PenCom DG, Aisha Dahir-Umar, says the pension industry is one of the fastest growing industries in Nigeria. This is evident in the Pension Assets figures posted in the first half of the year.

Aisha Dahir-Umar
Aisha Dahir-Umar

The National Pension Commission, PenCom, says pension assets increased to ₦16.76 trillion within the half-year period (six months) that ended in June 2023.

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Aisha Dahir-Umar, the Director-General of PenCom, said this on Tuesday in Kano at the National Pension Commission/Nigeria Employers Consultative Association, NECA, Interactive Session on the Contributory Pension Scheme for the organised private sector.

The Commissioner Administration, PenCom, D Faruk Aminu, represented her at the event.

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Addressing the gathering, she said that the pension assets figure was the total fund accruing from pension contributions in Nigeria under the CPS as at the end of third quarter of 2023.

According to her, the pension industry was one of the fastest-growing financial sectors in Nigeria.

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Also, she highlghted that at the end of the third quarter of 2023, the number of RSAs under the CPS stood at 10 million.

The size of the pension Asset under Management amounted to ₦16.76 trillion.

“The commission has continued to take giant strides towards ensuring the smooth implementation of the CPS through the revision of existing regulations and guidelines and the development of new ones.”

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Furthermore, the director-general urged employers to encourage their workers to transfer contributions of the Nigerian Social Insurance Trust Fund, NSITF, to their retirement savings accounts, RSAs.

According to her, this will be in compliance with the commission’s responsibility of supervising the transfer.

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This responsibility is in the Pension Reform Act, PRA of 2014.

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