Oluwakemi Adeyemi

Jan 9, 2020

21 min read


When Nigeria made a major institutional reform to the administration of the retirement benefits of its working class in 2004, few people would have foreseen the possibility of huge development in the scheme. Changing from the Defined Benefit Scheme to the Defined Contributory Scheme has created a system that is perhaps more trustworthy and more user-determined. The trust that has been earned by the system can be attributed in no small way to the work carried out by the regulatory agencies and key-players in the industry. If the market will overcome the challenges that confront it to build a more robust market that can support the economy while protecting the contributions of workers, these agencies must work hand-in-hand. Former President Olusegun Obasanjo observed at page 554 of his book; My Watch[2] on the contribution of the scheme to his administration’s housing and urban development policies that: “Another aspect of the reform relates to the decision to establish the Contributory Pension Fund which, all over the world, is known to constitute a major institutional investor on the capital market promoting housing and infrastructural development in most countries. With the establishment of the Contributory Pension Fund, FMBN[3] was encouraged to go to the capital market to raise additional financing for the housing sector.”

The aim of this article is to set-forth the framework of players in Nigeria’s pension market in order to fully grasp the extent of powers wielded by them in Nigeria’s pension market. In doing this, the Pension Reform Act №4 of 2014 (The Act) being the principal regulatory statute on pension administration in Nigeria and the Companies and Allied Matters Act №20 of 2004 will be considered.


The Commission was established by Section 17 of The Act as the apex regulatory authority in the administration of pension funds (gathered via the Contributory Pension Scheme (CPS) as well as funds inherited from the Defined Benefit Scheme) in Nigeria. It is the successor-in-title to the National Pension Commission established under the 2004 Act.[4] The Commission has 19 departments.[5] The Act establishes the principal objects for which the Commission is established to[6]:

a) enforce and administer the provisions of The Act;

b) co-ordinate and enforce all other laws on pension and retirement benefits; and

c) regulate, supervise and ensure the effective administration of pension matters and retirement benefits in Nigeria.

The Board[7] of the commission is composed of a part-time Chairman and a full-time Director General;[8] four full-time Commissioners; a representative of the Head of the Federation’s Civil Service, Federal Ministry of Finance, Nigeria Labour Congress, Trade Union Congress, Nigeria Union of Pensioners, Nigeria Employers Consultative Association, Central Bank of Nigeria, Securities and Exchange Commission, Nigerian Stock Exchange, and National Insurance Commission. Members of the Board while serving in that capacity cannot be holders of controlling shares in any Pension Fund Administrator (PFA) or Pension Fund Custodian (PFC) neither can they within three years of ceasing to be the chairman or members of the Board become directors and/or shareholders in any PFA or PFC. They are equally expected to declare within a month of their appointment into the Board of their shareholding or the shareholding of family members or close associates in any PFA or PFC to the Board in writing.

The Board has the responsibility to:[9]

a. formulate and provide general policy guidelines for the discharge of the Commission’s functions;

b. monitor and ensure the implementation of the policies and programmes of the Commission; and

c. carry out such other functions as are necessary or expedient to ensure the efficient performance of the functions of the Commission under the Act.

The Board is empowered to:[10]

a. approve rules and regulations relating to the appointment, promotion and disciplinary measures for the employees of the Commission;

b. fix the remuneration, allowances and benefits of the employees of the Commission; and

c. regulate its proceedings and make standing orders with respect to the holding of its meetings, notices to be given, the keeping of minutes of its proceedings and such other matters as the Board may, from time to time determine.

The Director General is the Commission’s chief executive and accounting officer;[11] responsible for the Commission’s day-to-day administration; responsible for keeping the Commission’s books and records; and required to possess relevant and professional qualification in pension matters with 15 years cognate experience[12].

In furtherance of the principal objects of the Commission, Section 23 of The Act defines the functions of the Commission thus:

a. regulate and supervise the Scheme established under the Act and other pension schemes in Nigeria;

b. issue guidelines, rules and regulations for the investment and administration of pension funds;

c. approve, license, regulate and supervise pension fund administrators, custodians and other institutions relating to pension matters as the Commission may, from time to time, determine;

d. establish standards, benchmarks, guidelines, procedures, rules and regulations for the management of the pension funds under this Act;

e. ensure the maintenance of a national data bank on pension matters;

f. carry out public awareness, enlightenment and education on the establishment, operations and management of the Scheme;

g. promote capacity building and institutional strengthening of PFA and PFC;

h. receive, investigate and mitigate complaints of impropriety made against any PFA, PFC, employer, staff or agent;

i. promote and offer technical assistance in the application of the contributory pension scheme by the States and Local Government Councils in accordance with the objectives of this Act; and

j. perform such other duties which, in the opinion of the Commission, are necessary or expedient for the discharge of its functions under this Act.

