IGP to improve on police officers’ pension scheme

January 4, 2024 Helen Oji 0

The Inspector-General of Police (IGP), Kayode Egbetokun has initiated measures to review and potentially improve the pension regime for retired police personnel. The development, IGP said is to enhance the welfare of police officers, both serving and retired. A statement issued, Wednesday, by the Force Public Relations Officer, ACP Olumuyiwa Adejobi read: “Since assuming office, the IGP has demonstrated unflinching Read More

Scrap pension fund managers from pension scheme

January 2, 2024 Eugene Uduigwom 0

One of the reasons for the removal of fuel subsidy in Nigeria is that fuel subsidy has made some individuals very rich, while majority of Nigerians are not benefiting from fuel subsidy. The same thing can also be observed in the prevailing pension system in Nigeria managed by private pension fund managers, which has made owners of big companies and Read More

Why I didn’t clear pensions arrears in 2023 — Abia governor

January 2, 2024 Admin III 0

Abia State Governor, Alex Otti, has explained why he was unable to pay off the arrears of pensions being owed to retired civil servants by the end of 2023. Otti had at the start of his administration in May, assured that by December 2023, he would clear off the backlog of arrears owed pensioners in the state by previous administrations. Read More

Contributory pension assets hits N17.66trn – Report

December 22, 2023 Admin III 0

The total assets under the Contributory Pension Scheme rose to N17.66 trillion as of the end of October 2023. Figures obtained from the National Pension Commission (PenCom) on ‘Unaudited report on pension funds industry portfolio for the period ended October 31, 2023; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (including unremitted contributions @CBN & Legacy Funds)’ revealed Read More

Stanbic IBTC Pension, Access, 3 others hold 64% new registered contributors

September 28, 2023 Admin III 0

Five Pension Fund Administrators (PFAs), including Stanbic IBTC Pension Managers, Access Pensions, ARM Pension Managers, Leadway Pensure and Premium Pension managers accounted for 64 percent of total registered contributors in the second quarter of 2023, data from the National Pension Commission PenCom) has shown. The data further shows that, out of 63,693 new registered contributors in that quarter, otherwise called Read More

Access Pensions boss says sector funds will help bridge infrastructure gap

September 15, 2023 David Agba 0

The Managing Director/CEO, Access Pensions Limited, Dave Uduanu, has emphasised the potential of pension funds in addressing Nigeria’s infrastructure deficit. Uduanu who doped the hint at the insurance and pension event held in Lagos highlighted that by tapping into the pension fund investment landscape, Nigeria could reduce its reliance on external borrowing and mitigate financial vulnerabilities. “This approach is especially Read More

Nigeria’s pension, four others collaborate to grow over $70bn assets

September 7, 2023 Admin III 0

Nigeria’s pension sector with assets under management (AUM) in excess of N16.7 trillion, equal to $22.14 billion as at June 2023 is collaborating with four other countries in Africa to grow their over $70 billion market size. The collaboration will enable them to foster the adoption of alternative investments and will focus on green finance, a pivotal driver for bolstering Read More

Expert seeks increased budgetary allocation for insurance, pension sectors

April 6, 2023 Admin III 0

The Federal Government of Nigeria has been urged to increase budgetary allocations for insurance and pension to enhance growth in the two sectors. Government at all levels and it’s agencies were also enjoined to always comply with relevant laws and policies for the growth of the nation’s economy. Chief Executive Officer, Centre For The Promotion Of Private Enterprise [CPPE], Dr. Read More

PenCom appoints Stanbic IBTC to process RSA backed mortgages

March 9, 2023 Blessing Anaro 0

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has been named as one of the banks to process Retirement Savings Account (RSA) backed mortgages by the National Pension Commission (PenCom). The RSA Backed mortgage initiative of the Pension Commission allows contributors to use up to 25 per cent of their contribution as equity to purchase a home in their Read More

FCT distributes over N3bn to area councils, stakeholders

March 2, 2023 Abdullahi Muhammad 0

The six area councils in the Federal Capital Territory Administration and other stakeholders have received the sum of N3,015,446,815.55 as their share of statutory allocation for the month of January, 2023. This figure represents a 20.3 percent decrease when compared to the N3, 786,194,845.78 billion shared in the month of December 2022. Dr. Ramatu Tijjani Aliyu, the FCT Minister of Read More

50% pension contributors may qualify for residential mortgage – Experts

December 16, 2022 Admin III 0

About 50 per cent of Retirement Savings Account (RSA) holders, equal to 7 million could qualify to access equity contribution for residential mortgage, experts in the industry have said. According to them, about this number of RSA holders would have received employer employee contributions consistently for 60 months, which is equal to five years, as required under the residential mortgage Read More

Pension assets hit N14.9trn as government borrows N8trn

November 30, 2022 Admin III 0

The National Pension Commission (PenCom) has said that ñbbjnjvalue of pension fund assets has increased to N14.59 trillion as at the end of October, 2022. This is a 7.20 per cent or N909 billion increase when compared to N13.6 trillion, as at January 2022. PenCom stated this in the monthly pension report that captured the assets under management by Pension Read More

