Society and the informal sector of any developing economy in the world.”
The CSOs disclosed this in a letter to President Muhammadu Buhari dated 19 December 2022, by the CCSN’s Chairperson, Comrade Adams Otakwu, and two other members of the coalition, John Ogar and Acheme Arumona.
The crusader noted in the letter to Buhari that PenCom “has become synonymous with positive, transparent and goal-oriented pension administration in Nigeria.” The coalition also observed that PenCom embodies “a welcome departure from the humongous corruption and inhumane treatment of our pensioners, that was the stock in trade prior to the current dispensation.”
Referencing what made PenCom an exception and a beacon for others to follow, the letter digs in, “These include the extraordinary rise of pension assets and retirement savings accounts, enhanced contributory registration system, payment of outstanding pension liabilities, recovery of outstanding pension contributions, increase in minimum share capital for pension fund administrators, and effective implementation of the micro pension plan, which coopted the Civil Society into the pension scheme and has greatly enhanced our productivity and well-bring.”
Other top performing MDAs identified alongside PenCom by the CSOs include the Department of State Services (DSS), National Drug Law Enforcement Agency (NDLEA), and Central Bank of Nigeria (CBN).
The Head of the Corporate Communications Department of PenCom, said the development is a clear attestation to the reformed pension landscape in Nigeria spearheaded by PenCom.
He said the vote of confidence passed on PenCom by the CSOs would spur the management and staff to double their efforts towards continued effective regulation and supervision of the Contributory Pension Scheme (CPS) in Nigeria.