September 2021
06Sep

Nigerian pension fund asset rises to N12.8 trillion as RSA contributors hits 9.4 million

Nigeria’s total pension asset value rose by N123.47 billion in July 2021 to close at N12.78 trillion compared to N12.66 trillion recorded in the previous month. This is contained in the pension funds industry report for the review month as released by the National Pension Commission. According to the report, the net asset value of Nigeria’s pensions fund recorded a 0.98% increase in the month of July 2021, while 22,349 RSA registrations were recorded in the same month increasing total...

September 6, 2021
News, Slider, , , ,
Read more...

August 2021
09Aug

Nigeria. N12trn pension assets investment sidelines infrastructure

Federal Government’s dream of ramping up pension assets for investments into infrastructure development seems floundering as most recent report shows a stagnation in funds allocation to the sector. Meanwhile the bulk of the over N12trillion assets are going into Federal Government Bond borrowing instrument which are used for government recurrent expenditure. At the backdrop of the quest to address the huge infrastructure gap in the country, the pension policy had envisaged about 15 percent of the total pension asset would be...

August 9, 2021
News, Slider, , , ,
Read more...

July 2021
27Jul

Nigeria’s pension fund hits N12.6trn – PenCom

The National Pension Commision (PenCom) said pension fund assets had risen to N12.66 trillion as at June 30, with contributors under the Contributory Pension Scheme (CPS) hitting the 9.38 million mark. The Director General, PenCom, Aisha Dahir-Umar, said this at the 2021 Journalists Workshop held on Monday in Lagos, with the theme: Positioning the Pension Industry in the Post COVID-19 Era. Mrs Dahir-Umar, represented by Peter Aghahowa, Head, Corporate Communication, PenCom, noted that the consistent growth trajectory justified the commission’s overriding...

July 27, 2021
News, Slider, ,
Read more...
21Jul

Nigeria’s pension penetration level low, says PenOp

Nigeria should deepened its penetration beyond 11 per cent, the President, Pension Fund Operators Association of Nigeria (PenOP), Mr Wale Odutola, has said. Odutola spoke at the just-concluded National Assembly retreat in Lagos. He stated that there was the need to note the areas where the industry lags behind other countries, one of which is level of pension penetration. He said this became necessary because South Africa’s pension penetration is 19 per cent, Kenya 20 per cent and United Kingdom 77...

July 21, 2021
News, Slider, ,
Read more...
13Jul

Nigeria. Avoiding A Future Of Retired Destitute

NIGERIA’S Population has grown from 45.1 million in 1960 to the current 211.4 in 2021. By the United Nations estimates, the population grew by 2.5 per cent from its 2020 figure. Read also Jamaica. Dead or alive? Pension payments continue And according to National Bureau of Statistics (NBS), 33 per cent of those within the workforce who were willing and looking for job were unemployed as at the close of 2020. According to the International Monetary Fund (IMF), the informal sector...

July 13, 2021
News, Slider, , ,
Read more...
09Jul

Nigeria. Fintech firm, Tangerine, launches pension, insurance products

A leading financial services and technology platform, Tangerine, officially launched its financial service product offerings at a press conference held on Wednesday July 7. Speaking at the press conference was Livingstone Magorimbo, Head Life Insurance, Tangerine Nigeria, Dapo Akisanya, Head Pensions, Tangerine Nigeria & Ibitunde Balogun, Head Commercial, Tangerine Nigeria who introduced the press to Tangerine and shared the businesses agenda and future growth plans. In September 2019, Tangerine was established following the acquisition of 100% equity stake in Metropolitan Life...

July 9, 2021
News, Slider, ,
Read more...

June 2021
02Jun

Nigeria. Still on corruption in pension scheme

The recent expose by the British Broadcasting Corporation (BBC) on corruption in Cross River State, shocking as it were, is but one of the many plagues currently ravaging this country, which would explain why it barely elicited the deserved reaction from average Nigerians, as they have to deal with these situations on a daily basis. It is no longer a question of the magnitude of corrupt practices in the system, which is not in doubt, but one of who...

June 2, 2021
News, Slider, , ,
Read more...

May 2021
05May

BBC Africa Eye uncovers grand corruption in Nigeria’s pension pot

A new investigation by BBC Africa Eye into pensions in Nigeria has uncovered an unfair and corrupt system which leaves some elderly people sick and penniless, with government workers soliciting extra payments before paying out pensions, people arbitrarily being declared ‘dead’ and having to prove they are alive before their pension is reinstated, and politicians being offered outrageous retirement packages. The five month investigation began when Africa eye was approached by Obaji Akpet – a reporter / producer from Cross...

May 5, 2021
News, Slider, , , ,
Read more...

March 2021
25Mar

Nigeria. Workers withdrew N1.01bn pension savings in Q4 2020 –PenCom

The Contributory Pension Scheme (CPS) witnessed the withdrawal of N1.01 billion by 924 workers from the voluntary contributions in their Retirement Savings Accounts (RSAs) with their Pension Fund Administrators (PFAs) in the fourth quarter of 2020. Read also Pensions savings can fund Africa eco-plans The National Pension Commission (PenCom), disclosed this in its 2020 fourth quarter report. Read also Chile begins debate on third pension withdrawal amid second wave of the pandemic According to the guidelines on voluntary contribution under the CPS, PenCom...

March 25, 2021
News, Slider, , ,
Read more...
10Mar

Nigeria. PenCom Approves N5.33bn as More Contributors Withdraw Pension Funds

Pension Fund Administrators(PFA) are under stress as a result of continuous demands for withdrawals by contributors into the Contributory Pension Scheme. This is as a result of increased job losses due to harsh economic environment. In the last quarter of 2020, the situation compelled the National Pension Commission (PenCom) to approve N5.33 billion to enable PFAs provide succor to 11,796 account holders who found themselves out of jobs. The development was attributed to the impact of the COVID-19. According to PenCom, a total...

March 10, 2021
News, Slider, , ,
Read more...