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PENOP RECORDS ENORMOUS TRANSFORMATION IN THE LAST 20 YEARS-OGUCHE

The chief executive officer, Pension Fund Operators Association of Nigeria, PenOp) said pension industry in country has recorded enormous transformation and progress in the last twenty years.

Mr Oguche Agudah made this known during a media parley by pension correspondent association of Nigeria via zoom with the theme tagged’ Theme: “At the dawn of 20 years of pension reform, what are the gains?‘ while highlighting the pains and gains recorded in the pension industry.

Mr Agudah said since its establishment in 2004, the pension industry had been subject to regulations that ensures transparency and accountability within the scheme which contributed to the industry’s success in safeguarding pension funds while also providing retirees with reliable income streams and also promote pension industry in Nigeria with international best practices through effective and transparent measures.

The PenOp boss said that the pension industry paid N1.63 trillion as lump sum to 442,000 retirees as at the second quarter of the year through programme withdrawals and annuity.

PenOp is an umbrella body for Pension Fund Administrators in Nigeria that ensures the smooth operation of the pension system in the country and also also prioritizes the well-being of the beneficiaries of deceased employees.

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