Connect with us

Business

PenCom, PenOp Makes Case For Sharia-Compliant Investments

Published

on

Penop Holds Insightful Session on Maximizing the Potential of RSA Fund VI: Exploring Sharia-Compliant Investments

The Pension Fund Operators Association of Nigeria (Penop), in conjunction with the National Pension Commission (PenCom) recently convened a webinar titled “Maximising the Potential of RSA Fund VI: Exploring Sharia-Compliant Investments”.
The event gathered industry stakeholders to address the growing interest in non-interest financial products, particularly those under RSA Fund VI, a dedicated Sharia-compliant fund within the Contributory Pension Scheme.
In his opening remarks, Oguche Agudah, CEO of Penop, emphasised the importance of expanding the investment options available under RSA Fund VI.
He called for deeper industry collaboration to address existing challenges and seize opportunities for growth in Sharia-compliant and ethical investments. The Chairman of the Pension Industry Non-Interest Advisory Committee (PINAC), Dr. Adam Muhammad Abubakar outlined the current challenges PFAs face in accessing Sharia-compliant instruments. He stressed the need for more investment outlets and enhanced awareness about the growth potential of non-interest financial products.
Bil-yaminu Yakubu, Who represented the Head of Investment supervision of Pencom- Mr. Dahiru, Abdulqadir, highlighted the efforts the Commission had made to advancing the ethical investment space, stating, “We understand the challenges PFAs are facing in terms of regulatory clarity. Pencom is committed to providing clear rules that will foster confidence in investing in non-interest instruments, ensuring compliance while driving innovation.”
The session also highlighted how Sharia-compliant investments, particularly Sukuk bonds, have played a crucial role in raising infrastructure funds. Attendees argued that expanding the issuance size of such instruments is seen as key to attracting more PFA participation and driving the growth of RSA Fund VI. Participants also discussed the importance of clear guidelines from Pencom and SEC to support the growth of non-interest financial instruments.
Abimbola Yusuf, Treasurer of Alternative Bank, spoke about their transition into a standalone non-interest bank and highlighted upcoming products for Fund VI, stating, “We are committed to delivering tailored financial services that comply with Islamic finance principles. Our goal is to offer pension fund administrators innovative products that meet both liquidity needs and ethical standards.
Akeem Oyewale, CEO of Marble Capital, echoed similar sentiments, adding, “The market for Sharia-compliant investments is growing, and we are developing a robust pipeline of instruments to support PFAs in diversifying their portfolios. Collaboration with issuers is key to ensuring that the size of Sharia-compliant issuances grows, creating more investment opportunities.”
As the demand for non-interest financial products continues to grow, Penop remains committed to ensuring that Sharia-compliant and ethical investments can thrive within Nigeria’s pension framework. The association continues to work closely with regulators and industry players to unlock the full potential of RSA Fund VI.
The session was sponsored by Alternative Bank and Marble Capital:

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Ghana’s Delegation In Nigeria To Marine Cargo Sector

Published

on

By

Commissioner for Insurance, Olusegun Omosehin received delegates from Ghana's Marine Cargo Technical Committee on a study tour of Nigeria's marine cargo sector at his office in Abuja recently. The delegation was led by Mr. Fred Asiedu-Darteh of Ghana Shippers' Authority.

Continue Reading

Business

Stakeholders Assess Progress, Challenges In Implementing Building Insurance Regulations

Published

on

By

The National Insurance Commission (NAICOM) convened the fourth meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction recently in Abuja.
The meeting, chaired by the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, brought together stakeholders to discuss progress and challenges in implementing insurance regulations for public buildings and buildings under construction.

In his opening remarks, Mr. Gam-Ikon welcomed new members from the quantity surveying profession and briefed the committee on NAICOM’s enforcement efforts, which have commenced with third-party motor insurance and are expanding to public buildings and buildings under construction. He emphasized the importance of collaboration with regulatory agencies and highlighted the commission’s focus on claim settlement, citing the example of a fire incident at a Cash and Carry supermarket where insured parties received prompt claim payments.

The committee discussed implementation progress, with the representative from Development Control indicating that they have started enforcing insurance requirements since January 2025 but are awaiting necessary documents to commence full enforcement. Other stakeholders, including the Nigerian Insurers Association (NIA) and the Federal Fire Service, shared their perspectives on the importance of complete documentation, risk assessment, and insurance coverage.

The Chairman of the joint committee, Mr. Gam-Ikon, urged Development Control to establish a database of public buildings and buildings under construction and ensure that only buildings with approved documents are insured. Dr. Talmiz Usman, Director of Legal Enforcement and Market Development at NAICOM, thanked committee members for their support and participation.

The meeting underscored the importance of collaboration and effective implementation of insurance regulations to promote safety and risk management in the construction industry.

Continue Reading

Business

emPLE Partners LASPARK For Tree Planting Initiative

Published

on

By

emPLE has officially flagged off Green emPLE, its company-wide sustainability initiative, with a tree-planting exercise held in partnership with the Lagos State Parks and Gardens Agency (LASPARK) in Lagos.
As part of the launch, emPLE planted 65 trees across strategic locations in Lagos. The carefully selected tree species were chosen for their environmental benefits such as improving air quality, reducing urban heat, and enhancing the city’s ecological balance.
Speaking at the event, Oyinlade Olalekan, Managing Director of emPLE General Insurance Limited, remarked,
“At emPLE, we’re deeply committed to empowering lives—not just through our financial offerings but by actively contributing to a more sustainable world. The launch of Green emPLE and today’s tree-planting activity are key steps in that journey. Sustainability is one of our core values, and we’re proud to be playing our part in building a cleaner, greener Lagos.”
He added,
“We see Green emPLE as a platform for driving real impact, one initiative at a time. This partnership with LASPARK is only the beginning. We look forward to rolling out more activities that reinforce our mission and encourage others to join us in protecting the planet.”
Mrs. Adetoun Popoola, General Manager of LASPARK, also commended the initiative, saying:
“Our mandate at LASPARK is to promote a greener Lagos through tree planting and urban beautification. It’s always encouraging to see private sector organisations like emPLE step forward in support of this mission. Collaborations like this help us get more done and inspire residents and businesses alike to take sustainability seriously. We are excited about what Green emPLE represents and we look forward to more impactful partnerships.”
To acknowledge emPLE’s contribution, LASPARK presented the company with a Tree Planting Certificate, recognising its role in environmental preservation and its ongoing support for climate resilience and green urban development.
Green emPLE is emPLE’s long-term commitment to promoting sustainable practices that support a healthier planet and empower future generations. The initiative reflects the company’s belief that true empowerment goes beyond financial products it includes taking responsibility for the environment and driving long-term positive change.

Continue Reading