The Managing Director of the Nigeria Police Force Pensions Limited, Dr. Kolade Morakinyo has disclosed how the company moved from zero Retirement Savings Account (RSA) balance when it started in 2014 to about N100 billion at the end of that year.
Dr. Morakinyo disclosed this at the weekend while chatting with some select journalists in Abuja.
“We started NPF Pension in 2014 with Zero RSA Balance. At the end of that year, we are able to transfer N100 billion. We are the first Pension Fund Administrator (PFA) with building. We are the only PFA that crossed from zero level to above one trillion levels. We are the only PFA that will run in terms of return on investments for two years consecutively.
“We are top of the industry in terms of return on investments. We are the only PFA when the inflation was 34%, we returned 38, that means we outperformed inflation. In fact, we were the only financial institution that did that in the country.
“When I came on board, I try as much as possible to make sure that we perform as the best in the industry, so that our contributors (RSA Holders) can smile,” he said.
According to him, the feat was made possible with the support of the Inspector General of Police, IGP Kayode Egbetokun and the hard work of the dedicated staff of the company.
“We work hard. I engaged my staff, some of them came to the office on Saturday so that we can achieve our target. In the industry, we are first or second PFA in terms of credit to RSA. We have management team that with the support Of the Executives we are where we are today.
“If you look at our five years targets, there is no year that we didn’t outperform those targets. We have retreats for five years rolling where we have performance mileage. So, every year we outperform our target.
In terms of human capacity building, since we are established, last year we were able to train about 70% of our staff. And this year we hope to exceed it.
“The police institution, the owner of this company, we enjoy their support, with the able leadership of the inspector general, IGP Kayode Egbekokun who wants the best for the Nigeria police force. He is very passionate about the company because he wants the officers to retire with smiles on their faces. He did a lot to ensure that we perform better.
“The journey has not ended, it has just started. There is no interest here apart from the welfare of the police. It is the welfare of police that is utmost objective. To make sure that the police get the best when they retired,” the MD said.
He applauded President Bola Tinubu and the Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, for positively steering the industry, especially with the recent approval of N758 billion bond to clear the backlog of pension liabilities.
Dr. Morakinyo noted that the money would be handy to settle the 20 months accrual, amounting to about N253 billion.
“The Pension increase of 15%, 33% and consequential adjustments for 2007, 2010 and 2019 respectively are going to be financed by the same bond.
“Shortfall in benefits from 2017 to 2023 amounting to about N10 billion is there. And pension protection fund from 2017 to 2023 is part of the deal. Before, what we used to witness is N25 billion release and N28 billion release, but now, you can see the wide gap.
“With this, pensioners will smile. Some people may see double RSA. Some people may have 60%, while others may see 70%. But this the most humongous release that has ever been made by government. It is a huge success. So the journey has not ended.
“I trust the President and the DG PenCom that better things are still coming for the pensioners, particularly, the police retirees. We have nothing than to continue to pray for them for God to give them wisdom and enabling health and also our IGP for what he has been doing in particular to ensure that the police retirees go home with better packages.
“On our own here as a company, the little way we can contribute we will continue to do that. We will make this place better than how we met it. One is to ensure that the return on investment is going up which we are doing. Secondly, is to ensure that if the Federal Government releases money today, within the week the pensioners will get their money. So those are the ways that will make life better,” he said.
