By Taiye Olayemi
Mr Ehimeme Ohioma, a financial expert, on Saturday urged the Federal Government to provide adequate funding for the National Pension Commission (PenCom).
Ohioma, former head of PenCom’s surveillance department, said this would help PenCom better regulate and supervise the pension industry for improved retirement savings management.
He made the call at the inaugural Pension Industry Leadership Retreat organised by the Pension Fund Operators Association of Nigeria (PenOp) in Lagos, from May 8 to 10.
The retreat’s theme was ‘Sustainable Retirement: Strategic Blueprint for Economic Development and Inclusion’.
Ohioma stated that with proper funding, PenCom could strengthen oversight, improve its regulatory framework, and ensure better protection of pension assets.
He said, “PenCom lacks adequate funding to fulfil its duties. I urge the Federal Government to address this issue for effective industry regulation.”
He also appealed to the legislature to intervene in resolving some of the industry’s ongoing challenges.
According to him, legislative support would help PenCom tackle delayed payments and insufficient retirement benefits, improving the overall pension system.
Ohioma advised lawmakers to consider legislation that prevents federal agencies from exiting the pension scheme.
He further urged support for diversifying PenCom’s investment portfolio to include foreign currency assets for higher returns and reduced risk.
“In this regard, skills must be developed. The executive and key stakeholders in the industry should also be actively involved,” he added.
