The Lagos Chamber of Commerce and Industry (LCCI) has charged the National Pension Commission (PENCOM) 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)
