The total pension fund assets in Nigeria has risen from N7.52 trillion as at December, 2017, to N8.14 trillion as at the end of May, 2018. This was confirmed by the National Pension Commission (PenCom).

The commission’s spokesman, Peter Aghahowa, while making the disclosure, confirmed that Pension Fund Administrators (PFAs) invested N5.2 trillion in Federal Government Securities. This represents 70.08 percent of the N8.14 trillion pension fund assets.

Contributors have also grown by 390,000 as it increased from 7.50 million as at March 31, 2017 to 7.90 million in February 28, 2018.

On July 1 2018, PenCom started the implementation of Multi Fund investment structure, a new investment regulation that allows pension contributors to make choices on how they want their pension fund invested based on their risk appetite.

The new initiative, according to PenCom would help improve returns on pension funds.

About PENCOM

Business day

The National Pension Commission (PenCom) was established by the Pension Reform Act of 2004, an agency/commission that governs and regulates the administration of the contributory pension scheme for both the public and private sectors in Nigeria.

The functions of the Commission include:

  • Regulation and supervision of the Scheme established under the Act.
  • Issuance of guidelines for the investment of pension funds.
  • Approving, licensing, regulating and supervising pension fund administrators, custodians and other institutions relating to pension matters as the Commission may, from time to time, determine.
  • Establishing standards, rules and guidelines for the management of the pension funds under the Act.
  • Ensuring the maintenance of a National Data Bank on all pension matters.
  • Carrying out public awareness and education on the establishment and management of the Scheme.
  • Promoting capacity building and institutional strengthening of pension fund administrators and custodians.
  • Receiving and investigating complaints of impropriety levelled against any pension fund administrator, custodian or employer or any of their staff or agents.
  • Performing such other duties which, in the opinion of the Commission, are necessary or expedient for the discharge of its functions under the Act.
Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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