Pension operators target widened pension coverage
By Omobayo Azeez
Pension Operators in Nigeria have unveiled plans to widen the coverage of the different pension schemes in the country, to bring more contributors into the security basket.
The operators, under the aegis of Pension Fund Operators Association of Nigeria (PenOp), 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 is coming as the operators elected new members into its executive committee with Wale Odutola, chief executive officer of ARM Pension Managers Limited, emerging PenOp’s new 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 Akeeb Akinola, CEO of Shell Closed Pension Fund Administrator, who was re-elected the vice president; Bayo Yusuf, CEO, UBA Pension Custodian Limited, who retains his position as the treasurer; Eric Fajemisin, CEO, Stanbic IBTC Pension Managers Limited who was elected head, technical committee of the association, amongst others.