Five years after, PENCOM gets new Board
By The Federal government on Thursday inaugurated the new board of the National Pension Commission PENCOM, headed by Olurunfemi Oni as Chairman, five years after the last board was sacked.
The new board include the Director-General DG, Aisha Dahiru-Umar, who is heading management of PENCOM.
Inaugurating the new board at the Transcorp Hilton in Abuja on Thursday, Secretary to the Government of the Federation SGF, Boss Mustapha, urged the board to strengthen policy around proper utilization of the over N11.9 Trillion pension funds.
Mustapha who noted that Nigeria has had its fair share of challenges in pension administration said PENCOM remains the core of the management of pension administration in Nigeria
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The SGF who noted that government will not relent in ensuring that all available resources, including the pension funds, are put to profitable use, added that this informed government decision to ensure that the board members were carefully selected and screened for the job.
He, therefore, advised the team to ensure the implementation of sustainable policy to strengthen pension fund management
Mustapha listed the core role of the board to include approval of rules of how the general operation of the commission is run, however, urged the new board ” not to get involved in the day to day running of the organization”
“I have had the course to be an ombudsman to settle crises arising from conflicts of roles between boards and management of over five government parastatals. All boards must therefore confine itself to its mandate
“Do not get involved in the day to day management, a Minister exercises control at the policy level, while the Director-General DG, has responsibilities for day to day management of the organization”
Chairman of the new board, Olorunfemi Oni, assured that the board will work to strengthen the pension industry in Nigeria.
“We shall work with the management to ensure that we strengthen the industry. My background in the private sector has taught me to appreciate the fact that it is the management that does the work, while the board takes the glory for the success”
The Executive Commissioner in-charge of Finance, Charles Ewukowhate, in his vote of thanks, used the opportunity to appeal to State Governors to remit pension funds collected from workers.
He disclosed that the non-remittance of pension was not only denying workers the right to their pensions after retirements.
Other members of the board include Oscar Onyema, DG, Nigeria Stock Exchange, Ayuba Wabba, representing the Nigeria Labour Congress (NLC), Bobboi Kaigama, President of the Trade Union Congress (TUC).