DG PenCom

By Ngozi Onyeakusi—Pension Fund Assets under the Contributory Pension Scheme has recorded  N14.36tn in July 2022, from N14.27tn reported in the previous month.

The National Pension Commission unaudited report for the period ended July 31, 2022  showed that N9.05tn of the total funds was invested in Federal Government securities, comprising bonds and treasury bills. Other investment portfolios where the funds were invested included: domestic and foreign ordinary shares; corporate debt securities comprising corporate bonds, corporate infrastructure bonds, corporate green bonds, and supranational bonds.

PenCom disclosed the total number of RSA holders stood at 9,730,778 during the period under review.

Total micro pension registration as of July was 81,674, according to the commission.

The Pension Reform Act, which led to the CPS, was inaugurated in 2004. It provides a contributory arrangement in which the employer and employee contribute to the workers’ RSAs. The Pension Fund Operators Association of Nigeria has said the CPS is helping Nigerian workers to save for retirement and provide funds for infrastructure development.