A Legal Practitioner and Executive Director, Centre For Pension Right Advocacy, Ivor Takor, has said that the growth and future of the pension sector with over N11.08 trillion fund assets is largely depended on entrenchment of a formidable board.
Takor, a former board member of PenCom, added that it came as a big relief when it was announced as breaking news on Monday September 29, 2020 that President Muhammadu Buhari has appointed a Chairman, Director General and four Commissioners for the National Pension Commission (PenCom) subject to the Confirmation of the Senate, and that the names of the appointees has been forwarded to the Senate in line with Section 19 (3) of the Pension Reform Act 2014.
He submitted that the appointment of Mrs. Aisha Dahiru-Umar as the Director-General of the PenCom pending Senate confirmation by President Buhari is a welcome development as it will ensure continuity in the Commission especially as the Chairman and the four Commissioners are fresh hands.
Takor posited that the pension Industry looks forward to Senate’s expeditious confirmation of the appointments that will bring a new lease of life in PenCom and the industry that is emerging as the fasted growing industry in the country, creating jobs and value chain across industries within the financial sector of the economy.
The Section provides that “The Chairman, Director-General and the Commissioners shall be appointed by the President subject to the confirmation by the Senate”.
Section 19 (2) provides that the Board of the Commission shall consist of (a) a part-time Chairman who shall be a fit and proper person with adequate cognate experience in pension matters; (b) the Director-General of the Commission; (c) four full-time Commissioners of the Commission; (d) a representative each of the following agencies and institutions: Head of the Civil Service of the Federation; Federal Ministry of Finance; Nigeria Labour Congress; Trade Union Congress of Nigeria; Nigeria Union of Pensioners; Nigeria Employers Consultative Association; Central Bank of Nigeria; Security and Exchange Commission; Nigeria Stock Exchange; and National Insurance Commission,” he added.
