November 2022
10Nov

Over 84,000 Nigerians enrolled in micro pension plan –PENCOM

The National Pension Commission (PenCom), yesterday revealed that over 84,000 Nigerians have enrolled in the ongoing Micro Pension plan. This was even as the Commission reiterated that it will continue to embark on massive awareness to ensure more Nigerians key into the initiative. The Head, Micro Pensions Department at PenCom, Dauda Ahmed, disclosed this to newsmen at the ongoing Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry. Ahmed noted that the commission has had interactions with would-be-...

November 10, 2022
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October 2022
26Oct

Nigeria. How data analytics, artificial intelligence will help PFAs enhance customer service

The importance of Artificial Intelligence (AI), Data Analytics and Big Data in helping business drive transformation and customer management has attracted the attention of Pension Fund Administrators(PFAs) and players in the pension industry. According them, these have a key role to play in shaping how industries evolve, and has become a massive force driving the transformation of all businesses in today’s world. With this in mind the Pension Fund Operators Association of Nigeria (PenOp) recently put together a seminar for the...

October 26, 2022
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September 2022
26Sep

Nigeria: PenCom Approves Use of 25% Pension Savings for Mortgage

The National Pension Commission (PenCom) has issued Guidelines on Accessing Retirement Savings Account (RSA) of 25 per cent savings to pay equity contribution for residential mortgages by RSA holders. The commission said the approval is in line with Section 89 (2) of the Pension Reform Act 2014 (PRA 2014), which allows RSA holders to use a portion of their RSA balance towards the payment of equity for residential mortgages. PenCom, therefore, directed interested RSA holders to contact their Pension Fund Administrators...

September 26, 2022
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August 2022
29Aug

Nigeria. PenCom to provide health insurance for micro pension contributors

The National Pension Commission (PenCom) says it is planning to provide incentives to contributors under the micro pension plan (MPP). The commission said incentives such as health insurance would increase participation in the scheme. Aisha Dahir-Umar, director-general of PenCom, said this at a recent workshop for journalists in Abuja. Dahir-Umar said the MPP was implemented to curb old-age poverty by assisting informal sector workers, including small-scale businesses, entertainers, professionals, petty traders, and others. Also you may interesting in Japan’s GPIF joins GRESB as infrastructure...

August 29, 2022
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26Aug

Nigeria. Pencom to push pension remittances, attract informal sector operators

The National Pension Commission is taking urgent steps to enforce remittances of pension deductions by employers and to widen its public awareness of the Micro Pension Plan (MPP) in other to encourage participation among operators of the informal sector, in the country The Head of Micro Pension Department, Mr. Dauda Ahmed, said in Abuja, yesterday, that MPP was a veritable tool against poverty at old age, which he observed has been the worst challenge of people employed in the informal...

August 26, 2022
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19Aug

Nigeria. Pension fund, contributors hit N14trn, 9m respectively – PenCom

The Director -General, PenCom, Mrs Aisha Dahir-Umar gave the figure at a workshop organised by the commission for journalists covering the pension industry on Thursday in Lagos. The theme of the workshop was, “Increasing Informal Sector Participation In The Contributory Pension Scheme (CPS) :The case for Micro Pension Plan (MPP).” Dahir-Umar, represented by the Head, Corporate Communications, Mr Abdulqadir Dahiru said increasing number of pension contributors and fund was responsible for the recapitalisation of the Pension Fund Administrators (PFA’s) by PenCom. “The...

August 19, 2022
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July 2022
18Jul

Nigeria. Pension fund investment in equities up 7.4% to N1.1trn due to stock market boom

The rising fortunes of investors in the nation’s stock market, as reflected in the 22.4 per cent year-to-date growth in total value of equities on the Nigerian Exchange Limited, NGX, has triggered a 7.4 per cent increase in the value of pension funds investment in equities to N1.1 trillion. This is in sharp contrast to 0.4 per cent growth in pension funds investment in federal government bonds recorded during the same period, which is the preferred and less risky investment...

July 18, 2022
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05Jul

Over 2,000 Retired Nigerian Workers Were Cut Off from Monthly Pension

Some Nigerian workers will have to live by what they have saved as their pension account failed to meet the regulatory standard The number of workers according to the National Pension Commission is over 2,000 from both the public and private There are currently over 9.67 million pension accounts in the country with a pension fund value at N34.11 trillion More than 2,084 retirees who can no longer receive monthly pension payments and who left the Contributory Pension Scheme in the first...

July 5, 2022
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June 2022
13Jun

Nigeria. Micro Pension Plan as Buffer Against Old Age Poverty

The World Bank report of 2021 entitled, “Long Shadow of informality, Challenges and Policies,” estimated that over 80.4 percent of Nigeria’s labour force is in the informal sector. Persons involved in the sector do not have access to any formal pension protection or coverage for old age. The result is old age poverty, especially with people living longer due to improved medical care. To address the situation, the National Pension Commission (PenCom) introduced the Micro Pension Plan (MPP), a...

June 13, 2022
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08Jun

Nigeria. ‘Pension fund assets rise by N1.53 trillion in one year’

The National Pension Commission (PenCom) has released its First Quarter One 2022 Report, showing strong growth in pension fund assets and scheme memberships. The report shows that the total value of Pension Fund Assets under the management of Pension Fund Administrators (PFAs) increased by N1.53 trillion yearly from N12.34 trillion recorded as of the end of Quarter One 2021 to N13.88 trillion as of the end of Quarter Two of 2022. Quarterly, total pension assets rose by N46 billion from the...

June 8, 2022
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