N2.64trn Pension Assets Anvested In FGN SecuritiesBusiness, Latest News, News Wednesday, May 28th, 2014
The Federal Government Securities have continued to enjoy investments from the pension sector as about N2.64 trillion which is 63 per cent of N4.13 trillion contributors’ funds, have been injected into them as at the end of March this year.
The pension assets have jumped to N4.3 trillion by the end of April.
The Acting Director-General National Pension Commission (PenCom), Chinelo Anohu-Amazu disclosed this Tuesday, at the 8th Annual Business Law Conference, organized by the Nigerian Bar Association (NBA) in Lagos.
Anohu-Amazu, who was represented by the Commission’s Secretary/Legal Adviser, Muhammad Sanni Muhammad, in a paper entitled: The Contributory Pension Scheme as a Catalyst for Economic Development in Nigeria, said the proportion of the pension assets to the nation’s Gross Domestic Product (GDP) has grew from 1.4 per cent in 2005 to 9.5 per cent in 2013, adding that the industry has an average yearly growth of 30 per cent.
She noted that the number of registered contributors is over 5,980,415 as at February 2014, stressing that there are 95,840 retirees currently receiving pensions as and when due under the Contributory Pension Scheme (CPS) as at March 2014 and that Nigerian CPS has become a model for other African countries: Study visitations from Ghana, Malawi, Uganda, Tanzania.
Chairman Pension Operators Association of Nigeria (PenOp) and Managing Director Legacy Pension Managers Limited, Misbahu Yola, said the contributory pension scheme has in-built safety mechanism that ensures adequate protection of contributors’ fund.
He noted that that operators are properly regulated to ensure funds are invested in secured investment windows.
Managing Director First Pension Custodian Limited, Kunle Jinadu, noted that the funds deposited with the custodians are safe, adding that his firm’s priority is to ensure that contributors derive benefits accruable from the scheme at retirement.
PENSION ASSETS DISTRIBUTION AS AT MARCH, 2014
Domestic Ordinary Shares
Foreign Ordinary Shares
Total FGN Securities
State Govt. Securities
Corporate Debt Securities
Local Money Market Securities
Foreign Money Market Securities
Real Estate Property
Private Equity Fund
Cash & Other Assets
Total Pension Fund Assets
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