The Director General, DG, of the National Pension Commission, PenCom, Aisha Dahir-Umar, has expressed her deep appreciation towards successful recapitalization of Pension Fund Administrators (PFAs).
Speaking in Lagos today through Abdulqudir Dahiru, the Head of Corporate Communications of the Commission at a one day capacity building workshop for Insurance and Pension Editors, the DG recalled that the PenCom had increased the Minimum Regulatory Capital (Shareholders’ Fund) requirements of Pension Fund Administrators (PFAs) from N1 billion to N5 billion last year.
The recapitalization exercise had a 12-month transition from April 27 2021, to April 27 2022.
She was happy to announce that, “As of the deadline, all Pension Fund Administrators (PFAs) have complied with the Commission’s directive to increase the Minimum Regulatory Capital (Shareholders’ Fund) from N1 billion to N5 billion.”.
Dahir-Umar, explained that the reason for the recapitalization exercise was to ramp up the capacity of the Pension Fund Administrators to manage the increasing number of registered contributors.
She said and the value of pension fund assets
currently stands at N14.27 Trillion with 9,795,957 million contributors as at June 30, 2022.
She expressed optimism that the exercise will bring about increased effectiveness and efficiency as well as improved service delivery in the industry.
On the workshop she said, “Let me re-affirm the Commission’s commitment to creating awareness and holding social dialogue on the workings of the Contributory Pension Scheme with relevant stakeholders towards the smooth implementation of the Contributory Pension Scheme in Nigeria.
“I encourage you all to make this workshop as interactive as possible by sharing your concerns and seeking clarifications from our Team where necessary. I wish to assure you that your feedback will be given the due attention required, in line with the Commission’s consultative ethos.”
The theme of this year’s workshop, “Increasing Informal Sector Participation in the Contributory Pension Scheme (CPS): The case for Micro Pension Plan”, according to the DG, aligns with the Commission’s objective of expanding coverage of the Contributory Pension Scheme, CPS.
She noted that the objective is to bring in to the CPS, Nigerians working in the Informal Sector and those who are Self Employed through the Micro Pension Plan (MPP).
” Therefore, it is of utmost importance to educate the media on the MPP and enlist your support to make the Plan popular amongst informal sector workers and the self-employed.” Dahir-Umar noted.
She said the Commission is mindful of critical role of the media in disseminating factual information to its stakeholders.
So, it is imperative to constantly interact and inform you of recent developments in the pension industry and some of the Commission’s significant activities, she added.