Civil Society Organisations (CSOs) operating under the auspices of Conference of Civil Society of Nigeria, on Sunday, applauded the administration of President Muhammadu Buhari for the vast improvement recorded in the payment of pension and security of pension assets since assumption of office.
Addressing newsmen in Abuja at the weekend after the 2019 fourth quarter roundtable, Chairperson of Conference of Civil Society of Nigeria, Comrade Adams Otakwu, who was flanked by leaders of various CSOs, said the focus of this quarter roundtable was on the Nigerian pension industry.
They commended the management of PENCOM for the positive improvement in the management of the pension industry, saying that the “performance of PENCOM under the Buhari’s administration is a global reference.”
According to the CSOs, “the focus of our 2019 Fourth Quarter Roundtable We noted that prior to administration of President Muhammadu Buhari the pension industry experienced several challenges that impacted negatively on the national economy, but now the pension industry has recorded millions of contributors delivering a huge impact on national development.
“Our assessment of the performance of the current PENCOM under the leadership of the Acting Director-General, Hajia Aisha Dahir Umar indicates a profound commitment to a viable Pension Industry. It presents: 84% rating in the timely payment of pension and security of pension assets; increased compliance of employers and effective service delivery by operators.
“Over 50 per cent in contribution to social safety net provision of highly effective and efficient regulation of Pension Fund Administrators (PFAs) and prompt intervention on operators’ issues.
“76 per cent rating in communication and public enlighten on pension matters that have led to better retirement conditions for over 33 million citizens.
“65 per cent rating in collaboration with NAICOM for a flourishing life insurance business.
“In conclusion, the Hajia Aisha Dahir-Umar led PENCOM under President Muhammadu Buhari has been highly re-professionalized to re-position the pension industry for maximum impact on the national economy.”
While responding to question on thematic areas they feel the management of PENCOM needs to improve on, Comrade Otaku listed publicity and collaboration with the private sector and civil society organisations.
He explained that though PENCOM scored high on publicity, they still need to do more to get more Nigerians aware of how they can benefit from the pension.
He added that some Nigerians are still of the notion that pension is only for workers in the public sector and PENCOM needs the civil societies and operators in the private sector to change this notion.