Nigeria has commissioned the first Abuja School of Pensions and Retirement Planning (ASPRP) to provide tertiary education for the acquisition of vital skills and capacity in pension administration and management.
n and management.
The school, a private sector-driven monotechnic, is approved by the Ministry of Education, having met the requirements of the National Board for Technical Education (NBTE).
Malam Muhammad Bello, Minister of the Federal Capital Territory, said the establishment of the school was a proof of FCT administration’s commitment to encourage innovation, enterprise and ingenuity, especially in the education sector.
Bello, represented by Sen. Isa Mania, said the training and planning for retirement were key for all working Nigerians, who would certainly face the reality of life after retirement.
“Retirement from active employment is a reality; people must retire and face the reality of life.
“But many people face the fear of cessation of a steady income, that is why proper training and planning for retirement is key to ensure that our senior citizens do not suffer after sacrificing so much for the service of the nation.
“And very few people have the requisite knowledge on these areas as many retirees have made mistakes while investing their retirement benefits due to poor advice,’’ he said.
Bello urged the governing council, lecturers and staff of the institution to ensure a high academic and moral standard of graduates that will emanate from the school.
He said the graduates would be required to contribute to the vital sectors of the economy.
Dr. Masoud Kazaure, Executive Secretary, NBTE, said the school became necessary, giving the far-reaching implications of pensions and retirement planning to people’s lives and the economy.
Kazaure said NBTE, in partnership with National Pension Commission (PenCom), selected experts and management of ASPRP with other major stakeholders to develop curricula in National Diploma and Higher National Diploma in Pensions Administration and Management.
He said the school was set up to advance academic pursuit and define career roadmaps in the Nigerian pension industry, in addition to assisting workers and organisations to prepare for fulfilled retirement.
Dr. Musa Ibrahim, founder of the school, called for special training for managers of the pension asset, hence the establishment of the school.
“We have a pension industry that is large and with a huge amount of funds and assets competing with the Federal Government of Nigeria.
“There is no formal processing of education, training for those people that are going to handle this asset, so we think it is imperative there should be a school,’’ he said.
Ibrahim said the governing board of ASPRP also intended to partner with some universities to provide a postgraduate diploma course in management.
This, he said, was to ensure that people involved in the pension sector were formally trained to manage the pension assets.
MM/GIK/APA