Nigeria’s pension assets hit N9.58trn

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The National Pension Commission, PenCom, said its assets in the Contributory Pension Scheme, CPS, now picks at N9.58 trillion.
Acting Director-General, Aisha Dahir-Umar of the agency said the commission’s assets have grown by over N1 trillion in one year and stood at N8.49 trillion in November, 2018.
Dahir-Umar, who was represented by the Head, Micro-Pension Department, Kunle Odebiyi, at a workshop in Benin, disclosed that the commission has recorded great increase in the number of Nigerians registered under the CPS.
“As at September 2019, the number of registered contributors under the CPS has grown to 8.85 million while pension fund assets have grown to N9.58 trillion.
“This growth indeed justifies our emphasis on the safety of pension funds as the bedrock of sustaining the CPS and assures all stakeholders that the pension reform remains steadily on course.
“These modest milestones notwithstanding, the commission and pension operators are committed to actualising the growth potentials of the pension industry.”
She added that the theme of the workshop, ‘expanding coverage of the pension industry’ reflects the commission’s focus to “expand access to pension via the CPS as a veritable tool for economic development.
“This aligns with the pension reform objective of old age poverty reduction and improvement in the welfare and general standard of living,” she said.

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