Section 36(1) of the Act creates a significant function of the Commission aimed at ensuring good corporate governance in these words: “The Commission shall, not later than four months after the end of each year, submit to the President and the Public Account Committee of the National Assembly a report on the activities and administration of the Commission during the immediately preceding year and shall include in such report the audited accounts of the Commission and the auditors’ report thereon for the preceding year.” In addition, by virtue of subsection 3 of Section 36, the Commission shall cause to be published within six months after the end of each year in at least three national newspapers circulating in Nigeria, its annual reports. This section makes compulsory a practice which in the words of Dr Joe Abah is, “ … a perfectly normal practice in the private sector is sorely lacking in the public sector. Government should make it compulsory for all government entities to produce Annual Reports that should be easily accessible to civil society, the media and members of the public. This will provide the basic information with which the organisation can be held to account.”[13] Unfortunately, the Commission does not seem to have been faithful to this mandate. Its 2018 Annual Report is not yet available on its website. This writer suggests that the requirement for the Annual Reports to be published in three newspapers should be amended to 1 in addition to publication on its website bearing in mind the significant role the internet is playing in every day engagements today.

The powers of the Commission are to:[14]

a. formulate, direct and oversee the overall policy on pension matters in Nigeria;

b. fix the terms and conditions of service and remuneration of the employees of the Commission;[15]

c. request or call for information from any employer or PFA or PFC or any other person or institution on matters relating to retirement benefits;

d. charge and collect such fees, levies or penalties, as may be necessary for the provision of services under this Act;

e. establish and acquire offices and other premises for the use of the Commission in such locations as it may deem necessary for the proper performance of its functions under this Act;

f. investigate any PFA, PFC or other party involved in the management of pension funds;

g. impose administrative or civil sanctions or fines on erring employers or PFAs or PFCs;

h. order the transfer of management or custody of all pension funds or assets being managed by a PFA or held by a PFC whose license has been revoked under this Act or subject to insolvency proceedings to another PFA or PFC, as the case may be;

i. move pension funds and assets from one PFA or PFC to another when the Commission believes that the funds and assets are endangered;

j. appoint Management Committee in the resolution of failing pension operators;

k. accredit any person, body corporate or institution that engages in any activity relating to pension matters in Nigeria pursuant to this Act;

l. request the Accountant-General of the Federation to credit into the Federal Government Retirement Fund Account, Federal Government’s obligation for the redemption of the Retirement Benefits Bonds issued to its employees for their past service;

m. set up technical committees, working groups and task forces to assist the commission in the performance of its duties and functions under the Act;

n. make changes to its structure with the approval of the Board;[16] and

o. do such other things which in its opinion are necessary to ensure the efficient performance of the functions of the Commission under the Act.


CAC is the principal regulatory agency for the administration of Companies, Business Names and Incorporated Trustees by virtue of the Companies and Allied Matters Act №20 of 2004 (CAMA). PFAs and PFCs are required to be companies limited by shares.[17] Thus, they will need to interface with the Corporate Affairs Commission. Section 1 of The Act established the CAC which is headed by a Chairman though its day-to-day administration is supervised by its Registrar-General.[18] The functions of the Commission include to:

a. Subject to section 541 of CAMA, administer the CAMA including the regulation and supervision of the formation, incorporation, registration, management, and winding up of companies under or pursuant to the Act;

b. Establish and maintain a company’s registry and offices in all the States of the Federation suitably and adequately equipped to discharge its functions under the CAMA or any other law in respect of which it is charged with responsibility;

c. Arrange or conduct an investigation into the affairs of any company where the interests of the shareholders and the public so demand;

d. Perform such other functions as may be specified by any Act or enactment;

e. Undertake such other activities as are necessary or expedient for giving full effect to the provisions of the CAMA.

The foregoing would have gone to show that while all PFAs and PFCs are companies subject to the regulatory supervision of the CAC, not all companies are subject to the regulatory supervision of PENCOM. The Commission may however override the power of the CAC in relation to a PFA or PFC whose license is revoked under the provisions of Section 64 of The Act by appointing administrators[19] who shall superintend the transfer of the assets and funds held or administered by the Company and exercise the powers of the board of the PFA or PFC where necessary in accordance with the provisions of The Act.[20] Furthermore, the Commission can suspend or direct the resignation and/or sack of any CEO, Director or Management staff of any PFA or PFC who has grossly disregarded the provisions of The Act.[21] By Section 119 of The Act, where any other enactment is in conflict with the provisions of The Act, The Act will prevail.


