December 2020

28Dec

Nigeria. Workers withdrew N2.18bn pension savings in Q3 – PenCom

About 1,286 workers under the Contributory Pension Scheme withdrew N2.18bn from the voluntary contributions in their Retirement Savings Accounts with their Pension Fund Administrators in the third quarter. The National Pension Commission disclosed this in its 2020 third quarter report. “During the quarter under review, the commission granted approval for withdrawal of the sum of N2.18bn from the voluntary contribution accounts of 1,286 contributors,” the report stated. The guidelines on voluntary contribution under the CPS states that the main...

December 28, 2020
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04Dec

Nigeria: FG inaugurates 16 board members of PENCOM

WorldStage Newsonline– The Federal Government of Nigeria has inaugurated 16 members of National Pension Commission (PENCOM) board, to proffer innovative and feasible solutions to the challenges of the pension administration in Nigeria. Mr Boss Mustapha, Secretary to the Government of the Federation (SGF), at the inauguration on Thursday in Abuja, said members of the board were also urged to ensure the implementation of sustainable pension policies. While congratulating the board members, Mustapha noted that Nigeria, in recent times had some...

December 4, 2020
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01Dec

Nigeria. The pros and cons of Pension Fund Administrator transfer

After my first article on the best pension fund managers in Nigeria, a few people have commented differently on the article. In response to the comments, I have decided to do another article on the pros and cons of Pension Fund Administrator (PFA) transfer. Here are some of the advantages Better Performance The major reason for any investment is to make gains. Most investment gains are measured with investment performance. When a fund manager performs poorly relative...

December 1, 2020
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November 2020

19Nov

Nigeria. Retirees protest unpaid pensions

Pensioners in southwestern Nigeria stormed a government building Wednesday, protesting a lack of payments, local media reported. Angry protestors raised placards, in front of the Government Secretariat in the town of Abeere, adjacent to Osogbo, the capital of Osun state, according to local news website The Punch. The report did not elaborate on the reason for the state administration's alleged failure to pay pensions Nigeria, an oil-rich nation that has one of Africa's highest populations, has been suffering...

November 19, 2020
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13Nov

Nigeria. NSE Fixed Income Market capitalization hits N17 trillion

Despite the impact of the pandemic on businesses and incomes, the market capitalization of fixed income securities appreciated to over N17 trillion as at October 2020. This was revealed by the Divisional Head, Listing Business at the Nigerian Stock Exchange Market, Mr. Olumide Bolumole, in a webinar hosted by the Exchange in collaboration with Oduá Chambers of Commerce and Industry on Wednesday 11 November, 2020. Despite the impact of the pandemic on businesses and incomes, the market capitalization...

November 13, 2020
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October 2020

06Oct

Nigeria. Workers withdraw N2.56 billion in 25% early pension withdrawal

This is in line with the provisions of the Pension Reforms Act 2014, which allows pension fund contributors to withdraw 25% of their contributions if they lose their jobs and have not found any in 4 months. Read also Government unlikely to target South Africa’s retirement funds This was confirmed by the Pension Commission in its second quarter report published on its website. According to the data, about 4,688 Retirement Savings Account (RSA) holders were disengaged from work but unable...

October 6, 2020
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September 2020

29Sep

Pension Fund Administrators in Nigeria and their scorecard

Despite the disruptions caused by the COVID-19 pandemic, which affected most aspects of the Nigerian economy, Pension Fund Administrators (PFAs) in Nigeria performed satisfactorily, as they recorded positive returns between January and August 2020. According to the report from Pension Nigeria, no PFA had negative returns on investment (ROI) during the period under review, indicating that all PFAs for Fund I, II, III, and IV recorded positive returns. This is quite impressive, given that the pandemic had impacted most...

September 29, 2020
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04Sep

How to Improve Mobile Money Service Usage and Adoption by Nigerians in the Era of COVID-19

By Joseph E Tonuchi The paper aims to investigate how to improve mobile money service adoption and usage by Nigerians during the era of COVID-19 by examining the challenges faced by mobile money users in Nigeria. The study used a mixed method to sample 300 targeted informal sector operators offline using questionnaires and 200 respondents online (ardent digital products users) using Google form. In reaching the targeted online sample, the study distributed the google form through social media while...

September 4, 2020
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August 2020

25Aug

Nigeria’s Federal Government Releases N14.92bn for Payment of Pension to Retirees

The federal government has released the sum of N14.92 billion for the payment of accrued rights for retirees under the Contributory Pension Scheme(CPS). Read also Nigeria. Axa close to selling off pension fund arm According to a statement issued yesterday by the National Pensions Commission (PenCom), the disbursement will offset four months’ arrears. Read also Pakistan. The politics of pension reform The accrued pension rights represent an employee’s benefits for the past years of service up to June 2004, when the...

August 25, 2020
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18Aug

Verod takes on Nigerian pensions operator

AXA Mansard Pension is the latest in a series of Nigerian investments by Verod Capital Management. West African private equity investor Verod Capital Management has taken over Nigerian pension administrator AXA Mansard Pension, following other investments made in the country’s financial services sector by Verod in recent years. AXA Mansard Pension operates saving accounts and pension funds on behalf of private and public sector employees, with the deal subject to regulatory approval by the National Pension Commission. Formerly known...

August 18, 2020
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