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PenCom: Pension rights advocate seeks board constitution

The Executive Director, Centre For Pension Right Advocacy, Ivor Takor, has called on the Senate to expedite action on the appointment of the Chairman, Director General and four Commissioners for the National Pension Commission (PenCom).

While lamenting that the absence of the board and executive committee for more than five years was a setback to the work of PenCom, he said: “The Board of PenCom was dissolved in 2015 or thereabout and for almost five years, the commission has been without a board.

It has become a convention in Nigeria that once a new administration is sworn in at the federal level, all governing boards of Federal Government agencies are dissolved and reconstituted at the pleasure of the president.

“In the absence of a board, PenCom has been managed by a director-general and currently by an acting director-director general.” Takor pointed out that the lawmakers should bear in mind that out of a board membership of 16, 10 of them are institutional representatives of critical stakeholders in the pension industry, whose inputs are critical in the formulation and provision of general policy guidelines for the discharge of the functions of the commission; monitoring and ensuring the implementation of policies and programmes of the commission; and carrying out such other functions as necessary or expedient to ensure the efficient performance of functions of the commission under the Act.

He maintained that the pension industry looked forward to the 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 fastest growing industry in the country, creating jobs and value chain across industries within the financial sector of the economy. The appointment of Mrs. Aisha Dahir-Umar as the substantive DG of the commission, he stated, was in line with Section 19 (3) of the Pension Reform Act 2014.

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