While a PFA[22] manages pension funds, a PFC holds pension funds and assets.[23] It is an offence for any person or a director of any corporate body to carry out the activities of a PFA and PFC without the appropriate license from The Commission.[24]

As at December, 2017, there were 21 PFAs licensed by the PENCOM.[25] In carrying out its responsibilities under The Act, PFAs shall:

a. Not hold any pension fund or asset;

b. Nor keep any pension fund or asset with a PFC where such PFA holds any business interest, share or any other relationship.[26]

Section 78 of The Act created the Risk Management Committee and the Investment Strategy Committee for every PFA. The former is responsible for:

a. Determining the risk profile of the investment portfolios of the PFA;

b. Drawing up programmes of adjustments in the case of deviation;

c. Determining the level of reserves to cover the risks of the investment portfolios;

d. Advising the PFA on maintaining adequate internal control measures and procedures; and

e. Carrying out such other functions relating to risk management as the PFA may, from time to time, determine.

The latter is expected to:

a. Formulate strategies for complying with investment guidelines issued by The Commission

b. Determine an optimal investment mix consistent with risk profile agreed by the board of the PFA;

c. Evaluate the value of the daily market-to-market portfolios and make proposals to the board of the PFA;

d. Review the performance of the major securities of the investment portfolios of the PFA on periodic basis; and

e. Carry out such other functions relating to investment strategy as the PFA’s board may determine from time to time.

Section 65 of The Act requires The Commission to, at the end of each calendar year to publish a list of all its licensed PFAs and PFCs in any manner it considers necessary. The Commission’s Annual Report usually achieves this purpose. The Commission’s 2018 Annual Report has not yet been published on its website.

Section 69 of The Act obligates the PFAs and PFCs to:

a. Ensure that the pension fund is at all times managed or held in accordance with the provisions of The Act, regulations or guidelines made under it and any directive given by the Commission;

b. Take reasonable care to ensure that the management or custody of the pension funds is carried out in the best interests of the RSA holders;

c. Report to the Commission, as soon as practicable, any unusual occurrence with respect to the pension funds which in his view could adversely affect the rights of the owner of a RSA under the Scheme;

d. Report to the Commission, as soon as reasonably practicable, if an employer is in default of remittance of any contribution and such remittance remains due for a period of more than 14 days;

e. Subject to the guidelines issued by the Commission and upon the employee’s request, transfer the RSA promptly to another PFA;

f. Provide annual fidelity insurance cover[27] for its staff to the full value of the pension funds and assets managed or held or as may be determined by The Commission.

PFAs are required to:

a. Open RSA for all employees with a Personal Identity Number (PIN) attached;

b. Invest and manage pension funds and assets in accordance with the provisions of the Act;

c. Maintain books of account on all transactions relating to pension funds managed by them;

d. Provide regular information on investment strategy, market returns and other performance indicators to the Commission and employees or beneficiaries of the RSA;

e. Provide customer service support to employees including access to employees account balances and statements on demand;

f. Cause to be paid retirement benefits to holders of RSA in accordance with the provisions of the Act;

g. Be responsible for all calculations in relation to retirement benefits; and

h. Carry out other functions as may be directed by The Commission from time to time.

To ensure good corporate governance, the Act requires that the consent of the Commission in writing must be gotten by a PFA or PFC in relation to:[28]

a. The sale or transfer of their significant shareholding that can lead to a change in the PFA or PFC’s shareholding structure;

b. Restructuring their share capital;

c. Their amalgamation or merger with other PFAs or PFCs

d. Their restructuring;

e. The employment of a management agent or the transfer of their business to any agent.

f. The appointment of their Chief Executive Officer, Directors and Management.[29]

For one to be a PFA, one must:[30]

a. Be a limited liability company incorporated under the CAMA with the object of managing pension funds;

b. Have a minimum paid up share capital of such sum as the Commission may prescribe from time to time;[31]

c. Satisfy the Commission that one has the professional capacity to manage pension funds and administer retirement benefits;

d. Never have been a manager or administrator of any fund that was mismanaged or has been in distress as a result of one’s[32] fault;

e. Undertake to The Commission’s satisfaction that it shall not be engaged in any business other than the management of pension funds; and

f. Satisfy any other additional requirement or condition which the Commission may prescribe from time to time.

