Pension

Pension assets gain over N17bn in one month

Mrs. Aisha Dahir-Umar

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Chuks Udo Okonta

The pension fund has continued to grow as over N17 billion was injected between January and February 2019, Inspenonline can report.

Data obtained from the National Pension Commission (PenCom) revealed that the pension assets was N8.74 trillion in January 2019 and peaked at N8.91 trillion in February 2019.

PenCom posited that total Retirement Savings Account (RSA) fund as at January was N6.66 trillion and moved to N6.78 trillion in February. Federal Government of Nigeria (FGN) securities gulped N5.08 trillion in January and N5.19 trillion in February.

The pension industry regulator maintained that investments in Banks was N522.16 billion in January and moved to N599.21 billion in February; State Government securities got N141.46 billion in January and N139.62 billion in February and Real Estate Properties got N231.66 billion in January and N231.34 billion in February.

PenCom stated that RSA holders stood at 8.57 million in February as against 8.46 million in January. Male RSA holders were 6.04 million, while female 2.52 million and the private sector continued to dominate with 4.92 account holders and the public sector 3.53 million.

The Acting Director-General, PenCom, Mrs. Aisha Dahir-Umar, said the Contributory Pension Scheme (CPS) has been very impactful in Nigeria since the commencement of its implementation in 2004, adding that the formation of long term domestic capital, represented by the over N8.91 trillion worth of pension assets as at February 2019, belonging to 8.57 million formal sector participants, is slowly but surely changing Nigeria’s financial landscape.

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