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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10Apr

Nigeria. PenCom Warns Retirees Against Fraudulent Pension Group

The National Pension Commission (PenCom) says the activities of a group named Association of Pension Desk Practitioners of Nigeria (ASSOPEP) which claim to assist with pension and retirement benefits are fraudulent and illegal. Warning the public against doing business with the association, PenCom asked Nigerians to take cautious steps in seeking guidance on retirement benefits. “The general public is kindly requested to note that the claims by ASSOPEP are entirely false as the association has no affiliation with the pension industry...

April 10, 2023
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05Apr

Nigeria: NLC, TUC Threatens to Resume Strike in Imo State

Organised labour under the auspices of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC ) warned that its members may be forced to resume the suspended strike in Imo state if the state government failed to resolve the lingering industrial dispute. In a letter addressed to Imo state Governor, Senator Hope Uzodinma, dated March 31, 2023, the two labour bodies urged the state government to fix a date for final resolution of the dispute with workers. NLC had directed...

April 5, 2023
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March 2023
24Mar

Pension Administration in Nigeria: Lessons and Reflections

By Opeyemi Naimot Dawodu In every democratic society, from the jurisprudential perspective, there are certain ideals that must be present one of which is social justice. These ideals are aspirations and the nearer a society is to these aspirations, the better the society is. In a country like Nigeria, pension is one of the social objectives in partial fulfillment of the ideals present in Chapter 2 of the 1999 Constitution of Nigeria (as amended 2011) and as such how this...

March 24, 2023
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10Mar

Nigeria. Pension Fund Assets Increase By ₦568.33b – PenCom Boss

It appears that are days of enjoyment waiting Nigerian pensioners and the stories of months of wait pay will be over. The pension fund in Nigeria is real growing. There is something that the Director-General (DG) of Pension Commission Aisha Dahir-Umar, wants you to know. It is about the pensioners money that is now available. He says the Pension Fund Assets under Management (AuM) increased by ₦568.33 billion from ₦14.42 trillion as at September 30 to ₦14.99 trillion as at December...

March 10, 2023
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06Mar

Why Nigerian Banks are acquiring pension firms-Razaq Ahmed

Nigerian banks are increasing their acquisition of pension firms to expand from banking to the provision of wealth management and other services, thus taping the large assets of about N15 trillion, currently under the management of Nigeria’s pension industry. This was disclosed by Razaq Ahmed, the co-founder and CEO of fintech startup Cowrywise, who spoke during Nairametrics’ Corporate Deals book webinar on Saturday. He noted that with the growth of the industry, assets under management are expected to rise to N20...

March 6, 2023
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February 2023
23Feb

Nigeria: SEC to collaborate with PenCom in deepening commodities sector

The Securities and Exchange Commission (SEC) has announced plans to collaborate with the National Pension Commission (PenCom) on areas that would assist in further deepening the commodities ecosystem. Its Director-General, Mr Lamido Yuguda in a statement said this during a meeting between the commission’s management, the Lagos Futures and Commodities Exchange (LFCE) and PenCom held in Abuja. Yuguda was represented by Mr Ibrahim Boyi, Executive Commissioner Corporate Services of  SEC at the meeting. The director-general noted that SEC was passionate about the...

February 23, 2023
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