Pension Fund Assets Grow by N92.3 billion in One Month
PenCom DG, Aisha Dahir-Umar
Pension Fund Assets under the Contributory Pension Scheme (CPS) have increased to N14.36 trillion in July 2022, from N14.27 trillion reported during the period ended June 30, 2022. This shows a growth difference of N 92.34 billion.
This was contained in the National Pension Commission (PenCom) unaudited report for the period ended July 31, 2022.
The figures showed that N9.05 trillion of the total funds was invested in Federal Government securities, comprising bonds and treasury bills. Other investment portfolios where the funds were invested included: domestic and foreign ordinary shares; corporate debt securities comprising corporate bonds, corporate infrastructure bonds, corporate green bonds, and supranational bonds.
During the same period, a total of N2.3 trillion was also invested in the Money Market Instrument consisting of Fixed Deposit/ Bank Acceptance; Commercial Papers and Foreign Money Market Instruments.
A total sum of N1.4 trillion was invested in Corporate Debt Securities, while N53.30 billion was invested in Mutual Funds, a total sum of
PenCom disclosed the total number of RSA holders stood at 9,730,778 during the period under review.
Total micro pension registration as of July was 81,674, according to the commission.
Meanwhile, the Director-General, PenCom, Mrs. Aisha Dahir-Umar, in her statement in the 2021 annual report of the Commission said “The industry remained focused on the resolution of the challenges of outstanding pension liabilities of the Federal Government under the CPS, expansion of coverage of the CPS to the informal sector and the sub-national governments and the diversification of Pension Fund Investment. Other focus areas included the drive to improve the quality of customer service delivery, enhancement of the operational capacity of the regulator/operators’ workforce and the re-invigoration of the Commission’s public enlightenment and education initiatives.”
She said despite the global economic challenges posed by the macro-economic trend, the Nigerian Pension Industry recorded significant achievements in the area of Schemes’ membership.
She said the most significant development in the Pension Industry in 2021 was the successful reduction of outstanding pension liabilities of the Federal Government under the CPS. The Commission obtained Presidential approval for the sum of N159.46 billion to defray some aspects of outstanding pension liabilities of the Federal Government under the CPS. Consequently, the sum of N40.55 billion, being the outstanding accrued rights of 6,282 retirees and 2,329 deceased employees, was paid during the year.
PenCom Boss stated further that “It is our earnest expectation that the Pension Industry will continue to thrive, sustain the growth trajectory across memberships of pension schemes, pension contributions and AuM. This is particularly anticipated in the wake of the deployment of automation to enhance operational efficiency and increased drive to expand coverage of the CPS across the public and private sector organizations.”
