Pension

Certified Pension Institute of Nigeria inducts 23 fellows, 9 associates

Dignitaries at the event.

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Chuks Udo Okonta

The Certified Pension Institute of Nigeria (CPIN) today inducted 23 distinguished professionals as fellows and nine associates.

The President of Certified Pension Institute of Nigeria Umaru Kwairanga, while speaking at the CPIN 2024 Investiture/Induction Ceremony of new Fellows and Associates in Lagos, noted that the fellows and associates are distinguished and accomplished individuals in pension practice and associated financial services in Nigeria.

He implored the inductees to be good ambassadors of the institute in their various organisations by their conducts, profession, utterances and in representing the interest of the institute.

From left: Council Member Certified Pension Institute of Nigeria, Peter Adediji Managing Consultant Motodols Pension Consults, Mrs. Folashade Onanuga; President, Umaru Kwairanga at the event.

Kwairanga submitted that the Institute is extending access to people in employment without university degree and undergraduates to commence their student registration process that would enable them take up examinations.

The Managing Consultant Motodols Pension Consults, Mrs. Folashade Onanuga, who delivered the induction lecture entitled: ‘20 Years of Pension Reform in Nigeria’ highlighted the benefits of the pension reforms, whilst also identifying some challenges that needed to be addressed to make the reforms effective.

According to her notable achievement in 20 years of the Pension reforms include; build up ; ease in pension administration through automation and digitalization; robust regulation and supervision by the National Pension Commission (PenCom); fraud free pension scheme; membership of over 10 million contributors amongst others.

She identified challenges such as; low coverage both in formal and informal sectors; delay in contributions; inadequate or no funding of the accrued pension rights; inadequate benefits; limited awareness of the scheme’s benefits; unhealthy competitions; delay in payment of terminal benefits amongst others.

From left: Managing Consultant Motodols Pension Consults, Mrs. Folashade Onanuga; President Certified Pension Institute of Nigeria, Umaru Kwairanga and Executive Secretary, Dr. Samson Akinyemi at the event.

On the way forward, she canvassed regular strategy sessions by operators and regulators to anticipate needs of retirees and proffer solutions even before the retirees make demand; greater commitment by government and employers of labour on employees welfare; creation of awareness and provisions of the pension law must be immediately practicable and achievable.

The Executive Secretary of CPIN Dr. Samson Akinyemi, appreciated the dignitaries for attending the event, whilst calling for cooperation amongst practitioners to properly position the industry.

He noted that the institute is working assiduously to secure Chartered status.

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