September 2023
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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May 2023
23May

Nigeria. PenCom registers 95,000 informal sector operators on CPS

The National Pension Commission (PenCom) said it has registered 95,045 participants on the Micro Pension Plan (MPP) of the contributory pension scheme (CPS) and recorded a total contribution of over N435.6 million as of last month. Head of the Micro Pensions Department, National Pension Commission (PenCom), Dauda Ahmed, said this in Lagos, at a workshop organised for Labour Writers’ Association of Nigeria (LAWAN). Ahmed, who spoke on ‘Facilitating Financial Inclusion in the Informal Sector through the MPP’, said the total withdrawals...

May 23, 2023
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02May

Nigeria. PenCom steps up efforts at diversifying pension fund investment

The National Pension Commission, PenCom, is stepping up efforts at diversifying investments in pension fund portfolio assets. The Director-General, D-G PenCom, Mrs Aisha Dahir-Umar, gave this hint in the Commission’s 2022 fourth-quarter report. The D-G said the Commission had stepped up efforts at ensuring sustainable investment of pension funds in alternative asset classes, during the quarter under review. According to her, PenCom had also structured infrastructure projects that met the strict requirements of the Pension Fund Investments Regulation. The D-G said “the Commission...

May 2, 2023
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April 2023
25Apr

‘Aging population holds economic prosperity for Nigerians, others’

Individuals across the globe, especially in developed countries, are aging at an unprecedented pace, making many countries increasingly reliant on migration to realise their long-term growth potential, says a new report from the World Bank. The ‘World Development Report 2023: Migrants, Refugees and Societies’ identifies this trend as a unique opportunity to make migration work better for economies and people. Conversely, Nigeria, Ghana and other developing countries that have rising youthful populations are set to benefit from the global aging population...

April 25, 2023
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17Apr

Nigeria. Pension funds investment in banks reduced to N1.6trn by PFAs

The Pension Funds Administrators has reduced the funds under the Contributory Pension Scheme that was invested in fixed deposits and bank acceptances to N1.6 trillion in February. This was as the total funds under the scheme hit N15.49 trillion in the period under review, according to the National Pension Commission. PenCom disclosed this in its unaudited report on the pension funds industry portfolio for the period ended February 28, 2023. The data provided information on the approved existing schemes, Closed Pension...

April 17, 2023
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