JIGAWA PENSION BOARD SIGNS AGREEMENT WITH 6 PFAs FOR ENHANCED PENSION MANAGEMENT 21-02-25
By Sadiq Aminu Jigawa State and Local Governments Contributory Pension Scheme Board has formally signed agreements with six reputable Pension Fund Administrators (PFAs) aimed at ensuring effective management of the state’s pension funds.
Presiding over the signing of the agreement on behalf of the Jigawa State Government at the Pension House Dutse, the State Head of the Civil Service, Alhaji Muhammad K Dagaceri said, the event reinforces the government’s commitment to securing the financial future of its pensioners and enhancing the overall transparency and efficiency of the pension management process.
He emphasized the importance of prudent financial management and the need to provide retirees with reliable and accessible pension benefits.
“This agreement marks a significant step forward in our ongoing efforts to ensure that our retired workers receive their rightful entitlements in a timely manner. We believe that partnering with these esteemed Pension Fund Administrators will not only safeguard the funds but also enhance the growth and sustainability of our pension assets,”
Alhaji Muhammad Dagaceri further explained that, the selected Pension Fund Administrators were chosen through a thorough vetting process.
According to him, the administrators will provide comprehensive management services, including investment strategies, fund performance monitoring and customer service enhancements.
He said, the collaboration aims to mitigate risks and optimize returns on pension contributions.
The Head of Service said, the Jigawa State Pension Board will oversee the partnership, ensuring that the PFAs adhere to regulatory standards and deliver on their commitments to the State and its pensioners.
Dagaceri therefore, reaffirmed Governor Umar Namadi administration’s dedication to the welfare of retirees and stressed that this is part of a broader commitment to improve public service delivery and accountability in the management of State resources.
Speaking on behalf of the PFAs, the Managing Director of Premium Pension Fund, Hamisu Bala Idris, assured the board that the selected PFAs would live up to expectation by adhering to all the clauses in the agreement particularly, on return on investment.
Hamisu, described Jigawa State Pension Scheme as the best nation wide.
In his Speech, the Executive Secretary, Jigawa State Local Governments Contributory Pension Scheme Board, Dr. Bilyaminu Shitu Aminu disclosed that, the six selected Pension Fund Administrators to oversee the management of the Board’s assets are, Premium Pension Fund (lead PFA), PAL Pension, GT Pension, NLPC Pension, Norrenberger Pension and Crusader Sterling Pension.
While announcing the assets sharing to the PFAs, Dr. Bilyaminu explained that the funds were shared among the PFAs based on their pedigrees particularly the ability for return on investment, adding that the highest allocation was 20 percent while the lowest was 16 percent.
Dr. Bilyaminu Shitu Aminu commended, Governor Malam Umar A Namadi for his tremendous support to the scheme that made the State the best model in the country.
He pointed out that, the contract was a renewal with one PFA that was originally managing the board’s funds while five others that did not perform to the expectation of the board were replaced with new ones.
Africa247 reports that, the agreement was attended by key officials, including Jigawa State Solicitor General/ Permanent Secretary, Ministry of Justice, Barrister Lawan D. Baba, Senior Special Assistant to the Governor on State and Local Governments Contributory Pension Scheme, Alhaji Idris Umar.
Others also include, State NLC Chairman, Comrade Sunusi Alhassan and NUT Chairman Comrade Abdulkadir Yunusa representatives from the Pension Fund Administrators.