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Chuks Udo Okonta
Pension Fund Operators (PFOs) as at February 2023, had invested N1.69 trillion in money market instruments, which are made available to private business owners as financial facilities to promote their operations.
According to PenCom in a data obtained by Inspenonline, N1.59 trillion was invested in fixed deposit/bank acceptance, while N78.28 billion was invested in commercial papers.
PenCom also noted that pension operators directly invested N157.10 billion pension funds in Sukuk Bond issued by Federal Government to finance road projects nationwide.
The pension sector regulator noted that as at February 28, 2023, N9.97 trillion of the N15.44 trillion Assets under Management (AuM), was invested in Federal Government Securities.
PenCom stated that N12.13 billion was invested in Agency Bonds issued by the Nigeria Mortgage Refinance Company. “It is pertinent to note that all investments of pension funds by the Pension Fund Administrators (PFAs) are made in accordance with guidelines and regulations issued by the Commission and guided by the primary objectives of safety and maintenance of fair returns,” it submitted.
The pension sector regulator stated that federal government bonds gulped N9.97 trillion and Treasury bill N181.28 billion.