Monday, September 8, 2025
25.4 C
Lagos

Pension Assets Hit N7.7tr in Feb 2018

Hajia Aisha Dahir-Umar
Acting DG
PenCom

The National Pension Commission (PenCom) says the value of pension assets in Nigeria has hit N7.779 trillion mark as at February 28, 2018. This represents an increase of N270 billion from N7.52 trillion recorded on December 31, 2017.
Mrs. Aisha Dahir-Umar, acting Director-General of PenCom said at the 2018 workshop for journalists in Uyo, Akwa Ibom State, that the increase is as a result of new contributions received, interest from fixed income securities and net gains on equities and mutual fund investments.
Umar, who was represented by Mr. Muhammed Sani Muhammed, Commission Secretary/Legal Adviser, noted that the number of contributors under the Contributory Pension Scheme (CPS) has grown by 390, 000 to 7.89 million as at December 31, 2017 from 7.50 million as at March 31, 2017. Currently, the number of contributors stands at 7.90 million as at February 28, 2018.
In the same vein, the Commission says a total of 10 states in the Federation and Federal Capital Territory (FCT) have commenced remittances at varying degrees of success.
The states are Lagos, Delta, Anambra, Osun, Edo, Ogun, Ekiti, Kaduna, Ondo and Jigawa, in addition to the FCT. However, Yobe State is the only state that has not made any attempt at implementing the CPS in any form.
On micro pension, the PenCom DG said: “The Commission is intensifying efforts at ensuring the provision of necessary infrastructure for the launching of the Micro Pension Scheme in line with the
Commission’s strategic objective of expanding coverage of the CPS to the under-served sectors. This is a major kernel of the strategy for expanding coverage of the CPS. The guidelines for the scheme are being finalised preparatory to the commencement of the scheme.”

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Guild of Editors Seek Tolerance, Unity in Nigeria

The Nigerian Guild of Editors (NGE) has called for...

‘Kari Not Arrested by DSS’: NAICOM

The National Insurance Commission wishes to state that the...

Olashore Wins International School Award

Olashore International School has just won the British Council...

Emefiele Re-appointed for 2nd Term as CBN Governor

Mr. Godwin Emefiele, Governor, Central Bank of Nigeria (CBN)...

Red Star Express Plc Partners DealDey to Enhance eCommerce Industry

In a strategic bid to constantly exceed customers’ expectations and enhance the eCommerce industry in Nigeria, Red Star Express Pl, has partnered with DealDey to take the online shopping business to greater height. Online shopping is fast gaining ground in Nigeria, taking up most conventional shopping as people, especially the elite, working class and the youth, who run tight/ busy schedules, place their orders from the online stores at the comfort of their homes and offices, and their purchases are delivered to them.

How to Prevent Protein Deficiency During COVID-19 Pandemic

As the COVID-19 pandemic ravages the food quality of...

DIY Test for Malaria: Game-changer for Africa

Nigerian biotechnologist, Eddy Agbo is the founder and CEO...

PwC Report: African Retail Prospects Remain Positive

Africa’s economy has seen modest growth in the wake...
spot_img

Related Articles

Popular Categories

spot_imgspot_img