Transfer window will accelerate journey towards greater self-regulation in pension industry – Penop

The Governing Council of the Pension Fund Operators Association of Nigeria (Penop) has said that the recent opening of the pension transfer window by the National Pension Commission (PENCOM) will accelerate the journey towards greater self-regulation in the industry.

At its recent meeting, the Council commended PENCOM on the opening of the transfer window, while also emphasizing the need for pension operators to maintain high standards of ethics in the conduct of their business.

The Council believes this move will accelerate the journey towards greater self-regulation in Nigeria’s Pension Industry.

The Governing Council also commended President Buhari for the constitution of the PENCOM board.

The meeting which was held virtually for the first time had in attendance all the Trustees and Executives of the association and was directed by the Chairman of the council of Penop, Fabian Ajogwu, a lawyer and professor.

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The other attendees included Daisy Ekineh, the former acting Director-General of the Security Exchange Commission and CEO of DSE Advisory Limited; Muhammad K Ahmad, the pioneer director-general of the National Pension Commission and current chairman of Polaris Bank; Bello Maccido, chairman of Fbnquest Merchant Bank Limited; and six Executive Council members comprising of Wale Odutola, president; Akeeb Akinola, vice president; Oguche Agudah, CEO PENOP; Amaka Andy-Azike, head of Branding & Communications Committee; Glory Etaduovie; head, Legal And Regulatory; Eric Fajemisin, head, Technical Committee and Bayo Yusuf, treasurer.

The Governing Council of Penop provides advice and guidance to the Executive Committee in the running of the affairs of the association.

Penop is an independent, non-governmental, non-political and non-profit making body established to promote the operations of the pension industry, provide for self-regulation and ensure that international best practices relating to the industry are observed by the operators registered in Nigeria.

It is the umbrella association for all the Licensed Pension Fund Custodians, Pension Fund Administrators and Closed Pension Fund Administrators (PFCS, PFAS and CPFAS) operating in Nigeria.