The Pension Funds Administrators (PFAs) have recorded a profit of N1.69 trillion as return on investments made from investing workers’ pension contributions.
Reports obtained from the National Pension Commission have disclosed that the total assets under the scheme stood at N9.32 trillion as of the end of June 2019.
The assets include the total monthly contributions collected from both public and private firms into the workers’ Retirement Savings accounts, which amounted to N5.45 trillion.
Other components are the Approved Existing Scheme totalling N958.2 billion, and the Closed Pension Funds Accounts totalling N1.24 trillion as of the end of June.
A review of the total monthly contribution showed that N2.73 trillion or 50% of the contributions came from the public sector while the private sector contributed the remaining 49.91% or N2.72 trillion.
The total assets had continued to increase despite challenges experienced within the economy. Operators invested a substantial part of the pension funds in the Federal Government bonds, treasury bills and state governments’ securities.
Others were invested in agency bonds, supranational bonds, commercial papers, foreign money market securities, open/close-end funds, REITS, private equity funds, infrastructure funds, cash and other assets.
The acting Director-General, PenCom, Mrs. Aisha Dahir-Umar, explained that the formation of long-term domestic capital, which was in trillions of naira of pension assets, was slowly but surely changing Nigeria’s financial landscape.
“It was also transforming the course and pace of the country’s socio-economic development. About 73% of the total pension assets were invested in the Federal Government Securities issued to finance various activities of government.”
The President, Pension Funds Operators of Nigeria (PFAs), Mrs Aderonke Adedeji, noted that the issue of the role of pension funds in economic development had moved into the focus of public attention, particularly with regard to Nigeria’s growing need for long-term capital.
“For the first time, our country can now boast a long-term funding base and the impact to date has included the funding of the government projects, development of the capital market as well as increased foreign development inflows.”
After the enactment of the Pension Reform Act 2014, the commission amended the investment regulation to incorporate the new provisions in the PRA 2014 as well as aligned the regulation with market realities.
One of the major amendments was the introduction of the multi-fund structure for Retirement Savings Account funds.
The fund was divided into four parts to cater to the different age groups of contributors, including retirees under the CPS.
[READ ALSO: NMRC signs N3bn mortgage agreement with Kaduna govt]
‘Fund I’ was opened to young contributors, based on, choice (Contributors aged 50 and above were not allowed); Fund II was for young and middle-aged contributors (Ages 49 years and below); Fund III was for pre-retirees (contributors aged 50 years and above; but still in active employment), and Fund IV was for retirees (60 years and above).
Currently, the RSA Fund 1 has the least at N15 billion; RSA Fund II has the largest share of N4.12 trillion; Fund III has N2.25 trillion, while Fund IV has N751.73 billion.
Peter Obaseki retires as Chief Operating Officer of FCMB Group Plc
Mr Peter Obaseki, the Chief Operating Officer of FCMB Group has retired from the financial institution.
The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.
His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.
The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.
FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).
The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.
For more information about FCMB Group Plc, please visit www.fcmbgroup.com.
Deezer accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.
Deezer has gained quite a reputation in Nigeria, as it slashes its subscription fee and now accepts payment in Naira.
Deezer slashes subscription fee and now accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.
Deezer, the French music streaming platform that has gained quite a reputation in Nigeria has slashed its subscription fee and now accepts payment in Naira.
This is coming a few weeks after Spotify launched in Nigeria and 38 other new markets in Africa.
The competition in the Nigerian music streaming space is getting hotter by the day. More music streaming platforms are entering the Nigerian market with better payment methods and cheaper pricing, thereby forcing existing players to slash their prices so as to hold on to their customer base
Launched in 2007, Deezer currently connects over 16 million monthly active users around the world to 73 million tracks.
Before now, Deezer’s subscription was rated at $4.99 (₦1,800) for premium customers and the family plan for ₦2,700.
This number has been slashed in half. The music platform now charges ₦900 ($2.36) for Deezer Premium, ₦1,400 for Deezer HiFi and ₦1,400 ($3.67) for Deezer Family Plan.
Other streaming players in Nigeria like Apple Music, Spotify, Youtube music, Boom Play, Audiomack and Soundcloud have also slashed their prices.
For YouTube Music, the monthly individual subscription costs ₦900 while a family plan costs ₦1400 ($3.67).
Spotify Premium cost ₦900 per month in Nigeria. The Premium Family plan goes for ₦1,400 for up to 6 family members.
Apple music charges ₦450 per month for students, ₦900 per month for Individual plan while the Family plan goes for ₦1,400 for up to 6 family members.
Nairametrics | Company Earnings
- Ellah Lakes increases operating expenses by 33.36% in HY 2020 results
Ellah Lakes Plc released its half year […]
- 2020 FY Results: Nigerian Breweries reports a 54.3% decline in profits in 2020
Nigerian Breweries Plc released its […]
- Abbey Mortgage Bank projects N51.08 million profit in Q2 2020.
Abbey Mortgage Bank has released its […]
- Dangote Sugar increases post tax profit by 33%, as earnings per share prints at N2.45
Dangote Sugar released its full-year […]
- FY 2020: Ardova Plc posts N1.86 billion Profit After Tax
Ardova Plc (formerly Forte Oil Plc) […]