Pension Insight: How strong corporate governance safeguards pension funds in CPS

The Nigerian pension landscape has undergone a remarkable transformation since the advent of the contributory pension scheme . One of the fundamental aspects that underpin the success of the CPS is the emphasis on sound corporate governance practices in the pension industry.

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. Moreover, they must execute the code of conduct provided by PenCom, fostering a culture of transparency and ethical conduct.PenCom conducts routine and target examinations of PFAs and PFCs.

To prevent any misuse of pension funds, the PRA 2014 prohibits the direct borrowing or lending of 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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