The guidelines were a set of principles based on best practices, which were intended to guide pension fund operators on the structures and processes for achieving optimal governance practices.
The PRA 2014 mandates that the chief executive officer, directors, and management staff of pension operators cannot assume their roles without the prior written approval of PenCom. The monitoring of corporate governance is done through both off-site and on-site methods. Off-site supervision involves reviewing reports submitted by PFAs and PFCs periodically. On the other hand, on-site examinations entail annual physical reviews of their books and records, ensuring their operations strictly align with the law.The Act also addresses potential conflicts of interest.
To prevent any misuse of pension funds, the PRA 2014 plainly states that governments at all levels cannot borrow directly from pension funds. However, PFAs can invest pension assets in approved financial instruments, such as treasury bills and bonds issued by the Central Bank of Nigeria or the federal and state governments implementing the CPS.
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