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CPS records N5.3 trillion income in 2015, says PenOp

By Lucky Orioha
18 July 2016   |   2:50 am
Despites the economic challenges posed by the difficult operating environment, Pension Fund Operators Association of Nigeria (PenOp), said Contributory Pension Scheme...
Eguarekhide Longe.

Eguarekhide Longe.

Despites the economic challenges posed by the difficult operating environment, Pension Fund Operators Association of Nigeria (PenOp), said Contributory Pension Scheme (CPS) has recorded a gross income of N5.3 trillion for the financial year ended December 31, 2015.

This represents 15 per cent increase when compared with N4.61 trillion recorded in the previous operating year.

Speaking at the association’s of the fourth yearly general meeting, in Lagos, the President of PenOp, Eguarekhide Longe, stated that, remittances of pension contributions from the public sector-both the federal and state levels have lagged notably.

He noted that remittances from the Federal Government through the National Pension Commission (PENCOM) were last received for September 2015, while some states have outstanding remittances dating more than two years.

According to the President, in January 2016, industry leaders assembled to deliberate on desirable strategies to consolidate the gains the industry had made to date and to evolve new thoughts on how to grow the industry and make a greater impact on the society, which essentially serves as its base.

“With N5.3 trillion growth over 11-year period, careless deployment could wipe these gains out in an instant. On the contrary, if we looked at it as a constituent part of the national economic strategy, the focus will switch to how we can support the industry to grow beyond N20 trillion,” he stated.

Speaking further, he also listed some of the key decisions and steps agreed upon setting up an agenda for the next eight years to 2024.

The outcomes of these agreements are; expanded and inclusive coverage; improvement in industry skill sets; low cost and efficient industry; positive real return and visible impact and excellence in service delivery, adding that a set of teams have been set up to work on these themes and momentum is developing daily in the direction of the set vision.

The President expressed concerns over the economic challenges confronting the nation, saying it is well understood that we are currently in a situation of financial stringency.

He added that we are not altogether deficient.

“Our oil still sells, we still enjoy a comparatively higher state of peace than many parts of the world and our land is fruitful. Judicious deployment of resources and an understanding of the concept and value of sequencing is what may be most required to see us rise again as a people.

“It is my belief that as a people we have to learn to effectively dream big dreams. The transformation has got to start from our mindset. To do this, clear thinking, sincerity of purpose, selflessness, honesty and production use of time and resources need to be emblazoned on the minds of all influencers in society.

“We need to rekindle our sense of self-esteem, pride in what is ours nation and keen desire to become globally competitive,” he said.

Meanwhile, it is very important that we foster unity amongst ourselves as operators as we speak in one voice.

The President, also warned of unprofessional and unfair competitive practices, which should not have a place in the industry.