Group commends pension reforms of PenCom DG, calls attacks a distraction

A coalition of Civil Society Groups has described worrying about what it calls a distraction at the National Pension Commission, saying a group of persons are campaigning to destroy the image of the Director-General of Pencom, Aisha Umar-Dahir.

The group described the onslaught against Umar-Dahir as a frivolous allegation of financial mismanagement and corruption.

The group said those peddling the allegations are trying to hold the Commission at ransom for selfish purposes.

According to the group, available information shows that some persons are at the forefront of the efforts to ruin the PenCom DG's reputation.

TheNiche reports that Umar-Dahir has maintained a sterling record at PenCom.

The group also alleged that the detractors are intent on getting the attention of President Muhammadu Buhari to remove Umar-Dahir.

The group outlined the achievements of Umar-Dahir.

The exponential growth of pension assets from N6.42 trillion in 2017 when she assumed office to N14.6 trillion as of October 2022 shows an increase of over 100 per cent in Nigeria's pension assets.

A Successful recapitalization of the pension industry from N1 billion to N5 billion, a move which increased investors' confidence in the sector.

Introduction of the Multi-Fund Structure in the investment of pension fund assets to address the investment appetite and preference of contributors and their age profile.

Also, she approved a structured reduction of fees on the Net Asset Value of pension fund assets. She introduced the Micro Pension Plan for the participation of informal sector workers in the Contributory Pension Scheme.

She also introduced a mortgage scheme for Retirement Savings Account Holders, the first of its kind that will enable RSA holders to use the balance of their RSA savings for a mortgage, the group said.

Per the rights group, her reforms led to Buhari approving N159.466 billion for the payment of outstanding pension liabilities and accrued rights in 2021.

Recall that Legit.ng reported that Nigeria’s House of Representatives on Finance is investigating the National Pension Commission (PenCom) salary structure and is demanding thorough scrutiny.

In an interactive session on Thursday, September 15, 2022, the panel discovered that the Commission had budgeted N12.02 billion for staff salaries and N2.5 billion for other staff costs for this year.

The lawmakers raised queries after the Director-General of PenCom, Aisha Dahiru-Umar, said the Commission has about N500 staff members but needed to pay them a competitive salary, so they don’t become compromised.