September 2018

19Sep

Corporate governance key to pension’s growth

The concept of sustainable investment is becoming more essential daily as an effective means of achieving desired impact on the global environment. The sustainable investment approach considers Environmental, Social and Governance (ESG) factors, as well as the long-term health and stability of the economy as a whole. These were the assertions of the Pioneer Director-General, the National Pension Commission (PenCom), Muhammad Ahmad, at the conference of Directors of Licensed Pension Operators in Nigeria, in Lagos. Read more Guardian

September 19, 2018
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03Sep

Why Nigerians Seek Protection Of Participants In Micro Pension Scheme

The scheme is targeted at the informal sector operators who constitutes over 50 million working adults and un-pensionable Nigerian population who by virtue of their professions, trades and endeavours do neither belong to the current CPS arrangement provided by the Pension Reform Act 2014 as amended nor have a veritable platform to save for their retirement. Nigeria has an adult population of 96.4 million (50.8% Male and 49.2% Female) with 63.9% residing in the rural areas. 56.2million adults (58.3% of...

September 3, 2018
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August 2018

29Aug

Theresa May In Africa: The Future Of Fintech In South Africa, Nigeria And Kenya

A delegation of UK fintech specialists joined Prime Minister Theresa May on her first official trip to Africa and will visit South Africa, Nigeria and Kenya to meet with entrepreneurs to establish trading and export ties in these emerging markets. Representatives from Azimo, the Financial Conduct Authority, Standard Chartered, Farm.ink, the London Stock Exchange Group and the Prime Minister’s Ambassador for Fintech were just some of the 29 leaders that accompanied May on the trip in order to forge connections...

August 29, 2018
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21Aug

Nigeria. Pension: Over 37.3m adults face risk of old age poverty

Over 37.3 million adults in the informal sector face the risk of old age poverty, as the informal sector workers are isolated from the formal pension arrangements. Chairman of Pension Fund Operators Association of Nigeria, PenOp, Ronke Adedeji, who disclosed this said that 18.4 million adults which represent 19.1 percent of the total adult population, have farming as their main source of income  while 18.9 million adults which represent 19.6 percent of the total adult population get their income...

August 21, 2018
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July 2018

31Jul

Nigeria nets $26,6b in pension funds

The National Pension Commission (PenCom) said that the total pension fund assets stood at $26.6 billion (about N8.14 trillion) as at May, 2018.The Commission said in a statement signed by its spokesman, Mr. Peter Aghahowa, on Sunday in Abuja that the assets rose from $24.5 billion in December 2017, to $26.6 billion in May 2018. It also said that $16.9 billion had been invested in Federal Government Securities by the Pension Fund Administrators (PFAs). According to the statement, the investment represented...

July 31, 2018
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May 2018

23May

Nigeria. A pension scheme for informal sector operators

ARE you an architect, lawyer, actor, musician, business-man, trader, caterer, electrician, carpenter, cab driver, or a commercial motor cyclist? If yes, you will soon have an opportunity to save for your future under the Contributory Pension Scheme (CPS), courtesy of the Federal Government. How? The government through the National Pension Commission is planning to release a micro pension scheme that will enable self-employed persons and the informal sector to join the CPS. At present, the guidelines for the new scheme are being...

May 23, 2018
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February 2018

26Feb

Nigeria. Uduanu: It is Time to Relax Pension Fund Investment Guidelines

The Managing Director and Chief Executive Director, Sigma Pensions, Mr. Dave Uduanu in this interview, spoke extensively on the progressive reforms in the pensions industry and how pension funds can impact the lives of Nigerian citizens. Nume Ekeghe presents the excerpts: Being that we are still in the first quarter of the year, what is your outlook for the pensions industry for 2018? We expect growth to continue in the pension industry. The industry is now growing at about 20 per...

February 26, 2018
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January 2018

10Jan

Nigeria. Balogun now Chairman as Legacy Pension Managers Reorganises Board

Following the acquisition of majority share 60 per cent of the Legacy Pensions by the FCMB Group recently, the new owners have reorganized the board of the pension fund administration. This has witnessed the appointment of Mr Ladi Balogun as the chairman of the company’s board and Mr. James Ilori as non-executive director . A statement from the PFA, said this has received the approval of the National Pension Commission. Balogun, was until March last year the Chief Executive Officer of First...

January 10, 2018
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October 2017

13Oct

Nigeria. Pension fund assets rise by N862bn

The latest report on the Nigerian pension fund administration, which was released on Thursday by the National Bureau of Statistics and the National Pension Commission, indicated that the country’s pension fund assets increased by N862bn to N6.164tn as of December 31, 2016. According to the report, the N6.164tn pension fund assets represent six per cent of the country’s Gross Domestic Product, as the figure indicates an increase of N862bn when compared to the N5.302tn recorded in 2015. It stated that a...

October 13, 2017
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10Oct

Nigeria. Contributory Pensions Scheme Vs Pension Reform Act 2014 Amendment: A Preamble

It is clear from the One-Day public hearing on the multiple bills to amend the Pension Reform Act 2014 at the House of Representatives in Abuja on Thursday 28 September, that important stakeholders in the pensions sector, namely, the Nigeria Police Force, Nigeria Labour Congress, Trade Union Congress, Central Bank of Nigeria, Nigeria Employees Consultative Association, Securities and Exchange commission, National Pension Commission, Nigerian Union of Pensioners and Pension Funds Operators Association of Nigeria, among others, have decided to...

October 10, 2017
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