The Lagos Chamber of Commerce and Industry (LCCI) yesterday asked the National Pension Commission (PENCOM) to ensure the safety and profitability of Nigeria’s N12.8 trillion pension assets.
President of the chamber, Mrs Toki Mabogunje, gave the charge while speaking at the PENCOM Special Day at the 2021 Lagos International Trade Fair (LITR) in Lagos.
Mabogunje described the achievement as impressive and still growing but urged PENCOM to “exercise the strictest form of supervision and monitoring to ensure the safety and profitability of these assets.”
She added: “The regulatory framework for the sector should be based on international best practice.”
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She commended the leadership of PENCOM for their innovative strategies aimed at increasing coverage, transparency and profitable management of pension assets.
“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,” Mabogunje said.
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