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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12Aug

Nigeria. Axa close to selling off pension fund arm

Axa Mansard, the Nigerian branch of French insurer Axa, is on the verge of finalizing the sell-off of its pension fund administrator. The company sold the 60% stake (representing nearly 2.1 billion shares) it holds in Axa Mansard Pension Ltd to Eustacia Limited, a member of investment group Verod. “This transaction marks a new step in AXA ́s broader strategy to focus on and grow our Life, Property & Casualty (P&C) and Health businesses across all its territories. The...

August 12, 2020
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10Aug

Nigeria. Hope rises for annuity business

For more than 10 years, the National Insurance Commission (NAICOM) and the National Pension Commission (PenCom) struggled to find a common ground for the operation of life annuity business. A conflicting regulation between the duo caused various challenges of compliance. It came to a head in 2017, when both government agencies headed by the former Commissioner for Insurance, Mohammed Kari and Director-General, PenCom, Mrs. Chinelo Anohu-Amazu bickered, leading to the intervention of the former Minister of Finance, Mrs....

August 10, 2020
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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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