Companies and institutions which managed pension funds before the commencement of The Act will cease to so operate as PFAs and will transfer all funds falling to the credit of individual employee to an RSA which they opened.[33]


PFCs are the private agencies empowered to hold the pension funds and assets subject to the instructions of the PFAs and The Commission.[34] However, they cannot utilise Pension Funds to meet their personal financial obligations to any person.[35] There are presently 4 PFCs operating in Nigeria.[36]

Applications for license to operate as a PFC will only be granted, if the Applicant:

a. is a limited liability company under the CAMA with the sole objective of keeping custody of pension funds and retirement benefits assets and its parent company is a licensed financial institution with sole object of keeping custody of pension fund and retirement benefits assets;

b. has a minimum paid capital of such sum as the Commission may prescribe and is wholly owned by a licensed financial institution which has a net worth of at least N25,000,000,000.00 or such sum as The Commission may prescribe;

c. shows that the parent company has issued a guarantee to the full sum and value of the cash float of pension funds and assets held by the PFC, as the Commission may determine from time to time;

d. undertakes to hold the pension fund assets to the PFA’s exclusive order in trust for the respective employees as the PFA appointed by the employee may instruct;

e. has never been a custodian of any fund which was mismanaged or has been in distress due to the PFC’s default;

f. satisfies such additional requirements as the Commission may prescribe.

The functions of PFCs include to:[37]

a. Receive the total contributions remitted by the employer under section 11 of The Act on behalf of the PFA and credit the account of the PFA immediately;

b. Notify the PFA within 24 hours of receiving the employer’s contributions;

c. Hold pension funds and assets in safe custody on trust for the employee and beneficiaries of the RSA;

d. On behalf of the PFA, settle transactions and undertake activities relating to the administration of pension funds investments including the collection of dividends, bonus, rental income, commissions and related activities;

e. Report to the commission on matters relating to the assets being held by them on behalf of any PFA at such intervals as the Commission may determine from time to time;

f. Undertake statistical analysis on the investments and returns on investments with respect to pension funds in its custody and provide data and information to the PFA and the Commission;

g. Execute in favour of the PFA relevant proxy for the purpose of voting in relation to the investments; and

h. Carry out such other functions as the Commission may prescribe from time to time.


PTAD was established by Section 42[38] of The Act as a stop-gap agency for the prompt payment of the retirement benefits’ responsibilities of the Federal Government to retirees under the Defined Benefit Scheme. It is headed by an Executive-Secretary[39] with responsibilities to:[40]

a. Make budgetary estimates for existing pensioners and the officers exempted from the Defined contributory scheme and under section 5(1)(b)[41] of The Act;

b. Prepare and submit the monthly payroll of pensioners to the office of the Accountant-General of the Federation for direct payment from the budgetary allocation maintained with the Central Bank of Nigeria to pensioners’ bank accounts;

c. Issue payment instructions to the office of the Accountant-General of the Federation;

d. Maintain a comprehensive database of pensioners under its jurisdiction;

e. Ascertain deficits in pension payments, if any, to existing pensioners or the categories of officers exempted under Section 5(1)(b) of The Act, and carry out such other functions aimed at ensuring the welfare of pensioners as the Commission may, from time to time, direct;

f. Render monthly returns to the Commission on existing staff, pensioners, deceased pensioners, details of next of kin of deceased pensioners and on any other issue as may be required by the Commission from time to time.

In line with the powers conferred on the Commission to regulate the PTAD, by Section 48 of The Act, The Commission in April, 2015 conducted its first inspection of the Directorate and has been conducting this inspection ever since. The Commission also receives monthly statutory[42] returns from the Directorate[43]. PTAD is required to operate under the rules, regulations and directives issued by PENCOM from time to time[44] including the guideline for the establishment of a Management Team for PTAD drafted by The Commission in 2016[45].

PTAD and FCT PTAD are however not expected to be Extra-Ministerial Departments[46] that will be in existence for all time especially since Nigeria has made an institutional change from the Defined Benefit Scheme to the Defined Contributory Scheme. Thus, once the last pensioner under the old scheme dies, the agency becomes surplus to requirement and shall cease to exist[47].

It should however be noted that such PTAD does not have power in respect to pensioners under the old scheme who were employees of State Governments or in the private sector.


