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Funds Management

PenCom okays N2.58billion for relatives of 591 deceased workers in three months

PenCom has released N2.58billion for payment of pension benefits of deceased workers.

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Pencom, pension, Nigeria’s Pension Asset increased by N228 billion in October, PFAs increase investment in infrastructure to N40.52 billion   

The National Pension Commission  (PenCom) has released N2.58billion for payment of pension benefits of 591 deceased workers under the Contributory Pension Scheme in the second quarter 2020.

This was disclosed in the commission’s second-quarter 2020 report.

READ: PenCom should pay 50% of workers’ pension at retirement – TUC

According to the report, the beneficiaries included 288 from the Federal Government sector, 135 from State Government sector and 168 from the private sector, making a total of 591 relatives.

It read, “The commission approved the payment of N2.58bn as death benefits to the beneficiaries of the 591 deceased employees during the quarter under review.”

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READ: PenCom recovers N17.51billion from defaulting employers, imposes penalties

PenCom also said that during the quarter under review, the Pension Fund Administrators recaptured 56,990 Retirement Savings Account holders and uploaded their data on the Enhanced Contributory Registration System.

It stated that the Enhanced Contributor Registration System, which was deployed in June 2019, had provided a platform for addressing various issues identified with the Contributor Registration System.

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READ: How foreign exchange risks and others affect the Nigerian pension industry 

It said the PFAs under the assistance of Pension Operators Association had commenced the implementation of a shared service approach in order to speed up the data recapture exercise.

The commission said it generated a total number of 190 employer codes in the period under review using the ECRS.

READ: FUGAZ Banks suffer N1.9 trillion in CRR Debits in Q2

Over 92% of employer codes generated were for private sector companies, including about seven per cent for small businesses, it stated.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

1 Comment

1 Comment

  1. Sani Garba Gusau

    October 18, 2020 at 8:19 am

    I would like to emphasize on the way Zamfara State retired civil servants are still suffering on their contributions refund all agreements were reached with pencom to effect the refund but uptil now there is no sign. But so surprising they have refunded some of the serving civil servants while the programme is duly for retirement. Please we need your urgent and effective arrangements to overcome the issues we are facing in Zamfara State and refund the retired civil servants their contributions. Some are seriously sick, some died and many are starving waiting for their refund. Hope you will expediate action on this matter. Thanks.

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Funds Management

Best performing Mutual Funds in September 

Nairametrics reviews the best Mutual Funds in August, judging by their performance.

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Best Mutual Funds in Nigeria

Mutual Funds are professionally managed investment schemes that are controlled by designated Asset Management Companies (AMC). These Funds allow investors the opportunity to invest in stocks, bonds, and securities. They are particularly good for passive investors.

According to data from the Security and Exchange Commission (SEC), Nigeria currently has about 112 Mutual Funds as of October 2nd, 2020. These Mutual Funds cut across several Fund Types. Here is a breakdown of the Fund Types available for investors according to SEC.

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These are the top 5 performing funds. We also included profiles of the Funds as described on their websites. To determine the best performing Funds in the month of September, we looked at the Fund Prices as of August 2020 and compared to the fund prices as of 2nd October, as released by the Securities and Exchange Commission (SEC).


Vantage Balanced Fund – Investment One Funds Management Limited

The Vantage Balanced Fund (VBF), formerly known as Nigerian International Growth Fund is a balanced Mutual Fund, was created to maximize long-term capital growth and maintain regular income distribution.

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The Fund is invested in Equities, Fixed Income and Money Market Instruments, and Real Estate investments. The primary objective of the Fund is long-term capital appreciation, which is achieved by investing not more than 70% of the Fund’s assets in the equities of blue-chip companies listed on the Nigerian Stock Exchange.

August 28th 

Fund Price – N2.17

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October 2nd

Fund Price – N2.41

Return – 11.06%

Ranking – First

 

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Commentary: VBF is a Mixed Fund by Investment One Funds Management Limited. It is the best performing fund in the month of September, growing by 11.06%. The net asset value stood at N1.71 billion as of 2nd October.

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Anchoria Equity Fund – Anchoria Asset Management Limited

The Anchoria Equity Fund is an open-ended fund. It is a collective investment scheme, which seeks to invest primarily in quoted equities (minimum of 75%) and fixed income securities (maximum of 25%). The Fund does not invest in unquoted equity securities. The Fund employs an asset mix strategy with the aim of achieving consistent growth, by seeking significant exposure to a diversified pool of investment-grade equities and fixed income securities.

