Absence of PenCom Board is Bad – NECA

Nigeria Employers’ Consultative Association (NECA) has called for an immediate constitution of a governing board for the National Pension Commission (PenCom) to enable it to fulfill its statutory duties. The President of the Association, Taiwo Adeniyi, made the call at the association’s virtual Annual General Meeting held in Lagos yesterday.

He expressed the association’s concern over the fact that PenCom has not had a substantive board in about six years saying it does not send the right signal to stakeholders when government pays lip service to issues of corporate governance and safety of contributors’ funds.

The National Pension Commission is currently being managed by the Acting Director General at the helm of affairs. This is not the best for the industry, most especially considering the fact that, Section 19 of the Pension Reform Act 2014 mandates the establishment of a governing Board for the National Pension Commission. The absence of the Board is a contravention of PRA 2014, FG sacked the Director General and Board members in April 2017, and over 3 years after, we still dont have appointed Board members for PenCom.