October 2017

13Oct

Nigeria. Pension fund assets rise by N862bn

The latest report on the Nigerian pension fund administration, which was released on Thursday by the National Bureau of Statistics and the National Pension Commission, indicated that the country’s pension fund assets increased by N862bn to N6.164tn as of December 31, 2016. According to the report, the N6.164tn pension fund assets represent six per cent of the country’s Gross Domestic Product, as the figure indicates an increase of N862bn when compared to the N5.302tn recorded in 2015. It stated that a...

October 13, 2017
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10Oct

Nigeria. Contributory Pensions Scheme Vs Pension Reform Act 2014 Amendment: A Preamble

It is clear from the One-Day public hearing on the multiple bills to amend the Pension Reform Act 2014 at the House of Representatives in Abuja on Thursday 28 September, that important stakeholders in the pensions sector, namely, the Nigeria Police Force, Nigeria Labour Congress, Trade Union Congress, Central Bank of Nigeria, Nigeria Employees Consultative Association, Securities and Exchange commission, National Pension Commission, Nigerian Union of Pensioners and Pension Funds Operators Association of Nigeria, among others, have decided to...

October 10, 2017
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September 2017

26Sep

Nigeria. The Senate and the risky politics of pension

There is an ongoing debate on reforming pensions, yet again, in Nigeria. Since 2004, Nigeria has largely adopted the contributory pension scheme. But as years go by, this system has continued to be gradually chipped away. One of the currently debated bills, which is making its way into an Act, seeks to amend the 2014 Pension Reform Act to exclude the following members from the contributory pension scheme: the Nigeria Police Force, the Nigerian Security and Civil Defence Corps, the...

September 26, 2017
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12Sep

Why the presidency should save PenCom from politics

The Nigerian constitution reposes a lot of powers on the Office of the President. For the most part, the incumbent rightly exercises these powers powerfully and seamlessly. At other times, the office encounters challenges, confrontations, and contestations in exercising these rights. The latter scenario usually attracts divergent views as to the propriety or otherwise of presidential powers, as enshrined in the constitution. The recent tussle between the senate and the presidency with regards to the confirmation of Mr Magu, as...

September 12, 2017
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09Sep

Nigeria. Digitization, fintech as panacea to financial inclusion

One of the compelling aspirations of the Federal Government and the Central Bank of Nigeria (CBN) in the last two years has been to ramp up the numbers for financial inclusion in the country. To this end, Nigeria’s apex bank, alongside other regulators in the financial services sector, including the National Pension Commission (PENCOM), has vigorously pursued the agenda of financial inclusion through various initiatives with a clear intent to bring millions of Nigerians, especially those in the informal...

September 9, 2017
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04Sep

Nigeria. Retirees to use voice, fingerprints for pension

Operators of the Contributory Pension Scheme are putting in place a biometric method to improve documentations of retirees and ensure proper payments on entitlements. Some of the characteristics of the process will include the use of fingerprints, voiceprints, facial features, writing patterns, iris patterns and hand geometry. According to the Pension Funds Operators Association, the method involves the use of passwords and PIN numbers, to ensure highest level of security. While noting that biometrics being introduced would involve data collection, transmission,...

September 4, 2017
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August 2017

28Aug

Nigeria. Pension fund investment in govt securities is driven by returns, safety – Leadway Pensions

Mr. David Alao is Acting Asset Manager of Leadway Pensure and a member of the Pension Fund Operators Association of Nigeria (PenOp). In this discourse he maintains that pension funds investment in government securities should be channelled into infrastructure development. A total of 77 per cent of pension fund is invested in federal government instruments and about four per cent in corporate bonds while about six per cent is in money market. If the federal government instruments can yield returns...

August 28, 2017
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24Aug

Nigerian govt to release funds for October 2016 to August 2017 pensions

The Acting Director-General of National Pension Commission (PenCom), Aisha Dahir-Umar, on Wednesday said the Federal Government had begun working out modalities for pension payment to the next batch of retirees. Mrs. Dahir-Umar told the News Agency of Nigeria (NAN) in Lagos that the Federal Government and the PenCom would soon release substantial funds for the payment. She said retirees that had perfected their documentation and verification processes would be captured for payments in the next batch. The PenCom boss said the funds...

August 24, 2017
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22Aug

Nigeria. PenCom against Devolution of Power Bill

The National Pension Commission (PenCom), has kicked against the ongoing amendment on pension in the Constitutional Amendment Bill No.3 on Devolution of Powers by the National Assembly. The Acting Director-General, Mrs. Aisha Dahir-Umar, said the amendment if passed into law, will bring chaos and regulatory arbitrage in the country. She said acceding to the proposed amendment which allows State Houses of Assembly to enact laws establishing regulatory agencies on pension matters would directly be in conflict with the Pension Reform Act...

August 22, 2017
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09Aug

Nigeria Uncovers N5.7bn Pension Fraud in Eight Years

The Niger State government on Tuesday confirmed that after “a forensic audit of the contributory pension scheme during the period 2007-2015”, it has been established that the sum of N5.779 billion was not remitted to the Pension Board. The amount was less than the over N6.2 billion initially thought to have been siphoned. The state acting Governor, Alhaji Ahmed Mohammed Ketso, disclosed this when he addressed the opening of a three-day sensitisation workshop on “Effective Pension Management and Administration in Niger State”...

August 9, 2017
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