“Nothing could be further from the truth. The pension industry, like most of the financial industry, is highly regulated. There are rules, and limitations about what pension money can be invested in and what cannot be invested in.

“The federal government has no intentions whatsoever to go beyond those limits or go outside those bounds which are there to safeguard the pension of workers.

“What was announced to the Federal Executive Council (FEC) – merely for noting, no approval was sought for, or any action whatsoever – was that there was an ongoing initiative, drawing in all the major stakeholders in the long-term savings industry, those that handle funds and are available over a long period.

“To see how within the regulations and laws, these funds could be used maximally, most effectively to drive investment in key growth areas, infrastructure, housing, and of course, to find a way to provide Nigerians with affordable mortgages.

“Within this context, there is no attempt or no consideration to provide less safe investments for pension funds or even insurance funds or any investment funds that are made available.

“No attempt whatsoever to increase the risk, to lower the returns that would otherwise be earned.

“We must remember that the federal government possesses the ability to provide guarantees where stocks are needed to unlock funding that will lead to growth, the creation of jobs and the alleviation of poverty.