Pension Operators Push for Stronger Compliance to Boost Industry

Pension fund operators, under the aegis of the Pension Fund Operators Association of Nigeria (PenOp), have stressed the critical role of robust compliance frameworks in transforming the nation’s pension industry and strengthening its global financial standing.

At the recent Pension Industry Compliance Officers’ Forum in Lagos, the president of the Compliance Institute, Nigeria (CIN), Pattison Boleigha, emphasised that a compliance culture rooted in transparency, accountability, and ethical governance is not only essential for industry excellence but also pivotal in Nigeria’s quest to exit the Financial Action Task Force (FATF) Grey List.

Boleigha, in his opening remarks, urged industry players to move beyond basic regulatory adherence, stating, “Our collective expertise, when effectively harnessed, can establish new benchmarks that fortify our industry’s integrity and elevate Nigeria’s regulatory landscape.” He underscored the importance of continuous professional training, rigorous audits, and unwavering commitment to ethical practices in ensuring the financial system meets international standards.

A key moment at the forum was the presentation by CIN’s CEO/Registrar, Mrs. Bawo Egbakhumeh, who unveiled targeted initiatives to bolster compliance expertise within the pension sector. These include specialised training programmes and industry-specific certifications aimed at professionalising and empowering compliance officers at all levels.

PenOp President and Chief Compliance Officer of Stanbic IBTC Pension Managers, Ms. Edidiong Akan, commended the growing collaboration between PenOp and CIN, highlighting that several PenOp members have already been recognised as Designate Compliance Professionals (DCP) through CIN.

She added that momentum is building towards achieving the advanced ACIN certification, a move expected to elevate compliance standards across the sector.

The forum also served as a platform for senior industry leaders to exchange insights and strengthen collaborations, reinforcing the need for a unified compliance framework. Beyond its implications for the pension industry, discussions at the event underscored the national urgency for a proactive approach to compliance—one that not only safeguards the sector but also contributes to Nigeria’s efforts to exit the FATF Grey List and enhance its global financial reputation.