Tuesday, October 14, 2025
24.1 C
Lagos

Pension Assets to Hit N20tr in 8 Years

Pension assets in Nigeria are expected to hit the N20 trillion target in the next eight years, according to Mr. Eguarekhide Longe, Chairman, Pension Fund Operators Association of Nigeria [PenOp].

Longe said at a media retreat organised by PenOp in Lagos that pension contributions were growing by 20/21 per cent per quarter while acknowledging that pension contributions have recently declined due to the present economic situation in the country.

On the contentious issue of investment in infrastructure, the PenOp chief said the industry cannot afford the risk of applying pension funds to long-term investments, which could imperil such funds and make it difficult for operators to meet obligations to retirees as at when due.

“The development of infrastructure is the responsibility of government. We cannot make investments that are speculative. We cannot afford to lose money. Many infrastructure projects are long-term and end up in controversy.”

Longe, who is also the Managing Director/CEO of AIICO Pension Managers Limited, suggested that Federal Government bonds ought to have been deployed to develop infrastructure projects in the country, rather than the present clamour for the investment of pension funds in infrastructure.

He also doused the speculation in certain quarters that pension operators were behind the delay in the take-off of the pension transfer window to protect the business of non-performing Pension Fund Administrators [PFAs] that might lose contributors to other operators.

Longe assured the market: “There is no conspiracy theory in the pension transfer window initiative.”

spot_img
spot_img
spot_img

Hot this week

Stanbic IBTC Supports UAC on Acquisition of CHI with Investment Banking Solution

Stanbic IBTC Holdings Plc proudly supported UAC of Nigeria...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Unity Bank MD Celebrates Resilient Frontline Staff, Reaffirms Commitment to Customer Service Excellence

The Managing Director/Chief Executive Officer of Unity Bank Plc,...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Stanbic IBTC Bank Hosts Strategic Forum to Arm Clients with Economic Clarity

Stanbic IBTC Bank has taken a significant step in...

Topics

Global Airlines Financial Monitor: April 2O16

Key Points: · Global airline share prices fell by 6.9%...

Stakeholders Seek Collaboration by Regulators, Operators to Advance Fintech, Financial Inclusion in Nigeria

L-R: Dr. Olayinka Olutola, Director General/CEO, Association of Enterprise...

 Corpreneurship Challenge: Unity Bank Splashes N10m Grant on 30 Corps Members

L-R: 2nd Prize Winner - Ilesanmi Olamide Phebe, Unity...

‘Digitalisation Will Enhance African Economies’

The annual Economic Commission for Africa Conference of African...

FG: Economic Reforms Driving Growth, Investor Confidence

The Minister of Budget and Economic Planning, Senator Abubakar...

UK Mobile Payments Platform Registers 1m Users, £6.5m Transaction

The UK Payments Council says that over a million...

NAICOM Chief, Segun Omosehin, Rolls Out 5-Point Agenda for Market Growth

The Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr....

Digital Banking: ‘eNaira Will Succeed, Cash is No Longer King’

As smartphone ownership continues to grow across the entire...
spot_img

Related Articles

Popular Categories

spot_imgspot_img