PFAs demand for careful investment of N5.3trn pension assets

Pension Fund Administrators (PFAs) under the auspices of the Pension Fund Operators Association of Nigeria ( PenOp) has called for careful investment of pension funds saying, careless deployment could wipe the gains already achieved within a twinkle of an eye.

The Chairman of  PenOp, Mr. Eguarekhide Longe, who made the call at the association’s 4th Annual General Meeting, AGM, in Lagos, noted that the call to invest a greater portion of the pension funds in infrastructure require clear, calm, incisive and strategic thinking to achieve any notable success.

According to him, “With N5.3trillion, grown over an 11-year period, careless deployment could wipe these gains out in an instant. On the contrary, if looked at as a constituent part of National Economic Strategy, the focus will switch to how we can support the industry to grow beyond N20 trillion describing broader coverage so that a national savings pool, effectively utilized, will always be available to kick-start properly conceived, internally consistent, national development initiatives.”

While urging pension operators to esteem professionalism, he added that unprofessional and unfair competitive practices should really have no place in the industry.

“I believe that we have to maintain a high standard of professionalism in our conduct as individuals and within organisations to etch ever stronger the Oasis of Sanity this industry has come to be in the Nigerian Financial Services landscape,” he stressed.

He added: “Unprofessional and unfair competitive practices should really have no place in the pension industry. As leaders, it is important that we take a firm stance on this. It is also very important that we foster unity amongst ourselves as operators. We need to imbibe the discipline of speaking with one voice. Healthy, honest and open debate is important. But once positions are agreed, it is my opinion that they should be binding.”