October 2023
30Oct

How Nigeria’s Contributory Pension Scheme Grew 52% in Three Years

The Director General of the National Pension Commission (PenCom), Mrs Aisha Dahir-Umar, has said pension assets under the Contributory Pension Scheme (CPS) surged by N5.94 trillion or 52.3 per cent over the last three years from N11.35 trillion in August 2020 to N17.29 trillion in August 2023. The CPS is an arrangement where both the employer and the employee contribute a portion of an employee’s monthly emoluments towards the payment of the latter’s pension at retirement. Speaking recently on the development...

October 30, 2023
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12Oct

Nigeria. Informal sector workers demand social protection

The Federation of Informal Workers of Nigeria has canvassed for social protection for informal workers, noting that over 90 per cent of Nigerians are engaged in the sector. The call was made by delegates at the 2nd Delegates Conference of the Federation of Informal Workers’ Organisations of Nigeria held recently in Lagos. The union argued that government policies have led to the collapse of many industries in the formal sector over the years. This has led to rapid expansion of the...

October 12, 2023
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10Oct

Nigeria. PenCom Disburses N10.2bn To 142,486 NSITF Scheme Contributors

The National Pension Commission (PenCom) has has transfered a total of N10.2 billion to 142,486 Retirement Savings Accounts (RSA) under the Organised Private Sector (OPS) of the Nigerian Social Insurance Trust Fund (NSITF) scheme to date. This was disclosed by the director-general of PenCom, Aisha Dahiru Umar, at a one-day interactive session with the OPS on the current developments and challenges in the implementation of the Pension Reform Act (PRA) 2014, which took place in Kano State, on Tuesday. “To date,...

October 10, 2023
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September 2023
18Sep

Nigeria: ‘Benue Owes Pensioners 120 Months Arrears’

Pensioners on the payroll of the Benue state government and those of the local governments have received four and three months payments respectively since the beginning of Governor Hyacinth Alia's administration. The payments covered the months of May to August 2023 for state pensioners while local government pensioners received payments from June to August 2023. The State Chairman of Nigeria Union of Pensioners, NUP, Michael Vember, who made this known in a chat, noted that the government's mode of payment had...

September 18, 2023
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12Sep

Inflation: Pensioners are worse hit —Nigeria

The Nigerian Union of Pensioners (NUP) has said pensioners are the most affected by the inflation, following the removal of fuel subsidy in the country The Nigerian Union of Pensioners (NUP) has said pensioners are the most affected by the inflation, following the removal of fuel subsidy in the country. NUP’s Head of Information, Mr Bunmi Ogunkolade, told journalists in Abuja on Sunday that pensioners are worse hit by the rise in price of goods in the market because of the...

September 12, 2023
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07Sep

Nigeria’s pension, four other countries collaborate to grow over $70bn assets

Nigeria’s pension sector with assets under management (AUM) in excess of N16.7 trillion, equal to $22.14 billion at of June 2023 is collaborating with four other countries in Africa to grow their over $70 billion market size. The collaboration will enable them to foster the adoption of alternative investments and will focus on green finance, a pivotal driver for bolstering various sectors of the economy. This collaboration on Monday witnessed the launch of the Pan-African Fund Managers’ Association (PAFMA), a new...

September 7, 2023
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August 2023
21Aug

Nigeria mulls Rwanda, Kenya model to spike micro- pension enrolment

Stakeholders in the Nigerian pension industry worried about the slow pace of informal sector enrolment into the country’s Micro Pension Plan (MPP) are considering workable models in Rwanda, Kenya among others. They believe that they lack of critical incentives like co-contributions, free healthcare and insurance found in micro pension scheme in these other countries are making the Nigerian model unattractive to potential enrolees. In this vein, the industry including the regulator, the National Pension Commission (PenCom) and the Pension Fund Administrators...

August 21, 2023
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01Aug

Informal sector workers urge FG to revise social protection policy

The Federation of Informal Workers Organisation of Nigeria (FIWON) has called on the Federal Government to urgently revise the National Social Protection Policy (NSPP) to address the exclusion of informal workers from the old age support system, maternity care, support system and accident insurance. The body, which said the informal economy accounts for about 90 per cent of the working people, should not continue to be excluded from social protection mechanisms, while the nation pretends to be fighting poverty. FIWON General...

August 1, 2023
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July 2023
26Jul

Agusto: Nigeria’s pension assets to rise to N19trn by end of 2024

Agusto & Co, a Pan-African credit rating agency, projects that Nigeria’s total pension assets will rise to an impressive N19 trillion by the end of 2024. The agency’s projection is contained in its recently released report titled ‘The Nigerian Pension Industry – Unlocking Potential Amidst Economic Uncertainties’. Agusto said Nigeria has the second-largest pension industry in Africa with assets under management (AuM) of N16.1 trillion ($34.9 billion) as at May 31, 2023, representing a 13.5 percent increase from the corresponding period...

July 26, 2023
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13Jul

“Pensioners Live in Fear”: Only 1 Out of 10 Nigerians Has Access to Pensions

Hamisu Bala Idris, the managing director of Norrenberger Pensions Limited, has exposed the extent of pension reach in Nigeria. The disclosure follows several reports of pensioners across different parts of the country regularly lamenting the non-payment of their pensions, especially by state governors. Idris, during a retirement planning seminar organised to empower individuals close to retirement and retirees for a financially-secured future after retirement in Abuja, disclosed that only 10% of Nigerians have access to pension schemes, as reported by Vanguard. The...

July 13, 2023
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