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‘Board absence crippling PenCom’s activities’

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The Pioneer Director-General of the National Pension Commission (PenCom), Mr Mohammed Ahmad, has said the absence of a board for the Commission has made it difficult for it to carry out initiatives that would have enabled it achieve its objectives.

He therefore appealed to President Muhammadu Buhari to appoint a board for the Commission.

Ahmad made the appeal when he spoke to reporters on the sidelines of an insurance conference to assess the pension industry in Abuja.

He urged Buhari to appoint a board for the Commission as he did for the Securities and Exchange Commission (SEC), which also did not have a board for a long time.

He said a regulator needed a board, adding that rule-making, supervision and compliance in the pension industry will be made easier.

While applauding PenCom micro pension plan, he said proper constitution of PenCom board would make these policies have the desired impacts.

He advised the Commission to make pension scheme a private sector driven initiative by persuading players to key into the new pension scheme.

This, he pointed out, will not only lead to influx of private sector operators into the pension system, but will allow pension contributors live a good life in retirement.

He, however, said the scheme must be professionally handled as the template of its operation vary from the conventional pension scheme.

He said: “If stakeholders can convince artisan to key into the pension scheme, the volume of pension assets will rise, while the number of contributors will rapidly grow.

“Majority of Nigerians are in the informal sector and that sector is critical to the success, growth and development of the pension system in the country,” he added.

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