PFA’s new N5bn capital requirement pushes Pension assets to N14.42trn

November 30, 2022 Blessing Anaro Lagos 0

The National Pension Commission (PenCom) disclosed that Nigeria’s Pension Fund Assets, as at September stood at N14.42 trillion. PenCom’s Director General, Aisha Dahir- Umar, who made the dis CV disclosure at the second sensitization programme organised for Civil Society Organisations, CSOs in Abuja, said the Commission successfully concluded the increase of the Minimum Regulatory Capital (Shareholders’ Fund) requirements of PFAs Read More

Wike’s legislative messengers and Nigeria’s “pension hell”

October 17, 2022 Jerry Uwah 0

Celestine Omehia was governor of Rivers state from May 29 to October 2007 when he was removed by the Supreme Court. The court had argued that Omehia was not the duly nominated candidate of the Peoples Democratic Party (PDP) and that the person duly nominated was Rotimi Amaechi. The court therefore made Amaechi the first person to become governor without Read More

Pension compliance strengthened as recovery agents net N22.13bn

September 8, 2022 Admin III 0

Efforts to strengthen pension remittance compliance by employers of labour has continued to gain traction, as recovery agents since inception has pulled in N22.13 billion. According to data from the National Pension Commission (PenCom), from the commencement of the recovery exercise in June 2012 to 30 June 2022, a total of N22.13 billion, comprising of principal contributions (N11.441 billion and Read More

Access Holdings finalises acquisition of First Guarantee Pension

August 31, 2022 Blessing Anaro, Lagos 0

Three months after announcing its proposed acquisition of Nigerian pension fund manager First Guarantee Pension Limited, financial holding company Access has obtained the necessary regulatory approvals that will make First Guarantee Pension its subsidiary. Nigerian financial services holding Access Holdings Plc has secured the regulatory approvals to complete its proposed acquisition of a majority stake in pension fund manager First Read More

That pension reforms may not derail

August 5, 2022 Grace Abayomi 0

In 2004, Nigeria embarked on one of the most successful reforms in its history with the enactment of the Pension Reform Act (PRA 2004). Before then, employers used to have riotous schemes that did not inspire confidence in the employees. In the private sector, there were schemes that were less than beneficial and were often implemented in ways that gave Read More

Pension assets swell by N843bn in 6 months

August 4, 2022 David Agba with agencies 0

Pension fund assets rose by N842.7 billion in the first half of 2022, hitting a record of N14.27 trillion from N13.42 trillion recorded at the beginning of the year. This is according to the National Pension Commission (PenCom). According to PenCom a total of 27,157 RSA contributors switched their pension managers between January and June 2022, bringing the total number Read More

Nigeria’s pension fund hits N13.88trn in Q1 2022

May 4, 2022 Segun Odunewu, Lagos 0

Nigeria’s pension fund assets increased by N453.8 billion in the first quarter of 2022 to stand at N13.88 trillion as of the end of March 2022, representing the highest level on record. The industry’s assets under management increased by 3.38 per cent in the review period from N13.4 billion as of December 2021. The RSA fund II accounted for most Read More

Pension: Stakeholders back exemption of police from contributory scheme

February 23, 2022 Joshua Egbodo 0

Several stakeholders have expressed support for the call to exempt personnel of the Nigeria Police from the contributory pension scheme, which into being after enactment of the Pension Reform Act of 2014. This happened during a public hearing on two pension-related bills on Tuesday, organised by the House of Representatives Committee on Pension Matters. The proposed legislations were; A Bill Read More

Pension Fund hits N13.42trn in December 2021

February 11, 2022 Admin III 0

The National Pension Commission (PenCom) has reported that pension fund assets surged by N1.11 trillion, rising from N12.31 trillion as at December 31, 2020, to N13.42 trillion in December 31, 2021. This is contained in data published by the Commission on its website on Wednesday. Since the National Pension Commission (PenCom) officially opened the transfer window, which allows holders of Read More

Heirs Life introduces annuity campaign, promises retirees pension for Life

February 11, 2022 Blessing Anaro 0

Specialist digital life insurance company, Heirs Life Assurance (HLA) has rolled out an awareness campaign for its pension-regulated Annuity Plan, promising retirees a steady income for as long as they live. The premise of the plan is for people to retire without financial worries as the plan pays policyholders a guaranteed pension for life. Last year, Lagos State Government announced Read More

PenCom wants Pension Reform Act 2014 reviewed

January 18, 2022 David Agba 0

The National Assembly has been urged to organise a public hearing in order to provide an avenue for stakeholders to formally make input into the proposed amendments. This is sequel to the recent retreat organized by the National Pension Commission (PenCom) on the review of the (PRA 2014) in Abuja. The retreat aimed to identify salient issues to be reviewed Read More