The Contributory Pension Scheme, CPS, would eventually make corruption in Nigeria a thing of the past if generally embraced in strict compliance with its establishing legal provisions, Managing Director of Premium Pension Limited, Mr. Wilson Ideva, has said.
Ideva made this assertion during the recently held Pension Fund Administration Summit for Education Ministries, Agencies and Institutions in Lagos. The summit was organized by Exam Ethics Marshals International.
His position was corroborated by Ike Onyechere, the founding chairman of Exam Ethics Marshals International who opined that corruption has permeated every sphere of the society including some educational institutions where teachers now take bribes from students.
“People steal what they do not need for fear of the unknown” said Ideva. “The new contributory pension scheme has provided an umbrella that guarantees decent life for workers upon retirement and secures a large pool of funds that could be deployed to national development.”
He noted that the tremendous successes recorded by the pension industry within a short period of time would encourage workers to do their jobs honestly in the expectation that their future is guaranteed. He also averred that the funds under management in the pension scheme could be profited from to hold down inflation and develop the country’s infrastructure.
Ideva described the CPS as a revolution unsung noting that more than four trillion Naira is under management in the scheme even when only six million out of the estimated 70 million Nigerian workforce are enrolled in the scheme. “What would happen if only a quarter of Nigerian workers enlist in the scheme?” he asked.
“There should be a signpost on every project executed with pension funds indicating the source of the funds so as to make Nigerians aware that the new pension scheme has already begun to contribute to national development.”
He voted the National Pension Commission, PenCom, as the best regulatory institution not only in Nigeria but on the African continent. He described it as an institution that has demonstrated that policies can work and people can play by the rules in Nigeria.
According to Mr. Farouk Aminu of PenCom who was represented by the Commission Secretary and Legal Adviser, M.S. Mohammad, “The contributory pension industry can no longer be ignored as it has proved to be a veritable platform for attaining the Federal Government’s Transformation Agenda.”