May 2024
27May

Nigeria. Pension assets declines amid low patronage

Pension assets have fallen by N90 billion in the first quarter of the year, from N19.75 trillion to N19.66 trillion at the end of the first quarter (Q1), a situation attributed to low market patronage. The report was contained in data released by the National Pension Commission (PenCom) on their website. Explaining further, the report stated that the equities market attracted N2.3 trillion of the fund, having risen from N1.77 trillion in December 2023. The development, according to PenCom, translated to N530...

May 27, 2024
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22May

Nigeria. Retired police officers protest unpaid pension in Abuja

RETIRED police officers in Nigeria under the contributory pension scheme, on Tuesday, May 21, expressed their displeasure over several months of unpaid pensions. The retired officers stormed the National Assembly in Abuja, to protest the “severe hardships” they had faced due to the alleged failure of the National Pension Commission (PENCOM) to pay their entitlements. The retirees representing various state chapters called on the federal government to remove them from the Contributory Pension Scheme. The retirees, seen with various placards, lamented being...

May 22, 2024
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17May

Nigerian Government Denies It’s Attempting to Illegally Access Workers’ Pension Funds

In response to circulating rumors, the Federal Government has emphatically denied any intentions to illegally access the hard-earned savings and pension contributions of workers. This clarification comes amidst concerns raised by various quarters regarding the safety and security of pension funds. The Finance Minister, Wale Edun addressed the issue, stating, “The pension industry, like most financial industries, is highly regulated. There are rules. There are limitations about what pension money can be invested in and what it cannot be invested in.” He...

May 17, 2024
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06May

Nigeria’s Liabilities to Retirees Under Contributory Pension Scheme Hits N314.58bn

The National Pension Commission (PenCom) has disclosed that the federal government’s total liability from the implementation of the pension increases in 2007 and 2010 as well as the 2019 consequential adjustment for retirees under the Contributory Pension Scheme (CPS) stood at N314.58 billion in 2023. This came as PenCom has further sought approval for an increase in pension rates for pensioners under the Defined Benefits Scheme (DBS), following the recent increase in salaries for employees of treasury-funded Ministries, Departments and...

May 6, 2024
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April 2024
19Apr

Job losses has Nigerians turn to pensions for lifeline

Pension savings have become an immediate lifeline for Nigerians as rising unemployment forced more people to draw on their balances for day-to-day expenses. This development has seen workers in both the public and private sectors who lost their jobs fall back on pension savings to survive current economic hardships. Data from the National Pension Commission shows that at the end of the fourth quarter of 2023, a total 10,307 Retirement Savings Account (RSA) holders, otherwise called contributors, requested to access 25 percent of their balances...

April 19, 2024
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04Apr

Nigeria. Abia State Government to Introduce Contributory Pension Scheme for Civil Servants

The Abia State Government, under the leadership of Governor Otti, has announced plans to implement a Pension Contributory Scheme for its civil servants. Mr. Okey Kanu, the Commissioner for Information and Culture, made this revelation during a press briefing following the State Executive Meeting held at the Government House, Umuahia, on Tuesday. According to Kanu, the state government has made significant progress in preparing for the transition to the new pension scheme. He stated, “The state government has concluded plans to...

April 4, 2024
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February 2024
09Feb

Nigeria. Pensioners threaten mass protest in Abuja over demands; seek N100,000 monthly pension

According to the union, the economic downturn has led to a high cost of living in the country. NUP president Godwin Abumisi spoke on Thursday when he fielded questions from journalists in Abuja. Mr Abumisi said the union had lost about 1,500 of its members in recent times due to economic hardship and the high cost of living in the country. “It is not in our power to distribute food items to pensioners in Nigeria. We do not have the resources. In...

February 9, 2024
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January 2024
22Jan

Nigeria. Stop paying ex-governors scandalous pensions – Falana

Human Rights activist, Femi Falana (SAN), has called on Lagos, Akwa Ibom and Rivers state governments to stop paying what he described as scandalous pensions to ex-governors while workers are owed arrears of meagre pensions. He made the call on Sunday in a statement made available to our correspondent. According to him, not less than 20 ex-governors are in the Senate, receiving jumbo salaries and allowances. “Lagos was the first state to implement a pension law for its former governors. The Lagos...

January 22, 2024
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03Jan

Nigeria. Stakeholders Worry Over Slow Pace Of Micro Pension Plan

The ever slow pace with which Micro Pension Plan (MPP) is being subscribed to has been a source for concern for the operators, regulators and other stake­holders. Launched by the immediate past Pres­ident Muhammadu Buhari in 2019, four years down the line not much has been achieved in terms of numbers of contrib­utors and of course, micro pension assets under management. The MPP was launched to bring into the pension net, work­ers in the informal sector of the economy who are...

January 3, 2024
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December 2023
19Dec

Nigeria. PenCom asks employees of defunct organizations to reclaim their unpaid pension contributions

The National Pension Commission (PenCom) has called on former employees of defunct banks and other organizations in the country to approach their Pension Fund Administrators (PFAs) to reclaim the N12 billion in the Transition Contribution Funds (TCF) in their custody. According to the commission, the defunct organisations include Diamond, Intercontinental, Citizen, Mainstream and Oceanic Banks whose workers have yet to claim their funds. Speaking at a media parley organised by the Pension Fund Operators (PenOp), PenCom’s Director-General, Aisha Daniel-Umar, said that...

December 19, 2023
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