Press Releases

Invest In Housing For Public Servants, Fashola Urges NPC

Feb 18, 2010 - Lagos State Governor, Mr Babatunde Fashola (SAN) on Thursday charged the Nigerian Pension Commission to look into the possibility of investing in the provision of housing for all Public Servants.

Governor Fashola who spoke when he received the board of the National Pension Commission on a courtesy visit to the Lagos House, Ikeja added that the long term nature of funds available to the Pension funds would enable workers to have roof over their heads after a spread mode of payment over a working life.

Governor Fashola who also supported the quest for a review of the investment provisions of the Pension Fund such that a consideration should be given to enable the Commission or those vested with authority to look at taking the powers for varying the investment profiles away from within the law and embedding it in regulations that can be issued as subsidiary regulations from time to time.

In his views, such an amendment would accelerate the process of modifying rather than having to go back to the Perliament anytime there is a need to change the rules because the difficulty in quickly effecting such agency may debar it from benefitting from investments that can be very profitable.

Governor Fashola who also noted the concerns expressed by people especially in terms of interfacing with other arms especially processing papers about deaths said very soon the State will complete a reform programmme for probate administration as one of the platform for simplifying the process.

He was certain that the present administration would ensure that it provides security for everybody that chooses to come and serve the public, a period during which they give the most productive part of their life.

“We should ensure that they never have cause to regret working. We would do what is needed to ensure that the administration of Pensions is made seamless and painless. We would deploy technology into it because not much can be done with keeping records through books and ledgers”, he added.

In his words: “For us, it is a journey which is in progress and which we have to travel all through. The time not to take things for granted has come upon us. To the credit of this Government, the Pension reforms was embraced by the last administration which enacted the law and provided a solid base to inaugurate the State Pensions Commission”.

Earlier in his address, the Chairman of the National Pension Commission, Chief Oluwole Adeosun described Governor Fashola as an outstanding man whom he is proud of his achievements.

He said part of the reason why the team came calling is to touch base and see how Lagos is implementing the 2004 Pensions Act.

While commending the contribution which Lagos is making to the successful implementation of the Pensions Act, he described the State as a torch bearer and a good example.

Also speaking, the Director General of the National Pensions Fund, Mr M.K. Ahmad who said four million Nigerians have so far registered with the Commission added that Lagos is the first state to establish a comprehensive framework for Pension scheme as well as implementing the Pension scheme as stated.

He disclosed that 15 States have so far joined in the implementation of the scheme while two other states have shown no interests at all, adding that the assets of the Pensions Act presently stands at N1.5 Trillion.

Mr Ahmad said that the Fund is also interested in harmonizing some grey areas discovered and collaborate on capacity building with the State Government such that a strong supervisory and regulatory framework to ensure safety of Pension assets is maintained.

The Pension Fund Director- General explained that the funds of the organization are open for investment and has been discussing with agencies like the International Finance Organisation (IFC) on the need to further review its investment regulations so that it can record investment in infrastructure.

In his contribution, the Director- General of the Lagos State Pensions Commission, Mr Kunle Hussain said the Lagos Pensions Commission is committed to capturing every registrable employed public servant person in the scheme.

He added that the state is ready to discuss with the National Pensions Funds on how to harmonise the differences in its laws and the Pensions Act, adding that the disclosure that IFC has approved the agency is very gladdening as Lagos can be consulted for the possibility of investing the funds in infrastructure.

Among those who were present at the meeting on the State Government side were Commissioner for Establishment and Training, Mr Jide Sanwo Olu, Commissioner for Budget and Economic Planning, Mr Ben Akabueze, Commissioner for Finance, Mr Rotimi Oyekan and Head of Service, Mr Yakub Balogun while the Pension Fund Board Chairman was accompanied by some members of the board.