Pension

PFOs take succour in bank placement as pension assets soar to N10.58tn

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Chuks Udo Okonta

Pension Fund Operators (PFOs) have taken succour in bank placement investment window due to the sharp drop in investment returns from treasury bills and federal government bonds, even as the pension assets soared to N10.58 trillion in April 2020.

Data obtained from the National Pension Commission (PenCom) revealed that there has being steady rise in investment in bank placement by pension operators as against the drops in treasury bills and bonds.

PenCom noted that pension operators staked N1.06 trillion in bank placement in January 2020, N1.21 trillion in February; N1.48 trillion in N1.48 trillion in March and N1.52 trillion in April.

The operators injected N1.15 trillion in treasury bills in January 2020; N1.37 trillion in February; N1.32 trillion in March and N1.13 trillion in April, while N5.71 trillion in federal government bonds in January, N5.62 trillion in February; N5.61 trillion in March and N5.77 trillion in March.

Pension assets stood at N10.43 trillion in January, N10.51 trillion in February, dipped to N10.33 trillion in March and rose to N10.58 trillion.

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