A civil society group, the Coalition of Civil Societies  and Media Executives, COCMEGG, has reacted to what it calls biased and prejudiced media report on PENCOM, the pensions regulatory body.

 The attention of the Coalition of Civil Societies and Media Executives for Good Governance (COCMEGG) has been drawn to the false and malicious allegation published on the Nation online platform of the 20th of March, 2017 with the caption “Pencom; Regulator or Operator”.


 COCMEGG in a press release signed by its President, Omoba Kenneth Aigbegbele stated as follows:

 As propagators of transparency, good governance and accountability in public service, the said allegation is politically motivated with the intent to pull down the management of the organization and we are therefore constrained to issue the following statement.

1.   COCMEGG states categorically that the said publication on 20th March, 2017 on the Nation Online Platform “http/thenationonlineng.net/pencom.regulator with the caption “Pencom; Regulator or Operator” smacks of bias and canvasses the intrinsically jaundiced views of the former vice chairman of First Guarantee Pension Ltd (FGPL) in relation to the Commission’s regulatory intervention in the pension fund administraton.

2.   It is unpatriotic to stand and watch while the sanity of the valuable profession is sullied and violated by the partisan fume of a misguided protagonist who will do anything at whatever cost to cast aspersions on the pension regulator. Consequently, the editorial is exposed as a propaganda tool of the protagonist who dumped every vestige of integrity by anchoring its bitterness on an issue that is sub-judicial.

3.   As a result of the regulator’s intervention into the PFA for financial fraud and infractions and the subsequent removal of the then Vice Chairman of First Guarantee Pension Ltd (FGPL) with the replacement of an interim management committee (IMC) to safe investor’s confidence in the industry including funds of shareholders and pensioners; the former legislator has instigated several court summons and name calling after betraying the trust reposed on him by the shareholders and pensioners of FGPL. He broked into the Lagos office with the connivance of thugs and carted away documents, laptops and confidential information to conceal his infractions including peddling lies and media propaganda to twist the facts in the court of public opinion against the interim management of FGPL and Pencom, the industry’s regulator.

4.   COCMEGG as a matter of integrity and principle is committed to supporting the efforts of the present administration and the regulatory body to wipe out corruption and build a prosperous and financially secured nation hinged on equity and justice. We are assured that your flagship media outfit (The Nation) shall also propagate this singular mission to make Nigeria work and indeed the profession as one to be proud of. The five (5) core principles of ethical journalism are truth and accuracy, independence, fairness and impartiality, humanity and accountability. With due respect, these were all conspicuously absent and lacking in the deliberately orchestrated editorial published on 20th March, 2017.

5.   Accordingly, the allegation of mismanagement of FGPL by the IMC is hogwash, bias and unsubstantiated. The editorial was completely empty of economic specifics and full of hollow tantrums suggesting that Pencom was on a war path with the former legislator whereas the reverse is the case. We therefore find it rather curious that the spurious editorial publication will make such a bogus and unauthentic claims apparently calculated to destroy investors confidence in our pension industry and sabotage the collaborative efforts of Pencom and the federal government of Nigeria to ensure stability and probity of the financial systems. It is clearly a figment of the imaginations of those making the allegations.

6.   A clinical analysis and review of the financial activities of FGPL clearly shows that the PFA under the IMC during the period under review, turned around the business of FGPL from loss to profit and growth in market share and it is important to note that the PFA under the IMC underwent regular auditing as required by the relevant extant company and financial reporting laws in Nigeria. For the records, Pencom only undertook a regulatory intervention in FGPL in line with its enabling statute, the PRA 2004 (now PRA 2014) accordingly. It is therefore, fallacious to assert that the regulatory body has perpetually taken over the business of FGPL.

7.   COCMEGG urges the media to be vigilant and not to be hoodwinked by unscrupulous elements in the society to malign the good name and integrity of honest, hardworking and patriotic Nigerians and refrain from publishing falsehood against any person or organization. COCMEGG therefore urges Pencom to remain focus and continue their statutory responsibilities to the nation in repositioning the pension industry for effective service delivery to complement the actualization of PMB’s change Agenda.

Signed.

Omoba Kenneth Aigbegbele
President,COCMEGG.