August 2020

05Aug

Nigeria. Operators invest N55.25bn pension funds in infrastructure

The Pension Funds Administrators have invested N55.25bn under the Contributory Pension Scheme in infrastructure as of the end of May, latest statistics from the National Pension Commission has revealed. The commission stated this in its report titled ‘Summary of pension fund assets as at 31 May, 2020’ obtained by our correspondent on Monday. According to the statistics, the total assets under management by the operators stood at N10.79tn in the period under review. The commission had stated in its...

August 5, 2020
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July 2020
06Jul

Nigeria. Edo govt spends N25bn on pension, clears arrears with N4.3bn

The Edo State Government has expended over N4.3 billion in clearing the backlog of outstanding pension arrears owed about 3,128 pensioners in the state. The state government also spent N25, 047,472,632.77 in the monthly pension payment of 13,081 pensioners from November 2016 to May 2020. According to a Mid-Year Report by the Edo State Pension Bureau as at 30th June, 2020,“the government spent a total of N771,714,393.01 between November and December 2016 for the payment of pensions;...

July 6, 2020
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01Jul

Nigeria´s FCMB bolstering its pensions business to drive profitability

First City Monument Bank Group is set to acquire up to 96 percent of Aiico Pensions Limited, the financial services group said in a notice on the Nigerian Stock Exchange, in yet another move to expand its pensions unit. The planned acquisition follows the company’s increase of its stake in Legacy Pensions – now FCMB Pensions – to 91.6 percent last year, giving it full control of the business. As of March, FCMB Pensions had grown its assets under...

July 1, 2020
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June 2020
23Jun

How COVID-19 is impacting Nigeria’s pensions industry

Monthly data from Nigeria’s pensions industry shows that the country’s total pension fund assets stood at 10.6 trillion naira as at April this year with Federal Government Securities weighing 66.25 per cent of the total pension fund assets. The data also showed that new retirement savings account grew 85 per cent less in April 2020 compared to the same period in 2019. Pabina Yinkere, Chief Investment Officer at Sigma Pensions joins CNBC Africa for more. Read more @CBC Africa

June 23, 2020
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10Jun

Nigeria. NSE promotes Digitisation of Governance, Risk Management & Compliance with launch of SentryGRC

More organisations need to move away from the fragmented approach to structuring their operations to a more holistic framework that can monitor compliance and enforce rules and procedures. This was highlighted at the launch of the SentryGRC platform powered by The Nigerian Stock Exchange on Tuesday. SentryGRC is a platform that automates back-office functions like Governance, Risk Management and Compliance. It enables organisations to pursue a systematic and organised approach to managing GRC-related strategy and implementation, thereby creating an...

June 10, 2020
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01Jun

Nigeria ranks 64th in pension adequacy index –Report

The Allianz Group has put Nigeria in the 64th position in the global ranking of pension development, highlighting the need for further pension reforms in the country. The first edition of the group’s pension report, titled ‘Allianz Global Pension Report 2020: Ready or not’, analysed different country’s pension systems with its proprietary pension indicator, called Allianz Pension Indicator. The API examined the pension systems in terms of sustainability and adequacy of 70 countries to provide a comprehensive view of the...

June 1, 2020
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May 2020
29May

Pension Fund Managers dump Nigerian Treasury Bills

Analysis of the recently released summary of Pension Fund Asset data for the first two months of 2020 by the Pension Commission of Nigeria has shown that pension fund managers are no longer in love with Treasury Bills like they used to be in the past. Time was when fund managers allocated much of their assets to treasury bills, but that seems to be waning as yields on treasury bills head towards subzero. According to the analysis, pension fund...

May 29, 2020
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13May

COVID-19 Economy: Why Nigeria must develop digital economy, increase national savings

Foreign Investment Network (FIN) has listed a number of economic strategies Nigeria and other African countries could adopt, to avert the economic effects of the COVID-19 pandemic. FIN is a United Kingdom-based company driving foreign direct investment, FDI for Africa and other developing economies. Read also Tesla’s Newest Board Member Talks About Changing The World Through Japan’s $1.5 Trillion Pension Fund The group, in a video conference programme it organised, themed: COVID-19 and The Economic Threat: How Africa can overcome...

May 13, 2020
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05May

Nigeria. PenCom dissolves interim management committee for First Guarantee Pension, appoints new board

The National Pension Commission (PenCom) has dissolved the interim management committee of First Guarantee Pension Limited. The committee was set up in August 12, 2011 to handle the affairs of the Pension Fund Administrator (PFA), as part of the commission’s intervention pending the resolution of legal disputes. The intervention was also based on findings of routine and especial examinations carried out by the pension regulator. In a public statement that was released on Monday, PenCom announced that...

May 5, 2020
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March 2020

19Mar

Nigeria: Backlog of Unpaid Pensions, One of My Worst Pains ― Ortom

Governor Samuel Ortom of Benue State has apologized to retirees and workers of the state over the inability of successive governments to find lasting solution to the nagging backlog of unpaid pensions in the state. The Governor who tendered the apology in Makurdi while flagging off Contributory Pension Scheme, CPS, for the state workforce, said the huge pension liabilities he inherited was one of the unpleasant realities his administration had been battling with. He said "the pension problem was...

March 19, 2020
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