Pension

PFAs invest over N1.64tn in banks

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Chuks Udo Okonta

Pension Fund Administrators (PFAs) as at April 2021 have invested N1.64 trillion in bank placements, while N96.53 billion was invested in commercial papers, amounting to N1.74 trillion gulped by local money market securities.

Data obtained from the National Pension Commission (PenCom) also revealed that of the N12.39 trillion pension fund assets, N8.32 trillion had been invested in federal government’s securities.

PenCom posited 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; N830.62 billion was invested in domestic ordinary shares and corporate bonds got N768.38 billion.

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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