Before the enactment of the Pension Reform Act 2004 and its successor-in-title — The Act — the Private Sector in taking care of the retirement needs of its work force established multifarious pension schemes for its members of staff. These schemes are preserved under the PRA 2014 as far as:[48]

a. The scheme is well-funded and in relation to any defined contribution scheme, contributions in favour of each employee including attributable income are computed and credited to an RSA opened for the employee;

b. The pension funds and assets are fully separated from the company’s funds and assets;

c. The pension funds and assets are held by a Custodian i.e. a Pension Fund Custodian;

d. Every employee in such scheme is free to exercise the option of joining the Scheme established by The Act and his employer is willing to compute and credit to his account, his contributions and distributable income earned as at the date the employee exercises this right subject to the regulations, rules and standards established by The Commission;

e. Such amount as computed in the light of the last paragraph is credited to the RSA of the employee maintained with a PFA of his choice;

f. All investments in assets other than those specified as permissible investments under section 86 of The Act may be maintained and will from the commencement of The Act be subject to the regulation, rules and standards that may be issued by The Commission;

g. The employer undertakes to The Commission that the pension fund shall be fully funded at all times and any shortfall shall be made up within 90 days or such time as may be prescribed by The Commission

h. No new employee will be entered into the scheme rather an RSA will be opened for such a new employee.

What PTAD is in relation to the Federal Government, Closed Pension Fund Administrators (CPFAs) are in relation to the Private Sector. As at December, 2017, there were seven CPFAs.[49] Section 51 empowered the Commission to license CPFAs subject to the provisions of The Act and any regulation issued by The Commission provided that no new employees of the sponsor companies shall be under the CPFA but under the CPS and thus open Retirement Savings Account. CPFAs are deemed[50] to be PFAs and subject to all the conditions of engagement of PFAs under the Act.[51]


Nigeria is a Federation and as a result of the division of powers between the Federal and State Governments, each level of government has its area of legislative authority in relation to the administration of pension. Thus, the Pension Commissions established by the various States of the Federation have their jurisdiction vis-à-vis The Commission.

As at June, 2019, 25 States already had a CPS Law in place while seven States were at the stage of drafting a bill for the commencement of the CPS and another seven states had embarked on pension reforms other than the CPS.[52] The Commission in order to ensure the smooth administration of the CPS and uniformity in the administration of Pension in Nigeria has a model law which States may subject to their peculiar needs adopt as their own law.


As at the end of second quarter of 2019, there were 8,790,000[53] (which is still a long way off the vision of 20,000,000 RSA holders by 2019) holders of Retirement Savings Account who had contributed a total of Five Trillion, Four Hundred and fifty Billion Naira (N5,450,000,000,000) with the private sector contributing 49.91% and the public sector the remaining 50.09%. and. at least 8,790,000. Comparing total contributions to the number of RSA holders shows that total contribution is still very small as the minimum contribution stands at a paltry Six Hundred and Twenty Thousand, Twenty Two Naira, Seventy Five Kobo (N620,022.75). Bearing in mind recent trends, it is expected that the private sector will soon outpace the public sector in total amount of contributions to the Contributory Pension Scheme (CPS).

While holders of RSAs have huge tax leverage with respect to voluntary contributions,[54] it will be interesting to note to what extent participants are making voluntary contributions as this will demonstrate their confidence in the pension industry and the extent to which RSAs’ holders have disposable income.


The Nigerian Pension Market is potentially massive. However, the market will only develop as the economy becomes more robust. This may explain why quarterly and yearly reports of the PENCOM have traditionally included an analysis of the macroeconomic indices.

It will be interesting to see how PENCOM, State PENCOMs, PFAs and PFCs will utilise the huge market micro-pension offers.

[1] Oluwakemi S. Adeyemi Esq is an Associate at P O Bajowa Chambers, a law firm based in Lagos and his research interest covers litigation (trial and appellate courts), the institution of effective pension system that caters for present needs while preparing for the future, the interface between law and the economy of nations especially Africa, the development of an efficient and effective transportation model for Africa’s mega cities. He shares his thoughts on these issues and more via www.medium.com/@aolulaw17 and interfaces on Twitter via twitter.com/@aoluwakemi17. Comments on this article and/or enquiries may be sent to aolulaw17@gmail.com.

[2] Published in 2014 by Kachifo Limited.

[3] Federal Mortgage Bank of Nigeria

[4] Section 118 of The Act.

[5] Page VI of The Commission’s 2017 Annual Report. This represents an increase of 5.55% from the previous year.

[6] Section 18 of the Act.

