Nigeria’s Pension Industry is Safe – Modibbo

The Managing Director and CEO of one of Nigeria’s licensed Pension Funds Administrators (PFA), Sigma Pensions, Alhaji Umar Modibbo, has said that the contributive pension scheme industry in Nigeria is safer due to the policies that have been implemented in the sector which makes the services sustainable.
He however called for expansion of the coverage saying the regulatory body is trying to improve on mini or micro pension schemes so that more people can be served under the scheme.
Modibbo said this at the sidelines when Sigma Pension hosted three Nigerians, from Niger Delta and Oyo states that won iPads and other items as prizes because of their participation in a survey that was conducted by the PFA in Abuja.
“After 11 years in the market and with the challenges in the market, I can say that the industry and the business is very much sustainable, contributive pension scheme is much safer and well structured in a way that it is much more sustainable.
“What the industry needs now is expansion of coverage which the regulator is trying to do by initiating mini pension scheme or micro pensions as they call it. When it comes into stream, more people can now be served, under this new pension scheme” he said.

Culled from naij.com