The Pension Fund Operators Association of Nigeria (PenOp) has reiterated the need for proper investment of pension funds, noting that careless deployments could wipe the gains already achieved in an instant.
Eguarekhide Longe, Chairman, PenOp, disclosed this in Lagos during its Annual General Meeting, stating that the call to invest a greater portion of the pension funds in infrastructure require clear, calm, incisive and strategic thinking to achieve any notable success.
“With N5.3trillion, grown over an 11-year period, careless deployment could wipe these gains out in an instant. On the contrary, if looked at as a constituent part of National Economic Strategy, the focus will switch to how we can support the industry to grow beyond N20trillion describing broader coverage so that a National savings pool, effectively utilized, will always be available to kick-start properly conceived, internally consistent, National development initiatives,” he said.
He urged pension operators to esteem professionalism, adding that unprofessional and unfair competitive practices should really have no place in the industry.
“I believe that we have to maintain a high standard of professionalism in our conduct as individuals and within organisations to etch ever stronger the Oasis of Sanity this industry has come to be in the Nigerian Financial Services landscape.
“Unprofessional and unfair competitive practices should really have no place in the pension industry. As leaders, it is important that we take a firm stance on this.
It is also very important that we foster unity amongst ourselves as operators. That we imbibe the discipline of speaking with one voice. Healthy, honest and open debate is important. But once positions are agreed, it is my opinion that they should be binding,” he submitted.