Stanbic IBTC Pension Managers Denies Defying Pencom’s Directive on Gifts

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By Aduragbemi Omiyale

The largest pension fund administrator (PFA) in Nigeria, Stanbic IBTC Pension Managers Limited, has refuted reports making the round that it gave out gift items to its clients last December in defiance of the directive of the National Pension Commission (PenCom).

In order to stop unhealthy competition in the pension industry in the country, PenCom directed operators to stop luring customers with incentives.

It was reported that Stanbic IBTC Pension Managers, which controls over 1.9 million retirement savings accounts (RSAs) and over N4.5 trillion in assets under management, gave out loyalty gift vouchers last month.

But the company denied this, describing the reports as “unfounded, incorrect, and defamatory,” adding that it is “a fabrication of reckless journalism.”

The organisation stressed after the directive was issued by PenCom in October 2022, it notified its clients of the development and its subsequent implications, “leading to the discontinuation of our Loyalty Programme on November 5, 2022, as approved by PenCom.”

“To further reinforce our commitment and alignment with PenCom’s directives, we partnered with PenCom’s representatives to sensitise clients on this development at our annual clients’ engagement fora held in Lagos, Abuja and Port Harcourt, late 2022,” it added.

Stanbic IBTC Pension Managers reaffirmed that it did not disobey the regulator as it “has a responsibility to uphold the highest operational and ethical standards for operators in the industry.”

“Stanbic IBTC remains resolute in its position and would like to reiterate that it conducts its business with integrity in compliance with extant laws of the operating environment and international best practices. We will continue to do business the right way,” the company said in a statement on Wednesday, explaining that its reaction to the reports was to “clarify any misconception or doubts in the minds of the general public.”

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