Ideva, others confident CPS will reduce public service corruption

The new contributory pension scheme would eventually make corruption in Nigeria a thing of the past if generally embraced in strict compliance with its establishing legal provisions.

This is the position of Wilson Ideva, the managing director, Premium Pension Limited, a top pension fund administrator (PFA) in the country. He made this assertion during the recently held Pension Fund Administration Summit for education ministries, agencies and institutions at the Lagos Airport Hotel, Ikeja. The summit was organised by Exam Ethics Marshals International.

 “People steal what they do not need for fear of the unknown,” said Ideva. “The new contributory pension scheme has provided an umbrella that guarantees decent life for workers upon retirement and secures a large pool of funds that could be deployed to national development.”

He noted that the tremendous successes recorded by the pension industry within a short period of time would encourage workers to do their jobs honestly in the expectation that their future is guaranteed. He also averred that the funds under management in the pension scheme could be profited from to hold down inflation and develop the country’s infrastructure.

Ideva described the new pension scheme as “a revolution unsung.” He noted that more than N4 trillion is under management in the scheme even when only 6 million out of Nigeria’s estimated 70 million workforce has been enrolled in the scheme.

“What would happen if only a quarter of Nigerian workers enlist in the scheme?” he asked. “There should be a signpost on every project executed with pension funds indicating the source of the funds so as to make Nigerians aware that the new pension scheme has already begun to contribute to national development.”

He voted the National Pension Commission (PenCom) as the best regulatory institution not only in Nigeria but on the African continent.