In order to ensure sound investment selection, portfolio, and risk management practices, the Fund adopts a portfolio strategy that largely depends on fundamental and technical analysis in order to properly assess the inherent risks within the context of the Fund profile. Accordingly, the Fund holds long term quoted equity positions with strong fundamentals underpinned by good economic themes, that are attractively priced relative to their true value and prospects.

August 28th 

Fund Price – N99.33

October 2nd 

Fund Price – N107.87

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Return – 8.60%

Ranking – Second

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Commentary: This is an Equity Based Fund by Anchoria Asset Management Limited. For a fund that is predominantly focused on equities, this is a pretty much impressive performance by all standards. It grew by 8.60% in the month of September. The net asset value stood at N313.78 million as of 2nd October.


Paramount Equity Fund – Chapel Hill Denham Mgt. Limited

The Paramount Equity Fund is Nigeria’s oldest mutual fund which invests in a broad range of high-quality equities and fixed income securities. The Fund seeks to provide an investment vehicle that enables unitholders to achieve consistent capital appreciation and some income over the long term. The Fund is suitable for investors who seek high capital growth and have a high-risk appetite. Investors are also expected to have medium to long term investment horizon.

August 28th 

Fund Price – N11.54

October 2nd 

Fund Price – N12.52

Return – 8.49%

Ranking – Third

Commentary: This is an Equity Based Fund by Chapel Hill Denham Management Limited. The Fund grew by 8.49% in the month of September. The performance is impressive considering that it is predominantly focused on equities. The net asset value stood at N425.28 million as of 2nd October.  


VI ETF – Vetiva Fund Management Limited

The Vetiva Industrial ETF “VETIND ETF” is an open-ended Exchange Traded Fund managed by Vetiva Fund Managers Limited. The VETIND ETF is designed to track the performance of the constituent companies of the NSE Industrial Index and replicate the price and yield performance of the Index.
The NSE Industrial Index comprises of the top 10 companies in the Industrial sector listed on the Nigerian Stock Exchange (NSE), in terms of market capitalization and liquidity and is a price index weighted by adjusted market capitalization.

August 28th 

Fund Price – N11.19

October 2nd 

Fund Price – N12.00

Return – 7.24%

Ranking – Fourth

Commentary: The VI ETF by Vetiva Fund Management is the best performing Exchange Traded Fund in the month of September. It grew by 7.24% in the review month. The net asset value stood at N126.32 million as of 2nd October. 


VCG ETF – Vetiva Fund Managers

The Vetiva Consumer ETF “VETGOODS ETF” (launched in 2015), is an open-ended Exchange Traded Fund managed by Vetiva Fund Managers Limited. The VETGOODS ETF is designed to track the performance of the constituent companies of the NSE Consumer Goods Index and to replicate the price and yield performance of the Index.

The NSE Consumer Goods comprises the top 15 companies in the Food/Beverages and Tobacco sector listed on the Nigerian Stock Exchange (NSE), in terms of market capitalization and liquidity, and is a price Index weighted by adjusted market capitalization.

August 28th 

Fund Price – N4.27

October 2nd 

Fund Price – N4.57

Return – 7.03%

Ranking – Fifth

Commentary: This is another of Vetiva’s products, and it is one of the best Exchange Traded Funds based on September performance, growing by 7.03%. VCG EFT Funds are a great source of investment, and it is not surprising to see another in the top 5 rankings. The net asset value stood at N117.36 million as of 2nd October. 


Bubbling Under: The following Funds make up the rest of the top 10 on our list in descending order.

6.VG 30 ETF – Vetiva Fund Managers Limited (Exchange Traded Funds)

Return – 6.64%.

7. ACAP Canary Growth Fund – Alternative Cap. Partners Limited (Mixed Funds)

Return – 6.22%.

8.VETBANK ETF – Vetiva Fund Managers Limited (Exchange Traded Funds)

Return – 5.80%.

9. AIICO Balanced Fund – AIICO Capital Ltd (Mixed Funds)

Return – 5.75%.

10. Frontier Fund – SCM Capital Limited (Equity Based Funds)

Return – 5.34%.


NB: The figures are based on SEC weekly performance report 

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Funds Management

Depositors of Post Service Homes Savings and Loans Limited soon to be paid – NDIC

Depositors of Post Service Homes Savings and Loans Limited currently in liquidation will soon be paid their claims.

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NDIC

The Nigeria Deposit Insurance Corporation (NDIC), the official Liquidator of the defunct Post Service Homes Savings and Loans Limited (in-Liquidation) is in the process of paying insured sums to the depositors of the closed bank.

