91,499 RSA holders join CPS in four months

Mrs. Aisha Dahir-Umar

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Chuks Udo Okonta

More Workers have continued to embraced the Contributory Pension Scheme (CPS) as 91,499 Retirement Savings Account (RSA) holders were registered by the Pension Fund Administrators (PFAs) in four months ranging from January to April 2021.

Data obtained from the National Pension Commission (PenCom) revealed that the PFAs registered 9,236,841 RSA holders in January 2021 and that the number surged to 9,328,340 in April.

PenCom also stated that pension fund assets which rebounded in March 2021, having dropped for two months, have continued on growth trajectory gaining over N50 billion between March and April.

The pension sector regulator noted that of the N12.39 trillion assets, N8.32 trillion had been invested in federal government’s securities.

It noted that federal government bonds gulped N7.45 trillion investment; treasury bills, N690.43 billion; agency bond, N13.01 billion; Sukuk bonds, N79.31 billion and green bonds N79.81 billion.

PenCom said state government’s securities gulped N117.21 billion investment.

Director-General of PenCom, Mrs. Aisha Dahir-Umar, noted that PenCom had, within the 16 years of the pension reform, been able to positively transform the pension sector in Nigeria, stressing that the commission’s scorecard includes many positive feats, like the licensing of 22 PFAs, 7 CPFAs, 4 PFCs and many Approved Existing Pension Schemes in the private sector.

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