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PenCom allays fear over management of N8.67trn pension fund

PenCom allays fear over management of N8.67trn pension fund

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The National Pension Commission (PenCom), yesterday, allayed fears over  mismanagement of  over N8.67trillion assets under its care as at December 2018.

This was even as it assured that the  Micro Pension Plan (MPP), launched in Abuja on Thursday, would ensure a significant 85 per cent reduction in old age poverty in Nigeria.

Acting Director General of the Commission, Mrs. Aisha Dahir-Umar, made the disclosure while fielding questions from newsmen shortly after delivering a keynote address at the 2019 First Quarter Consultative Forum for States, held in Akure, Ondo State.

Dahir-Umar, who was represented by Dr. Dan Ndackson, Head, State Operation Department, PenCom, said it became imperative to allay such fears among Nigerians on the safety of the pension assets, in view of the “misleading narratives in the social and conventional media about the safety of the pension assets.”

According to her, since the existence of the scheme in the last 14 years, it has never been found wanting managing the fund.

“So, we want to tell Nigerians today that pension fund asset is safe. It is true that the Federal Government has been borrowing from the fund, but I want to assure you that every penny borrowed has been returned.

“If you are conversant with the financial market in Nigeria, you will know that without the pension industry, most of the Federal Government bonds will not subscribe. While declaring the forum opened, Governor Oluwarotimi Akeredolu said the pension scheme occupies a strategic position in economic development, stressing that it is not only an essential component of social security, but also a veritable tool for nation building.

Represented by the State Commissioner for Budget and Economic Planning, Mr. Emmanuel Igbasan, the governor said the state has made efforts to ensure full implementation of CPS. He added that the state also intends to harness the funds for capital and development projects. 

Meanwhile, PenCom said on Thursday that the inauguration of the Micro Pension Plan (MPP) would ensure a significant 85 per cent reduction in old age poverty in Nigeria.

The PenCom DG, Dahir-Umar, said this at the official inauguration of the plan in Abuja. She added that the launch of the plan was a first time window of opportunity opened to self-employed Nigerians and those working in the informal sector to participate and enjoy benefits of the CPS.

The post PenCom allays fear over management of N8.67trn pension fund appeared first on The Sun Nigeria.

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