BRIDGING GOVERNANCE CHALLENGE AND REGULATORYSUPERVISION IN ENHANCING BOARD OVERSIGHT IN PENSIONFUND GOVERNANCE AND RISK MANAGEMENT IN NIGERIA

Abstract

In the past decade, governance has emerged as a critical concern in the
administration of pension funds, particularly with the expansion of the pension industry and the evolving regulatory and market landscape. Ensuring effective management and accountability within pension funds has become a priority for supervisory authorities, including Nigeria. This study aims to identify the key governance challenges in Nigeria’s pension sector and assess the extent to which supervisory authorities effectively employ their regulatory tools to address these issues. Data were collected through structured questionnaires using purposive sampling to select 384 respondents with expertise knowledge of the pension operation from the pension fund administrator, pension fund custodians, actuarial firms,
investment houses, stock brokerage firms and the national pension commission. The data were analysed using correlation and regression techniques. The findings revealed that competence/expertise, accountability and internal control are the primary governance challenges, and that supervisory oversight has played a significant role in addressing them. The study recommends an effective governance structures and oversight functions with an effective whistleblowing mechanisms that
will enhance transparency and regulatory effectiveness in the pension industry.