L-R:  Managing Director/CEO Access Pension Fund Custodian, Idu Okwuosa; Head, Micro Pension Department, National Pension Commission, Dauda Ahmed; Head, Benefits and Insurance, S Bwala; President, Pension Fund Operators Association of Nigeria, Wale Odutola; Head, Investment Supervision Department, Ekanem Aikhomu; Head, Surveillance Department, Ehimeme Ohioma; Managing Director/ CEO First Pension Custodian Nigeria, Oloruntimilehin George and Principal Manager, South-West Zonal Office, Sola Adeseun at the event.

By Ngozi Onyeakusi— The  National Pension Commission (PenCom) today said that 72 thousand participants registered under  the Micro Pension scheme as at November, 2021.
This was disclosed by the Head of Micro Pension Department, PenCom, Mr Dowda Ahmed, at Pension Fund Operators Association on Nigeria (PenOp) Annual Media Parley with the National Association of Insurance and Pension  Correspondents (NAIPCO) in Lagos.
Amed called for aggressive media  awareness to ensure that more participants are brought to the scheme.
He noted that micro pension was designed to cater for organisations which were before now could not participate in the Contributory Pension Scheme (CPS) because they do not have minimum of three employees or self employed in the informal sector, such as people with small scale business, petty traders, artisans, entrepreneurs among others.
He also noted that the micro pension was  put  in place to curb old age poverty by assisting people to contribute when they were working so as to have a long term savings which they  could fall back on when they become old.
He assured that the scheme was made to be voluntary against the conventional pension which is mandatory.
Speaking further Amed  assured that the Micro Pension was  flexible in the sense that  the amount to be contributed and the frequency of contribution is determined  by the contributor.
He  reiterated the commission’s strict regulation and monitoring of the micro pension scheme.
On the  safety of pension fund, he noted  that Micro Pension Plan was based on individual and personalised Retirement Savings Account (RSA) adding that only the RSA holders have access to the balance in the account.
He equally assured that there was separation of management and custody of the pension funds which ensures that Pension Fund Administrators (PFAs) who  manage the fund do not  have direct access to them as the funds are kept by by the Pension Funds Custodians (PFCs).
Earlier in his presentation, the Head Surveillance, PenCom, Mr Ehimeme Ohioma disclosed that about 10 PFAs have increased their  minimum capital base to N5 billion
in accordance with the commission’s directive.
According to Ohioma, the objective of the  recapitalization exercise  was to improve the financial stability and operational efficiency in the industry.
He noted that the last recapitalization in the industry was done in 2011 adding that ongoing, the second since inception of CPS came at the right time. ” This is the second in the industry within the current CPS. It is the because the industry has grown and the assets has grown. There is need for this. They need to retain the real skilled workers. We need to attract talent.  There is need for digitalization. This will cost money too and ensure efficiency especially with the COVID-19. It is this time, no other time. We are looking at having big players in the industry “,he assured.
Recall that PenCom recently announced that Pension Funds Administrators (PFAs), the managers of the various pension assets, must increase their minimum capital base to N5 billion from the present N1 billion within 12 months, starting April 12, 2021.