NATIONAL PENSION COMMISSION (PenCom) 2019 ANNUAL REPORT CORPORATE VISION AND MISSION STATEMENT Corporate Vision “By 2020, to be a pension industry with 20 million contributors delivering measurable impact on the Economy” Mission Statement “PenCom exists for the effective regulation and supervision of the Nigerian Pension Industry to ensure that retirement benefits are paid as and when due” i OFFICIAL CONTACT DETAILS National Pension Commission Plot 174, Adetokunbo Ademola Crescent Wuse II PMB 5170, Wuse Abuja, Nigeria Tel: +234 9 460 3930 Website: www.pencom.gov.ng E-mail: [email protected] PENCOM ZONAL OFFICES South-East Zonal Office North-East Zonal Office Road 1/47, Udoka Housing Plot No. 10, Gombe-Biu Road Estate Gombe, Gombe state Awka, Anambra State Tel: 08055999339 Tel: 08055999337 South West Zonal Office North-West Zonal Office 88A Oduduwa Crescent, Ikeja, GRA No. 23, Kazaure Road, Bompai, Lagos, Lagos State Kano, Kano State Tel: 08055998808 Tel: 08055999335 South-South Zonal Office North-Central Zonal Office Plot 9, PCN Layout, Diamond Hill Plot 1, Aderemi Adeleye Street, Off Calabar, Cross River State Fate Road, GRA Ilorin, Kwara State Tel: 08055999332 Tel: 08055999341 ii EXECUTIVE COMMITTEE MEMBERS Mrs. Aisha Dahir-Umar Ag. Director General iii MANAGEMENT CONSULTATIVE COMMITTEE MEMBERS Mrs. Aisha Dahir-Umar Ag. Director General Mrs. Grace E. Usoro Head, National Databank Management Department Mrs. Ekanem B. Aikhomu Head, Benefits & Insurance Department Mr. Moses Olulana Loyinmi Head, Research & Strategy Management Department Mr. Ehimeme Ohioma Head, Surveillance Department Dr. Farouk Umar Aminu Head, Investment Supervision Department Mr. Bala Babangida Head, Procurement Department Mr. Polycarp Nzeadibe C. Anyanwu Head, Information & Communication Technology Mr. Muminey Odebiyi Head, Micro Pension Department Mr. Adamu S. Kollere Head, Director General’s Office Department Mr. Aliyu A. Tijjani Head, Corporate Responsibility &ServiCom Department Mr. Peter Nwabuike Ekwealor Head, Internal Audit Department Mr. Babatunde Phillips Head, States Operations Department Mr. Muhammad S. Muhammad Commission Secretary/Legal Adviser Mr. Salihu M. Bwala Head, Compliance & Enforcement Department Mr. Peter Aghahowa Head, Corporate Communications Department Mrs. Hadiza Wali-Oniyangi Head, Human Resources Unit Mr. Imeh Udohfia Head, Accounts Department Mr. Abdulrahman M. Saleem Head, Contribution & Bond Redemption Department Mr. Nicholas Z. Mbajwa Head, Financial Planning Department Mr. Usman Musa Head, Management Services Department iv ORGANISATIONAL STRUCTURE DIRECTOR GENERAL DIVISION Research & Strategy Director General’s Management Office Commission Secretariat / Internal Audit Legal Advisory Services Corporate Responsibility Corporate & ServiCom Communications Procurement INSPECTORATE DIVISION TECHNICAL DIVISION FINANCE DIVISION ADMINISTRATION Surveillance (SD) Investment Supervision Financial Planning Information & Communication Technology Compliance & National Databank Enforcement Management General Accounts Human Capital Management States Operations Benefits & Insurance Management Services Micro Pensions Contribution & Bond Redemption v Table of Contents ABBREVIATIONS AND ACRONYMS .................................................................................................................................... 5 MANDATE AND CORE VALUES .......................................................................................................................................... 7 ORGANIZATIONAL MANDATE ........................................................................................................................................... 7 CORE VALUES ................................................................................................................................................................... 7 PENCOM CHARTER ........................................................................................................................................................... 8 THE ECONOMIC OPERATING ENVIRONMENT ................................................................................................................... 9 PART ONE ....................................................................................................................................................................... 11 CORPORATE ACTIVITIES .................................................................................................................................................. 11 1.1 DIVISIONAL ACTIVITIES .....................................................................................................................11 1.1.1 DIRECTOR GENERAL’S DIVISION ...................................................................................................... 11 Commission Secretariat/Legal Advisory Services Department ........................................................................... 11 Corporate Communications Department ................................................................................................................ 11 Corporate Responsibility & ServiCom Department ............................................................................................... 11 Director General’s Office Department ..................................................................................................................... 12 Internal Audit Department ......................................................................................................................................... 12 Procurement Department .......................................................................................................................................... 12 Research and Strategy Management Department ................................................................................................ 12 1.1.2 ADMINISTRATION DIVISION ................................................................................................................ 13 Management Services Department ......................................................................................................................... 13 Information & Communication Technology Department ....................................................................................... 13 Human Capital Management Department .............................................................................................................. 13 1.1.3 INSPECTORATE DIVISION ........................................................................................................................... 13 Surveillance Department ........................................................................................................................................... 13 Compliance and Enforcement Department ............................................................................................................ 14 Micro Pension Department ....................................................................................................................................... 14 States Operations Department ................................................................................................................................. 14 1.1.4 TECHNICAL DIVISION ................................................................................................................................... 14 Benefits and Insurance Department ........................................................................................................................ 14 Contributions & Bond Redemption Department .................................................................................................... 15 Investment Supervision Department ....................................................................................................................... 15 National Data Bank Management Department ...................................................................................................... 15 1.1.5 FINANCE DIVISION ........................................................................................................................................ 15 Financial Planning Department ................................................................................................................................ 15 Accounts Department ................................................................................................................................................ 16 1.2 REGULATORY AND SUPERVISORY ACTIVITIES ...................................................................................16 1.2.1 Licensing of Pension Operators ..................................................................................................................... 16 1.2.2 Issuance of Guidelines and Regulations ...................................................................................................... 16 1.2.3 Surveillance of the Pension Industry...................................................................................................... 19 1.2.4 Compliance and Enforcement Activities ....................................................................................................... 21 1.2.5 Resolution Activities ........................................................................................................................................ 23 1.2.6 Supervision of Investment of Pension Assets ............................................................................................