Official: PFAs Have Invested N228.3bn In Real Estate

The Pension Fund Administrators have invested N228.3bn in real estate, investigation has revealed.

According to statistics obtained from the National Pension Commission on Friday, this amount is about 5.2 per cent of the N4.3tn total pension asset as of May, 2014.

The report also showed that N190.8bn and N78.8bn had been invested in state government securities and corporate debt securities, representing 4.1 per cent and 1.8 per cent of the pension asset, respectively.

It stated that N813m and N7.5bn had been invested in foreign money market securities and private equity funds in that order.

The Acting Director-General, National Pension Commission, Mrs. Chinelo Anohu-Amazu, said the success of the Contributory Pension Scheme had triggered an exponential growth in pension funds and size of assets under management.

“In Nigeria, the value of pension assets has grown from 1.47 per cent in 2006, to 9.57 per cent in 2013 of the Gross Domestic Product,” she said.

https://www.punchng.com/business/pfas-invest-n228-3bn-in-real-estate/