March 2023
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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December 2022
12Dec

Lagos approves N707m pension bailout for parastatals

The Commissioner for Establishments, Training And Pensions, Mrs Ajibola Ponnle, has said Lagos State government approved a bailout of N707.62m for some parastatals to pay the pensions of their retirees. She disclosed the bailout of the parastatals that could not raise the funds at the 98th batch retirement bond certificate presentation ceremony in Lagos on Friday. “In line with his administration’s vision to cater to its employees even in retirement, Mr Governor also recently approved the appeal for a bailout by...

December 12, 2022
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07Dec

Shelter Afrique target East African bourses, pension funds in USD 500mn housing bond

Speaking in Nairobi, Shelter Afrique's Ag. Managing Director Kingsley Muwowo disclosed that the Company was considering issuing local currency Medium Term Notes in Kenya, Uganda, Tanzania, and Rwanda. "Already, we have opened negotiations with Kenya's Capital Market Authority on the possibility of Shelter Afrique issuing another housing bond to support local housing projects and we plan to do the same with capital market authorities in Rwanda, Uganda and Tanzania. We want to approach it as an East Africa issue- meaning...

December 7, 2022
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November 2022
24Nov

Nigeria. Five southwest states owe pensioners N330bn – Union

States in the Southwest geopolitical zone, except Lagos, owe pensioners N330 billion in pensions and gratuities. The Southwest Zone of the Nigeria Union of Pensioners (NUP), made the assertion in Ibadan on Wednesday at the end of its zonal meeting. Its spokesman, Olusegun Abatan, told newsmen at the end of the meeting that Osun led the debtor states with unpaid pensions and gratuities amounting to N145 billion. He noted that the issue of unpaid pensions arrears and gratuities in Osun got compounded...

November 24, 2022
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15Nov

Nigeria. PenCom promises safety net on Micro-Pension Plan scheme

The National Pension Commission (PenCom) has revealed plans to intensify financial self-sufficiency for Micro Pension Plan (MPP) subscribers as the number of contributors increases to 84,000. This suggests that the level of awareness of the scheme among artisans, entrepreneurs and participants in the informal sector has increased in the last few months. The scheme is to encourage participants in the sector, which forms a large percentage of the working population, to save for their retirement. Speaking to newsmen at the ongoing Lagos...

November 15, 2022
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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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