Daily Independent (Lagos)
Sola Alabadan
9 October 2008
It is imperative that trade unions ensure that the pension contributions of workers are safe and that employees enjoy comfortable retirement after they might have left active service, says President of Nigeria Labour Congress (NLC), Abdulwaheed Omar.
The NLC boss also explained why the congress decided to invest in Trustfund Pensions Plc, saying that the main objective is to guarantee proper oversight functions in the management of funds of Nigeria workers.
Omar pointed out that NLC has resolved to strengthen partnership with Trustfund management "in the overall interest of Nigerian workers, especially to ensure the safety of their contributions and for reasonable returns." NLC President, while addressing the leadership of the 37 affiliate unions and state councils n Abuja, said managing pension contributions is a pre-eminent concern of trade unions all over the world affirming that Nigeria cannot be an exception. "Trustfund Pension is a PFA in which NLC has substantial interest. The motivation for forming the Trustfund Pension is not profit-related. Our vision is that we should sustain a PFA that we can monitor, so that workers contributions are not mismanaged. We feel strongly that as organised labour, we should maintain our own PFA, so that we can have an oversight over the management investment of the funds" NLC President said. Omar reaffirmed confidence in the management of Trustfund and expressed satisfaction with the constructive collaboration it has enjoyed with other institutional investors in the company. Omar said "it is not my intention to market Trustfund Pension because the company has sufficient expertise to do so. However, I am obliged to say that Trustfund Pension is our own and that the contributions of the workers are in safe hands". He commended the leadership of the PFA for displaying professional competence in handling the affairs of Trustfund.
On his part, Trustfund Managing Director, Bernard Ekwe. said the active involvement of labour in the affairs of Trustfund has made it the choice of Nigerian workers "it is a generally accepted fact in the pension industry that Trustfund remains a PFA that addresses the social concerns of the workers. This is because our operations are predicated on one belief that our most important asset in our quest for a unique service delivery is you. You and your family deserve peace of mind and financial security on retirement and this is our sacred trust" Ekwe said. The Trustfund boss noted the commitment of the organisation to providing first class services and continuously improve its operations to ensure that workers retire to comfort. Ekwe said that the numerous services and products introduced was to guarantee a life of comfort for serving and retiring workers. "At a time when the industry is largely grasping with the rudiments of the business, Trustfund has over 10,000 retirees on its payroll. They receive their benefits before 25th of every month in their bank accounts at various locations across the country; no queues" Ekwe noted.
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