Protect Nigeria’s N12.8 trillion pension assets, LCCI charges PENCOM
The Lagos Chamber of Commerce and Industry has charged the National Pension Commission to ensure the safety and profitability of Nigeria’s pension assets.
LCCI president, Toki Mabogunje, gave the charge while speaking at the PENCOM Special Day at the 2021 Lagos International Trade Fair (LITR) on Friday in Lagos.
“Nigeria’s pension assets have reached N12.8 trillion as of September 2021 and still growing.
“While this is an impressive wealth accumulation, we urge PENCOM to exercise the strictest form of supervision and monitoring to ensure the safety and profitability of these assets,” Mrs Mabogunje said.
Commending PENCOM for their innovative strategies aimed at increasing coverage, transparency and profitable management of pension assets, she said “The regulatory framework for the sector should be based on international best practice.”
According to the LCCI president, “We, however, urge the management of PENCOM to leverage more on technology and effective sensitisation to achieve wider coverage, acceptance, and compliance among formal and informal sectors.
“With 9.44 million registrants on the contributory pension scheme as of September 2021, there is still so much room to achieve more coverage of workers in the scheme,” Mrs Mabogunje said.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Gov. Sani appoints new aides, board chairs to enhance service delivery
Mr Musa said that the appointments are part of the ongoing efforts to strengthen governance and inject fresh energy into public service.
States
Police detain suspect over illegal possession of firearm in Enugu
The police said a concealed locally made double-barrelled pistol was found in the suspect’s possession during a search.
Politics
Appeal Court upholds judgment barring INEC from recognising Mark-led ADC congresses
Justice Mohammed held that the case that precipitated the restraining order bordered on a non-justiciable internal affair of a political party.
Heading 5
NMDPRA seals Mobil, Mangerborn Energy in Ogun for under-dispensing fuel
Mr Adebowale stated that the action became necessary due to repeated breaches of regulatory requirements by the affected filling stations.
Politics
Court adjourns Sokoto ADC leadership suit until July 22
The judge consequently adjourned the matter to July 22 and ordered counsel for the first defendant to pay a fine of ₦500,000 to the court.
Abuja
FCT’s Tungan Madaki-Zuba road corridor will boost investment, says Tinubu
Mr Tinubu said that Tungan Madaki, Zuba, and the communities along the road corridor are home to some of Nigeria’s hardest-working citizens.
