Pension assets hit N16.76trn in Q

Pension assets hit N16.76trn in Q3

The National Pension Commission (PenCom) says pension assets increased to N16.76 trillion within the half-year period (six months) that ended in June 2023.

Aisha Dahir-Umar, the Director-General of PenCom, said this on Tuesday in Kano at the National Pension Commission/Nigeria Employers Consultative Association (NECA) Interactive Session on the Contributory Pension Scheme (CPS) for the organised private sector.

Represented by the Commissioner Administration, PenCom, Faruk Aminu, the PenCom boss said that the figure was the total fund accruing from pension contributions in the country under the CPS as of the end of the third quarter of 2023.

She explained that the pension industry is one of the fastest-growing financial sectors in Nigeria.

According to her, at the end of the third quarter of 2023, the number of Retirement Savings Accounts (RSAs) under the CPS stood at 10 million and the size of the pension asset under management amounted to N16.76 trillion.

The commission has continued to take giant strides towards ensuring the smooth implementation of the CPS through the revision of existing regulations and guidelines and the development of new ones,” the official said.

The director-general urged employers to encourage their workers to transfer contributions from the Nigerian Social Insurance Trust Fund (NSITF) to their retirement savings accounts (RSAs).

This, she said, is in compliance with the commission’s responsibility of supervising the transfer, following the enactment of the Pension Reform Act (PRA) 2014.

The commission is saddled with the responsibility of supervising the transfer of the NSITF contributions of employees into their respective RSAs under the CPS,” the PenCom official said.

She further assured the private sector that the commission would continue to ensure robust social dialogue with NECA in the interest of all stakeholders under the CPS.

She also said the commission would always support NECA to champion programmes that would ensure the successful implementation of the CPS in Nigeria.

Comments

Steer Clear from Tompolo's Pipeline Surveillance Job, Face Your Olu's Contract... Activist Warn Itsekiri Leaders

Steer Clear from Tompolo's Pipeline Surveillance Job, Face Your Olu's Contract... Activist Warn Itsekiri Leaders Niger Delta Human Rights Activist, comrade Daniel Ezekiel has berated ltsekiri leaders for calling on the Federal Government to decentralize the pipeline security contract awarded to the Niger Delta living legend, High Chief Government Ekpemukpolo alias Tompolo. The activist in a statement to FocalPoint Reports, on Thursday, reacted with displeasure and strongly condemned Itsekiri leaders Who were led by Hon. Michael Diden to call for the decentralization of Tompolo's Surveillance contract, during a visit to High Chief Bibopere Ajube (Shoot-at-sight) at his Agadagba-Obon, residence in Ese-Odo Local Government Area of Ondo State, Ezekiel Daniel described those who visited Bibopere Ajube as self-proclaimed Itsekiri leaders and their voices are nothing good but mere distractions and should not be taken seriously. He added that the statements made by

NMU Governing Council chairman seeks solutions to challenges facing varsity

NMU Governing Council chairman seeks solutions to challenges facing varsity The Acting Chairman of the Governing Council of the Nigerian Maritime University, Okerenkoko, Delta State, Adewale Adeogun, has appealed for immediate action to address the pressing challenges facing the institution. Adeogun, who spoke during the council meeting in Warri, expressed deep concern over the university’s underdevelopment despite its six-year existence. Highlighting the urgent need for government intervention, Adeogun emphasised the importance of establishing a permanent campus and ensuring adequate funding. He pointed out that the university’s progress has been hindered by the suspension of projects initiated by the Nigerian Maritime Administration and Safety Agency (NIMASA). “It is disheartening to see that despite being a specialised university, Nigerian Maritime University is still struggling to find its footing,” Adeogun stated. “We must work tirelessly to secure government support, philant

Retired police officers protest over unpaid pensions

Some retired police officers under the contributory pension scheme on Tuesday, May 21, protested at the National Assembly over alleged several months of unpaid pensions with a call on President Bola Tinubu to remove them from the scheme. The protesters decried the extreme challenges they endure, saying that the National Pension Commission (PENCOM) has failed to pay their entitlements for several months causing them and their families untold hardship. The aggrieved retired police officers also wrote a Save Our Soul (SOS) letter to the President of the Senate, Godswill Akpabio, calling for an urgent intervention. Speaking on behalf of the protesters, Chairman of the retirees, Christopher Effiong said many of their members have developed terminal illnesses and heart attacks as a result of the frustration associated with the scheme. In a letter dated May 21 and addressed to Senate President Godswill Akpabio, the retirees said many of their colleagues have lost their lives due to the prevai

FocalPoint Reports

Search This Blog