Pension Assets Hit N16.76trn In First Half Of 2023
Mrs. Aisha Dahir-Umar, DG, PenCom
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.
The Director General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, disclosed this today in her speech at a one-day workshop themed “Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction,” organised for journalists by PenCom in Lagos.
Mrs Dahir-Umar who was represented at the event by the Head of Corporate Communications, Mr. Dahiru Abdulqadir, said membership also increased by 146,920 new contributors, from 9.86 members as of the end of 2022 to over 10 million members as of June 2023.
The DG said PenCom’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors.
The CPS, according to her, has ensured that public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their golden years.
The first paper at the workshop “Enhancing Customer Service in the Pension Industry: PenCom’s New Strategic Plan,” was presented by Mr. Ikenna Chidi-Ebere. The paper highlighted the Commission’s latest initiatives to elevate customer service. It explained that the creation of the Consumer Protection Department (CPD) underscores PenCom’s determination to prioritise service delivery and provide our Retirement Savings Account holders with the care and attention they rightfully deserve.
The second paper “Strengthening Regulatory Oversight for Improved Service Delivery in the Pension Industry,” presented by Head of Corporate Communication, Mr. Dahiru Abdulqadir for Head, Surveillance Department, Mr. Ehimeme Chioma, explored how regulatory measures can effectively bolster the quality of services provided in the pension sector.
This is because regulatory oversight is pivotal in maintaining transparency, fairness, and efficiency, which are the cornerstones of our pension system.
The third paper “Improving Accessibility and Service Delivery in RSA Mortgage Financing” presented by the Chief Executive Officer (CEO) of the Pension Fund Operators Association of Nigeria (PenOp) Mr. Oguche Agudah, delved into the crucial area of mortgage financing, addressing ways to enhance accessibility and service delivery for our eligible Retirement Savings Account holders.
PenCom boss, while thanking the executives and members of the Nigerian Association of Insurance and Pension Editors (NAIPE); Labour Writers Association of Nigeria (LAWAN) and Finance Correspondents Association of Nigeria (FICAN) for their continuous support and partnership, highlighted the rationale behind the Commission’s partnership with journalists.
According to her, the Journalists Conference is a testament to PenCom’s commitment to enhancing the knowledge and understanding of the Contributory Pension Scheme (CPS) and its impact in the lives of contributors and retirees. It is also an occasion to interact with the media and discuss developments shaping Nigeria’s pension landscape.
‘Your dedication and support are instrumental in advancing PenCom’s mission. Let us embrace the spirit of learning, collaboration, and progress throughout this event and beyond,” Mrs Dahir-Umar appealed.
