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Nigeria’s pension assets should have surpassed N37trn – Chidi Duru
From the key role he played as chairman of the House Committee on Pension in 2004, in the enactment of the Pension Reform Act 2004, to his establishment of First Pension Guaranty (FPG) Limited, also in 2004, Hon Nze Chidi Duru has been a prominent figure in Nigeria’s pension industry. In this interview, he provides insights into the factors that led to the board squabbles in FGP, as well as allegations against his shareholding in the company, while also baring his mind on the performance of the pension industry. By Babajide Komolafe & Elizabeth Adegbesan
THERE were allegations that you undermined your fellow legislators who brought equity into First Guaranty Pension, that you didn’t make any contribution, you didn’t pay your equity and that you changed some of the resolutions of the board. What is your position on these allegations? It is impossible and I say it with every sense of responsibility, it is impossible for an individual be it Nze Chidi Duru or any other party not to have an investment in any PFA and yet the shares of a PFA are credited in his name. In the PRA that we innovated or for which I chaired in the House of Representative and which I also was a joint chair in the Hamonisation Committee of the House and the Senate, there were extant regulations that the National Pension Commission innovated, in sense that for every investment of a shareholder in the industry whether it is a PFA or a PFC, that investment is subject to verification by the National Pension Commission and all those investment including the investment that was done by the shareholders of FGP was verified by the National Pension Commission.
Read more at: http://www.vanguardngr.com/2017/05/nigerias-pension-assets-surpassed-n37trn-chidi-duru/
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