PENCOM Reaffirms Commitment To Transparency, Compliance Among Closed Pension Fund Administrators

Описание: The National Pension Commission (PENCOM) has reaffirmed its commitment to ensuring that Closed Pension Fund Administrators (CPFAs) operate with full compliance and transparency.

PENCOM Director General, Mrs. Omolola Oloworara, gave the assurance at a one-day summit on “The Future of Pension in the Oil and Gas Sector” organized by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.

Represented by the Head of Investment Supervision, Abdulqadir Dalhatu, the Director General while reaffirming that the Commission has introduced new supervisory mechanisms and a strengthened compliance framework to improve CPFA governance and guarantee the protection of contributors’ funds, expressed PENCOM’s readiness to collaborate with organized labour, pension operators, and employers to enhance benefit accuracy and promote the welfare of retirees.

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In his welcome remarks, PENGASSAN President, Comrade Festus Osifo, said the summit was convened to address the troubling situation where pensioners who retired under the Defined Benefit Scheme decades ago now receive inadequate benefits amid rising inflation and currency devaluation.

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Other speakers at the event urged CPFAs to embrace technology, innovation, and sustainable investment strategies to remain competitive in today’s evolving financial ecosystem.

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The summit also emphasized the need for regulators, employers, unions, and other stakeholders to work together to uphold strong governance, effective risk management, and transparency across the pension sector.

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