PenCom 16-member board to tackle pension administration challenges
By Zainab Iwayemi
The National Pension Commission (PenCom) new 16-member board has taken the mantle and is set to proffer innovative and feasible solutions to the challenges of pension administration in Nigeria following its inauguration by the federal government in Abuja.
Highlighting the objectives of the pension board, Boss Mustapha, secretary to the government of the federation (SGF), emphasized the need for the formulation and provision of general policy guidelines, which are aimed at the discharge of the functions of the commission.
He also advised the board members to distance themselves from direct involvement in the day-to-day management of the agency while focusing on implementing sustainable pension policies.
The SGF noted that the PenCom Reform Act of 2004, became a necessity as a result of challenges in the industry, hence the creation of PenCom, which is a mandatory Contributory Pension Scheme (CPS) for employees – both in public and private sectors – although, with a number of exceptions in the public service.
He, therefore, expressed regret on the inability of the sector to meet up the purpose for which it was created, necessitating the need to re-establish the pension board in order to amend the sector.
“As a government, we are always conscious of our responsibilities with regards to the payment of pensions to eligible retirees in the Federal Public Service.
“We are committed to discharging these responsibilities in spite of the perennial challenges, especially as caused by the global COVID-19 pandemic manifesting in dwindling revenue accruing to the nation,” he said.
He noted: “It is only a minister that exercises control of parastatal at policy level through the board of such parastatal.”
The newly appointed chairman, Oyindasola Oni appreciated President Muhammadu Buhari for finding it appropriate to appoint all board members of PenCom, and therefore, assured the board’s commitment to improving pension administration in the country.
Other members of the board are; Aisha Dahir-Umar, Clement Akintola, Anyim Nyerere, Charles Sylvester, Festus Dauda, Anita Shitu, Ayuba Waba, Bobboi Kaigama, Abel Afolayan, Timothy Olawale, Edward Adamu, Lamido Yuguda, Oscar Onyema, and Olorundare Sunday.