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IPMAN enlists PENCOM insurance scheme for 2.5 million members, workers

Oluwasina Phillip

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has concluded plans to enlist its over 2.5million members and workers for an insurance scheme with the National Pension Commission (PENCOM).
IPMAN’s National President, Elder Chinedu Okoronkwo disclosed this on Tuesday during his visit to the PENCOM headquarters in Abuja.

Okoronkwo, along with some national officers of IPMAN and consultants, including Dr. Maurice Ibe of The Benham Group, met with senior PENCOM officials on how to ensure the realisation of the pension scheme.

“We are here to see how we can add value to the economic situation of this country.
“There is this MPP (Municipal Pension Plan) for every employer and employee and we have decided to key into the problem. We think the programme will help our workers and our members

“One of the problems in this country is that of poverty. And by the time we make our members and workers to save for the rainy day, when they are out of job or retire, they will have something to fall back on when they are no longer working.

“That is why we have come here to see how we can collaborate with PENCOM on this pension scheme. We are looking at a system where every worker and member would be on the platform.
“The meeting went well. We have agreed to work together. The belief that PENCOM caters for only employees in the public sector is erroneous.

“Every worker in both public and private sectors is accommodated under the PENCOM arrangement. It is even mandatory for the private sector to key into this pension system.

“That is why we have come here to see how we are going to work with them and they have given us assurance on how to collaborate and make sure that everybody is captured for the purpose of achieving one major gaol – lifting people out of poverty.

“We are targeting about 2.5m of our members and workers. We plan to commence work immediately to ensure the scheme takes off in earnest,” Okoronkwo said.

He also spoke of plans by his association to attract funds for investments in the gas sub-sector of the oil industry to address the rising cost of domestic gas.

The IPMAN chief said his association was currently working with some key investors to achieve this goal.

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