In a landmark event held on February 7th, the Pension Industry’s Compliance Officers’ Forum convened by the Pension Fund Operators Association of Nigeria (PenOp) underscored the pivotal role of robust compliance frameworks in sustaining and transforming the nation’s pension industry. Under the leadership of Pattison Boleigha, President of the Compliance Institute, Nigeria (CIN), the forum highlighted the indispensable nature of a compliance culture built on transparency, accountability, and unwavering ethical governance—a culture deemed critical not only for industry excellence but also for Nigeria’s ambitious drive to exit the Financial Action Task Force (FATF) Grey List.
In his opening address, Boleigha stressed that the pension industry, akin to all sectors of the financial ecosystem, must transcend mere regulatory adherence. “Our collective expertise, when effectively harnessed and aligned, can set new benchmarks that fortify our industry’s integrity and elevate Nigeria’s regulatory landscape,” he declared. He asserted that continuous professional training, rigorous audits, and steadfast commitment to ethical practices are fundamental to sustaining growth and ensuring that Nigeria’s financial system meets international standards.
A key highlight of the forum was the presentation by Bawo Egbakhumeh, CIN’s CEO/Registrar, who unveiled a series of targeted initiatives aimed at fortifying compliance expertise within the pension sector. Among these initiatives are specialised training programs and the introduction of industry-specific certifications—measures that are designed to professionalise and empower compliance officers at every level. By advocating for mandatory certification, CIN seeks to standardise best practices and equip its members with the requisite skills to navigate evolving regulatory demands. This strategic emphasis is viewed as instrumental in enabling Nigeria to meet FATF standards, thus expediting its exit from the Grey List.
Equally critical to these reform efforts is the need for rapid legislative action. The swift passage of the Compliance Institute of Nigeria Bill—currently in the Public Hearing stage at the Senate—is imperative. This bill will provide the legal backing necessary to institutionalise the high standards and innovative approaches championed by the Compliance Institute. By expediting its passage, the National Assembly will not only reinforce the Institute’s mandate to professionalise compliance practices across the financial sector but will also serve as a catalyst for broader economic reforms. Such legislative support is essential for accelerating Nigeria’s progress toward full compliance with international AML/CFT standards, thereby boosting investor confidence and enhancing the nation’s global financial reputation.
The forum also provided an opportunity for senior industry leaders to share insights and forge deeper collaborations. Ms. Edidiong Akan, President of PenOp and Chairperson and Chief Compliance Officer of Stanbic IBTC Pension Managers, lauded the ongoing partnership with CIN. With several PenOp members already recognized as Designate Compliance Professionals (DCP) through CIN, there is growing momentum for obtaining the advanced ACIN certification move anticipated to further elevate compliance standards across the industry. Such collaborative synergies are critical in fostering a unified front among public and private sector stakeholders, thereby reinforcing Nigeria’s global financial reputation.
Beyond its immediate impact on the pension industry, the forum’s discussions resonated with a broader national imperative: the urgent need for a cohesive and proactive compliance framework to help Nigeria exit the FATF Grey List. Mr. Boleigha highlighted that a robust compliance culture is not only essential for protecting the integrity of financial operations but also serves as a cornerstone in addressing deficiencies identified by international regulators. “Compliance professionals are at the frontline of Nigeria’s efforts to safeguard our financial integrity and enhance our global standing,” he emphasized. By leveraging the collective expertise of industry leaders and aligning strategic initiatives across sectors, CIN is positioning itself as a key driver in the nation’s quest to meet global AML/CFT standards.
Experts have long warned that persistent grey-listing could impose significant economic burdens by increasing compliance costs and deterring foreign direct investment. CIN’s proactive initiatives, as showcased at the forum, are therefore critical not only for the sustainability of Nigeria’s pension system but also for broader economic reforms. By setting higher compliance standards and influencing regulatory policies, the pension sector can contribute substantially to restoring Nigeria’s international credibility—an outcome that is expected to spur investment, facilitate market stability, and ultimately propel the nation toward a secure and transparent financial future.
The Pension Industry’s Compliance Officers’ Forum stands as a testament to the growing recognition of compliance as a cornerstone of industry integrity and governance. Through strategic collaborations, targeted professional development, and a steadfast commitment to ethical standards, the Compliance Institute, Nigeria is poised to play a transformative role in elevating the pension industry. More importantly, its leadership in advancing robust compliance frameworks is a critical step towards enabling Nigeria to exit the FATF Grey List, thereby bolstering the nation’s economic resilience and global financial reputation.
