Senator urges stronger collaboration in pension sector
By Taiye Olayemi
The Chairman of the Senate Committee on Establishment and Public Service, Sen. Oluwole Fasuyi, has urged pension operators to strengthen collaboration for better contributor welfare.
Fasuyi made this call on Saturday at the inaugural leadership retreat for the pension industry, organised by the Pension Fund Operators Association of Nigeria (PenOp) in Lagos.
The retreat, which began on Thursday and ended Saturday, had the theme: ‘Sustainable Retirement: Strategic Blueprint for Economic Development and Inclusion.’
He stressed the need for joint efforts to tackle sector challenges and enhance the system for those who rely on it in retirement.
“Operators, regulators and legislators must deepen collaboration to change the pension narrative and enhance contributor welfare,” he said.
He noted rising concerns from contributors wishing to exit the scheme, with the committee frequently receiving petitions against its mandatory nature.
However, he said expanding inclusion through public awareness remains a legislative priority, noting the market is larger than the reported ₦22 trillion.
He clarified that legislative oversight should not be mistaken for hostility, urging the Senate be included in all industry engagements.
Fasuyi described Pension Fund Administrators (PFAs) as social welfare players, who must prioritise contributor wellbeing alongside financial returns.
“I commit to ensuring our oversight role retains a human face,” he assured operators.
Also speaking, Mr Mohammed Ahmad, founding Director-General of PenCom, emphasised the importance of collaboration within the pension industry.
He said PenCom was created by the legislature, and stronger partnerships among lawmakers, employers, employees and regulators are crucial for sector development.
Ahmad noted that saving for the future is difficult due to low incomes, high unemployment and significant cash held outside the banking system.
To sustain growth, he called for bridging industry knowledge gaps and preserving institutional memory to strengthen operations.
Umar Mairami, former Managing Director of Premium Pension, urged stakeholders to grow contributor numbers, which remain alarmingly low.
He said increased participation would boost business for PFAs and, in turn, support broader economic development.
A surge in contributors, he added, translates to higher business volume and improved national growth indicators.
Mairami advocated tax exemptions for contributors to encourage participation and promote retirement security.
He called on industry players to agree on a shared goal to boost enrolment and build unity across all parties.
“We must balance profitability with contributor protection to sustain long-term industry growth,” he added.
Dr Faruk Aminu, former PENCOM investment head, urged PFAs to increase value creation for contributors through improved services.
He advised lawmakers to consider mandating higher employer contributions to address pension adequacy challenges.
“Policy consistency is essential. Problems in pensions impact all sectors of the economy,” he warned. (NAN) (www.nannews.ng)
Edited by Kamal Tayo Oropo
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