Property Expert Urges Pension Fund Reform

A real estate expert and a property consultant in Port Harcourt, Mr. Ariobobara Bestman has urged the Federal Government to undertake a total reform of the pension fund with a view to giving it a fixed value.

Bestman who was speaking in a chat with The Tide in Port Harcourt on the state of affairs in the pension fund management, said that the funds as it is now in a liquid form is with a very high level of risk.

He said that the high level of risk associated with its present state of liquidity is visible in the capital market, where there is instability and  uncertainties, which he said did not directly benefit contributors.

Mr. Ariobobara who specialises in property management and the estate manager of PABOD Finance and Investment Company Limited, said that the only way to make the pension fund more meaningful is to get it fixed into the real estate for proper security and benefit.

According to him, “there should be a policy reform that will mandate the pension funds managers to channel the fund into estate development, so that their will be mass housing, even for workers who will eventually retire”.

He said that the fund will assist in providing the funds needed for mortgage in the building industry, and as well address drastically the shortage of housing, adding that any investment on land and housing is secured, and will appreciate upward continually.

The property expert therefore urged the Federal authorities to take the bold step in bringing a new order to the pension fund, instead of floating  them in the capital market, and remarked quickly that such funds in liquid form is like a boat on a sea without an anchor which is on a high risk.

Corlins Walter