Citizen Stanley Nwabia, is a young Nigerian; with the country’s economy walking the tight rope of a financial crunch, he has consistently inquired of the panel engaging with the public, for a way to liquidate his pension funds.
“I want to liquidate my pension account and why must they tell me to wait till I turn 50” Tweeted Stanley Nwabia. The eminent panel of discussants answered thus: ‘The RSA was created for retirement benefits and not employment benefits’; liquidating his RSA was not an option.
There are millions of Nigerians who like Stanley Nwabia, do not fully understand nor appreciate the Pension Reform Act of 2004 and the detailed workings of Nigeria’s Contributory Pension Scheme (CPS).
It was for this reason that the Director General of the National Pension Commission (PenCom), Chinelo Anohu-Amazu, organised an innovative social media round table to explicate Nigeria’s pension laws and processes better. The Google Hangout linked to live twitter feeds was not only a novel idea but also presented the perfect vista for interfacing with the general public.
Under the personal direction of the DG, the #AskPenComDG panel of experts comprised of some the highly experienced regulatory officials and pension industry experts in Nigeria. On the team from PenCom were top officials including Mr. Lana Loyinmi – Head, Benefits & Insurance, Mr. M. B. Umar - Head, Compliance & Enforcement, Dr. Farouk Aminu – Head Research & Corporate Strategy, Mrs. G.E. Usoro – Head, Public Sector Pensions and Mr. M.S Muhammad Commission Secretary /Legal Adviser. They were also joined by Mr. Misbahu Umar Yola - Managing Director, Legacy Pension and Mr. Wilson Ideva – Managing Director, Premium Pension.
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