PenCom approves N3.1bn for 187 RSA holders to access residential mortgage

Director General PenCom, Aisha Dahir-Umar

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Chuks Udo Okonta

The National Pension Commission (PenCom) has at the end of July 2023, mandate Pension Fund Administrators (PFAs) to disbursed N3.1 billion to 187 Retirement Savings Account (RSA) holders for assessment of residential mortgage.

From left: Sola Adeseun, Head, South-West Zonal Office, PenCom, Oguche Agudah, CEO PenOp, Abdulqadir Dahiru, Head, Corporate Communications Department, PenCom, Ikenna Chidi-Ebere, Head Consumer Protection Department, PenCom, Olajumoke Akinwa, PenOp.

The amount disbursed was the 25 per cent from RSA balance required for pension residential mortgage payment.

The Executive Secretary/Chief Executive Officers, Pension Fund Operators Association of Nigeria (PenOP) Agudah Oguche, disclosed this today at the 2023 Journalists Conference, with the theme: Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction, organised for pension reporters in Lagos.

The Director-General, PenCom, Mrs. Aisha Dahir-Umar, in her welcome remarks at the event, said pension assets have risen by N1.77 trillion in the first half of 2023, from N14.99 trillion in December 2022 to N16.76 trillion at the end of June 2023, adding that membership also increased by 146,920 new contributors, from 9.86 members as at the end of 2022 to over 10 million members as at June 2023.

The PenCom Director-General who was represented at the event by the Head, Corporate Communications Department, Abdulqadir Dahiru, submitted that
the Contributory Pension Scheme (CPS) has ensured that public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their golden years.

She noted that the Journalists Conference is a testament to PenCom’s commitment to enhancing the knowledge and understanding of the Contributory Pension Scheme and its impact in the lives of contributors and retirees, stressing that it is also an occasion to interact with the media and discuss developments shaping Nigeria’s pension landscape.

She maintained that the theme of the conference is both timely and crucial, adding that it reflects PenCom’s commitment to continuous service improvement in the pension industry so that contributors and retirees receive the best possible experience.