[7] Established by Section 19(1) of The Act

[8] These shall be appointed by the President subject to the confirmation of the Senate: Section 19(3) of The Act. The Commission presently has an Acting Director-General, Hajia Aisha Dahir Umar.

[9] Section 25(1) of The Act

[10] Section 25(2) of The Act.

[11] Dr Joe Abah has opined that Chief Executives of Agencies should attend to FOI enquiries personally instead of giving such responsibilities to junior members of staff. on the need for Chief Executives of Government Parastatals to reply to FOI enquiries.

[12] Section 26(2) of The Act.

[13] See footnote 9 above.

[14] Section 24 of The Act.

[15] While the Commission fixes these terms and conditions, the Board approves them. See footnote 8 above.

[16] The whole tenor of the Act suggests a distinction between the Commission and its Board; the Commission is headed by a Director-General (presently The Acting Director-General) while the Board is headed by a Part-time Chairman.

[17] Sections 60(a) and 62(a) of The Act.

[18] Sections 2 and 8 of CAMA.

[19] Ordinarily and by virtue of Section 63(3) of CAMA, the directors of companies acting as a board are the authorities conferred with the powers to exercise all the powers — including the power to administer the pension funds and assets under their care — of the Company subject to such powers as are conferred by the provisions of the CAMA and the Articles of Association on the Members in General Meeting. See Governor of Kaduna State v. Kogoma (1982) 6 SC 87 at 107–108 per Fatayi-Williams, CJN on the proper course of action open to a Court of Law where there exists a general provision and a particular provision guiding a course of action; the court is urged to give effect to the particular provision.

[20] Section 64(5) of The Act.

[21] Section 79(3) of The Act.

[22] This includes a CPFA. See Footnote 33 below.

[23] Section 54 and 56 of The Act.

[24] Section 59 of The Act.

[25] See Page 56 of The Commission’s 2017 Annual Report.

[26] Section 77(1&2) of The Act.

[27] This is to ensure that in case of any claim against the PFA or PFC for mismanagement and/or fraud in the management of the funds, there will be an insurance cover that can safeguard the integrity of the pension funds.

[28] Section 71 of The Act.

[29] Section 79 of The Act.

[30] Section 60(1) of The Act

[31] The minimum share capital is One Billion Naira. This link was last assessed on the 9th of January, 2020 at about 14:05. Though, the circular was issued under the Pension Reform Act №2 of 2004 which was repealed by Section 117(1) of the PRA 2014, by section 117(4) of the PRA 2014, the circular is protected. The section provides that: ‘Every regulation, order, requirement, certificate, notice, direction, decision, authorization, consent, application, request or thing made, issued, given or done under the revealed Act shall, if no force at the commencement of this Act, continue to be in force and have effect as if made, issued, given or done under the corresponding provisions of this Act’

[32] PFA or any of its subscribers, directors or officers.

[33] Section 60(2–3) of The Act.

[34] Section 70(1) of The Act.

[35] Section 70(2) of The Act.

[36] Page 4 of the 2017 Annual Report.

[37] Section 57 of The Act.

[38] Section 44 of The Act established a similar body for the Federal Capital Territory.

[39] Section 42(3) of The Act.

[40] Section 45 of The Act

[41] Employees who as at the 25th of June, 2004 had at most three years before retirement and were entitled to retirement benefits existing before the said date.

[42] Section 45(f).

[43] The 2016 Annual Report at page 4. See also Page 6 of the Commission’s 2017 Annual Report

[44] Section 48 of The Act.

[45] Ibid at page 11.

[46] Section 42(2) of The Act

[47] Section 49 of The Act. QUERY: What about the dependents of these pensioners? Will they not be entitled to benefit from the retirement benefits of their deceased progenitors? It is recommended that while the Directorate may cease to exist because the Pensioners entitled under the old scheme have all died but are still being owed retirement benefits, their retirement benefits should be administered by the Commission and paid to their next-of-kin. See for example in relation to the Nigeria Social Insurance Trust Fund, Section 53(4) of The Act.

[48] Section 50(1) of The Act.

[49] Page 19 of The 2017 Annual Report.

[50] See the case of Savannah Bank v. Ajilo (1989) LPELR-2019(SC) per Obaseki JSC on the meaning of deemed.

[51] Section 52(b) of The Act.

[52] Page 8 of PENCOM’s Second Quarter of 2019 Report which was last assessed on the 8th of January, 2020.

[53] Ibid at page 16.

[54] See Section 4(3) and 10(1 & 3) of the Pension Reform Act 2014

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