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PenCom releases names of companies that can get govt contract

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Operators invest N250bn pension funds in real estate

The National Pension Commission has announced that only 15,418 organisations out of over 3.1 million registered companies in the country can do business with the federal government.

The list was posted on PenCom website titled ‘schedule of employers issued with certificate of compliance with provisions of the PRA 2014 as at 10 May, 2021’ and obtained by Ripples Nigeria on Thursday.

With the clearance, the listed organizations can now bid for contract in Ministries, Departments and Agencies for 2021.

According to the National Pension Act’s laws the qualified organizations with at least three employees have passed the minimum requirement of opening a pension accounts and life insurance cover for their employees.

PenCom had last year in its compliance guidelines for life insurance policy for employees and submission of insurance certificate issued to employers stated that companies that had no insurance covers for their workers would no longer be allowed to do any government business.

Read also:  PenCom says pension assets rose by N184.68bn in Q3 of 2020

It noted that the regulations would be in addition to ensuring that the companies had appropriate pension accounts for the workers.

PenCom’s in its warning to employers cited Pension Reform Act 2014 Section 4(5) and Section 5.5 of the guidelines for life insurance policy for employees.

“Suppliers, contractors or consultants bidding or soliciting for contract or business from any Federal Government ministries, departments and agencies, must fully comply with the provisions of the law and will now issue annual pension clearance certificate to eligible organizations,” and MDA are reminded to ensure that only pension clearance certificates issued by the commission are accepted as evidence of compliance with the Pension Reform Act 2014,” PenCom noted

You will recall that Ripples Nigeria had earlier reported only 9.2 million working Nigerians have a pension account out of 46.6 million employed population.

See full list here.

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