As from Monday, 5th October 2020, all depositors of the bank are requested to visit any branch of the defunct bank, for verification of their claims with the NDIC officials.

READ: NDIC set to pay insured depositors of liquidated Femaz Microfinance Bank

NDIC further directed the affected Depositors to present their cheque books, passbooks, and any other proof of account ownership, together with any valid means of identification; and alternate account as part of the verification exercise, before the insured amount can be paid to them.

All eligible depositors could also contact the representatives of the Director, Claims Resolution Department in any of the underlisted NDIC Zonal Offices nearest to them, to file their claims or seek further clarifications as may be deemed necessary.

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READ: CBN says Nigerian Youth Investment Fund is coming soon

NDIC Zonal offices and phone numbers:

S/N OFFICE ADDRESS TELEPHONE
1 Lagos Office NDIC NECOM House 10th Floor, 15 Marina, Lagos. 08166569995; 09072412332
2 Enugu 10, Our Lord’s Street Independence Layout, Enugu. 042-290898
3 Benin 28A/28B Benoni Hospital Road, Off Airport Road, GRA Benin City, Edo State 08150999577; 08150999588; 08150999599; 08150999600; 08150999535
4 Kano Plot 458 Muhammad Muhammad Street, Off Maiduguri Road, Hotoro GRA, Kano. 08097756130; 09092748222
5 Ilorin No 12A Sulu Gambari Road Ilorin. 08023123185
6 Bauchi Plot No 3 Bank Road, P.M.B 0207, Bauchi. 09-4601505
7 Sokoto No 2 Gusau Road, Opp. NNPC Mega Station, Sokoto. 08033155162
8 Yola No 6 Numan Road P.M.B. 2227, Jimeta Yola, Adamawa State. 08067910599; 08068418069; 08067923383; 09-4601515 09-4601516
9 Port Harcourt No 104 Woji Road, Off Olu Obasanjo Road, GRA, Port Harcourt 09090726737; 09029150752
10 Head Office Abuja Head, Bank Examination Unit (BEU) Abuja Plot 447/448 Constitution Avenue, Central Business District, Abuja. 09-4601260; 09-4601261

 

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Funds Management

Sacked workers cash in N2.56 billion in 25% early pension withdrawal

Sacked workers smiled to the bank as they were paid N2.56 billion from their pension contributions.

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Sacked workers cash in N2.56 billion in 25% early pension withdrawal

Pension Fund contributors in Nigeria, who have lost their jobs and are still under the age of 50, cashed in a total of N2.56 billion from their pension fund contributions.

This is in line with the provisions of the Pension Reforms Act 2014, which allows pension fund contributors to withdraw 25% of their contributions if they lose their jobs and have not found any in 4 months.

Explore the Nairametrics Research Website for Economic Data

This was confirmed by the Pension Commission in its second quarter report published on its website. According to the data, about 4,688 Retirement Savings Account (RSA) holders were disengaged from work but unable to secure another job within 4 months of disengagement during the second quarter.

READ: Nigeria generates N1.29 trillion from taxes in Q2 2020, surpasses target

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The payment was made to former employees in the Public and Private sectors. The number of private-sector RSA holders was a whopping 4,263. A total of N4.31 billion was approved for payment to 8,221 RSA holders in the first quarter. The Pension Commission also reports that a total of 10,673 RSA holders were paid N5.28 billion for the same reasons in the second quarter of 2020.

Nigerians have suffered massive job losses due to a combination of an economic downturn and the Covid-19 pandemic. The economy has remained under severe pressure since 2019 when the world started experiencing declining oil prices.

READ: Pension contributions from Nigerians under 30 dwindling at an alarming rate

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The 25% withdrawal from RSA represents a lifeline for job seekers who need money to survive whilst they continue seeking other sources of income. Following the 25% withdrawal, the balance is paid to them as pension on a monthly basis.

Nigerian pension contributions were valued at N11 trillion in the second quarter of 2020, out of which over N7 trillion is invested in FGN Securities such as FGN Bonds and Treasury bills.

READ: Nigeria’s pension assets rise to N10.8 trillion in May 2020

What you should Know: The total value of pension fund assets based on unaudited valuation reports grew from N10.33 trillion as at March 2020 to N11.09 trillion as at June, 2020, representing a growth of 7.36%.

· The growth was mainly due to market valuation of quoted equities.

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· There are 9, 097, 803 contributors in Nigeria up 41,074 from the first quarter of 2020.

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· The growth in the industry membership was driven by the Retirement Savings Account (RSA) Scheme, which had an increase of 41,147.

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