In response to agitations by pension contributors and retirees over rising volume of unresolved complaints in the sector, PenCom has reiterated its commitment to deliver quality service delivery to stakeholders , stressing its  leaving no stone unturned to ensuring that issues and complaints are resolved satisfactorily within the shortest possible time.

Though some contributors have argued that PenCom could be overwhelmed by the volume of complaints it receives on daily basis, they called for more hands and capacity building activities to step up service to customers.

Some of the common complaints lodged for resolutions ainclude, Non- remittance of pension contributions; delay in approval of transfers to Retirees Life Annuity (RLA); non- payment/ in receipt of accrued pension right for retirees of Treasury Funded Ministries, Departments and Agencies (MDAs); request for resolution of multiple PIN registration, delay in programmed withdrawal, temporary access of 25%, residential mortgage, voluntary contribution & NSITF; delay in data recapture, Retirement Savings Account (RSA) transfer related complaints.

Narrating his ordeal, a  federal retiree, Olowu Abiodun, said that one of the reforms that would assuage the pains of pensioners is for PenCom to ensure that they get their dues within reasonable time of leaving service, particularly in the case of those whose retirement is on the basis of statutory 50 years of 60 years or 35 years, whichever applies to individual.

“It is very unfortunate that retirees suffer after serving their country, especially those who retire without amassing unjustified and underserved wealth. The case of one year expectation of contributed funds has been described by pensioners as callous, vicious and wicked,” he said.

In response, PenCom recently reassured that in keeping to its corporate strategy initiative for 2023 to 2027, it established the Consumer Protection Department (CPD) to replace its Corporate Responsibility and ServiCom Department, anchored on the Commission’s strategic plan that prioritises the quality of services rendered to customers, an approach, which ensures that the pension services are tailored to meet their expectations effectively. Moreover, it has set out modalities to handle customers’ complaints swiftly to prove that it is committed to ensuring that no stakeholder is left behind.

Speaking recently in Lagos at a forum, the head of the CPD, Mr.  Ikenna Chidi-Ebere, maintained that it is the resolve of the Commission to protect its customers against any form of exploitation from any source and enforce their rights in line with its mandate.

Chidi-Ebere who urged customers to provide accurate and relevant information to the Commission at all time, affirmed that the Commission has allocated dedicated staff to provide swift responses to complaints and inquiries received on daily basis.

“The platforms are daily monitored to proactively ensure smooth response to the complaints received. We record details of every complaint, review to determine its nature and forward to appropriate channels to handle either within the Commission or Pension Funds Administrators (PFAs) for resolution.

“We provide instant response to complaints that do not require further investigation. We issue withholding replies to consumers upon receipt of complaints, prior to the commencement of investigation. We escalate complaints to the relevant departments within the Commission for immediate resolution,” he said.

The CPD head assured that all complaints from consumers regarding applications made through the PFAS are promptly escalated to the PFAS, providing them with a specific time frame to address and resolve the complaint.

The Infrastructure Bank of Nigeria has set aside N13 billion in support of the federal government’s palliatives on fuel subsidy removal via the provision of transportation system to cushion the effects of the hardship faced by Nigerians.

The Bank mulled an intervention that will make impact on urban development, adding that it would engage in road infrastructure development in collaboration with the Federal Government to alleviate the impacts of fuel subsidy removal.

This was disclosed by Mr Andrew Nweke, executive director, Infrastructure Bank, who led a delegation of the management and board members of the bank on a courtesy visit to the federal ministry of finance in Abuja on Thursday.

In a statement signed by Stephen Kilebi, director, press & public relations in the federal ministry of finance, he said Infrastructure Bank has set aside funds to convert Compressed Natural Gas (CNG) vehicles to cushion the effects of fuel subsidy removal.

Quoting Nkiru Chime, acting managing director of Infrastructure Bank, Mr. Kilebi said, “Chime hinted that The Infrastructure Bank had put in place funds to convert Compressed Natural Gas (CNG) vehicles to cushion the effects of fuel subsidy removal.”

According to him, Chime pointed out that since inception, Infrastructure Bank had intervened in the provision of mass transit, road and rail construction in some parts of the country.

She added that the Bank also had concessions with the Government, particularly with eight states, noting that, the bank had recapitalised in three stages.

Dr. Okokon Udo, permanent secretary, special duties, federal ministry of finance, assured that the Federal Government would create an enabling environment for businesses to thrive in the nation’s economy in order to reduce the adverse effects of subsidy removal.

The second edition of the International Financial Inclusion Conference (#IFIC2023) Nigeria’s flagship Financial Inclusion event is scheduled to hold on the 5th & 6th of October 2023 at the Landmark Event Center, Lagos, themed: “Financial Inclusion for All: Global Insights for Local Impact.”

Hosted by the Central Bank of Nigeria and partner agencies within the National Financial Inclusion Governance Committees, IFIC 2023 is an engagement platform for global thought leaders, regulators, and other stakeholders to discuss and collaborate on contemporary strategies for accelerating financial inclusion in the African continent and globally.

Keynote speakers include Dr. Chea Serey, Governor of the National Bank of Cambodia; Dr. Alfred Hannig, Executive Director, Alliance for Financial Inclusion; and Dr. Reza Baqir, former Governor of the State Bank of Pakistan.

Key topics to be explored include fintech-driven last mile solutions, leveraging big data and artificial intelligence, inclusive product innovation (non-interest finance), leveraging payment systems to scale financial inclusion in excluded segments – women, rural, youth and MSMEs, Consumer protection, fraud and data privacy, etc.

Other highlights include, Innovation Labs, Financial Inclusion Awards and other side events, with opportunities to showcase Nigeria as an investment destination to support economic development within Nigeria and the sub-region.

The maiden edition of the IFIC which held at the Transcorp Hilton Abuja, in 2022 was well attended by senior government officials from within and outside the country.

Former President Mohammadu Buhari, Queen Maxima of the Netherlands, selected Honourable Ministers of the Federal Republic of Nigeria and other influential persons in the global financial inclusion ecosystem were in attendance.

Over 5,000 participants were drawn from 78 countries and feedback on the event was overwhelmingly positive, with the 2023 edition much anticipated.

Overall, IFIC 2023 promises to be an insightful and engaging platform for networking with a vibrant and globally diverse Whova community and an eclectic mix of offerings to enrich participants’ in-person and/or virtual experience.

Don’t miss the biggest Financial Inclusion gathering in Africa! Join us at the Lagos

Landmark Event Centre, Thursday 5th and Friday 6th October 2023.

To register or for more information on the conference visit www.ificng.com