PenOp CEO, Agada Oguche at a public hearing pension matters in Lagos

By Ngozi Onyeakusi—The Pension Fund Operators Association of Nigeria (PenOp) has said that Nigeria Police Force (NPF) exit from the Contributory Pension Scheme ( CPS) will cost Nigeria a whooping N2trillion.
PenOp CEO, Agada Oguche who stated this at a public hearing on pension in Lagos said the association strongly oppose the move by the NPF.
According him  the association opposed to the position giving the fact that such move means taking Nigeria back to the dark ages before the pension reforms.

He noted that the time of the reform, it was estimated that the Federal Government had a pension liability of over NGN 2 trillion. Past experiences have proven that this system puts a lot of burden on the federal government, making it unsustainable, he said.

Highlighting the benefits of CPS, he stated that CPS was known for safety unlike Defined benefit scheme (DBS) that is prone to corruption.
“The summary of this section is that the CPS as currently practiced in Nigeria has inbuilt checks and balances and administrative safeguards unlike the previous Defined benefit scheme run by the government that is opaque and prone to corruption. The CPS is one scheme that we can point to that is institutionalized and not based on the whims of individuals” , he assured.
He equally assured that CPS ensure privacy of individuals against police claims that protection of  their members from public invasion necessitated their agitations.
” One of the major points that the police pensioners have given for wanting to exit the CPS is to protect their members from public invasion into the internal profiles of its members. It is pertinent to note that Section 37 of Nigeria’s 1999 constitution guarantees privacy of data for every Nigerian citizen.