The Pension Reform Act (PRA) 2004 as repealed by PRA 2014 has been beneficial to government by its support to the overall macroeconomic policies of reform. The provisions of the law have also encouraged labour market flexibility while pensioners are no longer at the mercy of employers
The 21 Pension fund Administrators operating in Nigeria, between 2004 and 2017 generated a total of 7,592,157 contributors who contributed N6.6 trillion assets. Also between April and June 2017, they generated a total of 97,713 Retirement Savings Accounts (RSA) holders who registered with them
Before the enactment of the Pension Reform Act 2004 which introduced the Contributory Pension Scheme in Nigeria, there was a pension deficit of about N2tn in the country, which hindered many retirees from getting their retirement benefits
Our attention has been drawn to the media statements by the Financial Reporting Council of Nigeria (FRCN) in which several inaccurate and unseemly allegations were made against Stanbic IBTC Holdings PLC (“Stanbic IBTC”). Although the matter is in court, we are constrained to respond to certain aspects of the report for the benefit of our stakeholders and the general public.