PenOp targets widened pension coverage

The Pension Fund Operators Association of Nigeria (PenOp), has unveiled plans to widen the coverage of the different pension schemes in the country, to bring more contributors into the security basket.

The operators said they would do this by further engaging the government and regulators, and promoting ethics within the sector, by up-skilling pension operators, and ensuring that the industry contributes to Nigeria’s development.

This came after the National Pension Commission (PenCom), disclosed plans in collaboration with the industry stakeholders to diversify the investment portfolio of pension assets, and deepen investment channels to cushion the effects of COVID-19 on the industry.

As the regulator responsible for the establishment of rules, guidelines, and standards for pension fund investment by licensed Pension Fund Administrators (PFAs), the commission said it is also reviewing its policies with a view to boosting pension fund investments post-Covid-19.

To help achieve these goals and boost pension contributions, PenOp at its recent bi-annual election, elected a new Executive Committee for the association, which saw the Chief Executive Officer of ARM Pension Managers Limited, Wale Odutola, emerging the President.

Odutola, who was previously the association’s Head of Media and Branding, took over from Ronke Adedeji, the erstwhile President and Chief Executive Officer of Leadway Pensure Limited.

In his remarks, Oguche Agudah, Chief Executive Officer, PenOp, said the smooth election is a testament to the sound corporate governance practices of the Association and the cohesion that has been built within the pension community in recent years.

According to him, the new Executive Committee is set to significantly improve the lot of the pension operators, contributors, and the economy as a whole.

He said: “While we are facing tough times caused by the COVID-19 pandemic, we are poised to contribute our own fair share towards surmounting the current challenges and move the industry and nation’s economy to greater heights.”

He reiterated that PenOp is an independent body, established to promote the operations of the pension industry, provide self-regulation, and ensure that international best practices relating to the industry are observed by the operators registered in Nigeria.

Accepting the new office, Odutola thanked Ronke for her strong and visionary leadership over the last two years, and pledged to continue the work that she and the previous Executive Committee had begun.

Other members of the newly elected Executive Committee were the CEO of Shell Closed Pension Fund Administrator, Akeeb Akinola, who was re-elected the Vice President; CEO, UBA Pension Custodian Limited, Bayo Yusuf, who retains his position as the Treasurer; CEO, Stanbic IBTC Pension Managers Limited, Eric Fajemisin, who was elected Head, Technical Committee of the Association amongst others.