Lagos pays 366 retirees N1.49bn

Nigeria’s pension assets

Lagos pays 366 retirees N1.49bn   The Director-General, Lagos State Pension Commission, Mr Babalola Obilana, has said Lagos State Government has paid N1.49bn to 366 retirees. A statement titled ‘Lagos assures retirees on the speedy resolution of pension issues’ said he disclosed this during the 83rd bond presentation ceremony to 366 pensioners with Retirement Savings Accounts recently. Obilana said LASPEC was fully committed to ensuring that retirees received their terminal benefits as of when due. He said that LASPEC was established to take care of the needs of retirees, a…

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Defaulting employers cough out unremitted N553.03m pension money

PenCom recovers N553.03m from defaulting employers

PenCom recovers N553.03m from defaulting employers   The National Pension Commission (PenCom) has said it recovered N553.03 million from defaulting employers who deducted their workers monthly emoluments but failed to remit to their Retirement Savings Accounts (RSAs) with their respective pension fund administrators. PenCom disclosed this in its monthly report for the fourth quarter of 2020 obtained on Sunday. Out of this amount, the principal contribution of the workers was N382.46 million, while penalties of N170.57 million was recovered through recovery agents. Part of the report read, “Following the issuance…

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Pension: Lagos pays N1.51bn to 292 retirees

Lagos pays N1.51bn to 292 retirees

Pension: Lagos pays N1.51bn to 292 retirees   The Lagos State Government (LASG) has said it paid N1.51 billion to another set of 292 pensioners in the state. In a statement titled ‘Lagos restates commitment to pensioners’ welfare’, it said it remained committed to the payment of all pension entitlements when due. During the 82nd bond presentation ceremony to 292 pensioners whose Retirement Savings Accounts (RSAs) were credited with N1.51 billion, the director-general, Lagos State Pension Commission, Mr Babalola Obilana, assured retirees of the state government’s dedication to the well-being…

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N8.13trn of Nigeria’s pension assets locked in FG bonds

Nigeria’s pension assets

N8.13trn of Nigeria’s pension assets locked in FG bonds Pension Funds Administrators (PFAs) in Nigeria have sustained their age-long appetite for the less risky federal government bonds as 66.1 per cent of total pension assets in the country is currently locked in the bonds. Latest statistics show that total pension assets under the Contributory Pension Scheme rose by 21 per cent to hit N12.3 trillion as of the of the 2020. According to the data obtained from the National Pension Commission (PenCom) on Friday, this figure is N2.1 trillion higher…

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Pension fund assets hit N11.57trn, rise by 11% in 1 year

Nigeria’s pension assets

Pension fund assets hit N11.57trn, rise by 11% in 1 year   The aggregate value of pension fund assets in Nigeria has recorded significant gain to hit N11.57 trillion after advancing by 11 per cent within a year. Despite the many challenges that characterized the year, pension fund assets in the country gained N1.76 trillion equivalent to 11 per cent growth in the last one year, growing from N9.81 trillion in October 2019 to N11.57 trillion at the end of September 2020. The huge gains, according to findings, was attributed…

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Pension schemes capture only 11% Nigerian workforce – PenOp

Nigeria’s pension assets

Pension schemes capture only 11% Nigerian workforce – PenOp   Despite the astronomical growth recorded in the pension fund, only 11 per cent of workforce in Nigeria is enrolled in the Contributory Pension Scheme (CPS) and the micro pension schemes This is according to the Pension Fund Operators Association of Nigeria (PenOp) which advocates that the reach must be improved in the country. Head of Media, Communications and Branding Committee of PenOp, who is also the Chief Executive of Fidelity Pensions Limited, Mrs. Amaka Andy-Azike, disclosed this during a webinar…

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Pension fund managers record N83.94bn profit

Nigeria’s pension assets

Data obtained from the National Pension Commission (PenCom) has revealed that Pension Fund Administrators (PFAs) and their counterparts Pension Fund Custodians (PFCs) recorded a net profit of about N83.94 billion in 2019. A breakdown showed that Stanbic IBTC Pension Managers Limited recorded N49.42 billion followed by Zenith Pension Custodian Limited had N6.03 billion Further details showed that First Pension Custodian Limited recorded N4.31 billion; Leadway Pension Limited, attained N3.27 billion; ARM Pension Fund Managers Limited, N3.25 billion; UBA Pension Custodian, N3.26 billion; Premium Pension Limited, N2.25 billion. FCMB Pension Limited…

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LCCI DG, Muda Yusuf identifies odds against pension fund’s assets growth

The Director General of the Lagos Chambers of Commerce and Industry (LCCI), Dr. Muda Yusuf, has lamented that low yield on fixed-income securities like  treasury bills at around one to two per cent and rising inflation currently at 13.71 per cent have continued  threaten real growth of pension fund assets in the near to medium term. Yusuf made the revelation while addressing pension and insurance correspondents in Lagos, recently. The LCCI boss, who advocated the de-risking of the real sector to entice more investors, said given their low risk nature, a large chunk…

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Lagos moves to repeal law on pension for ex-govs, deputies

Lagos to purchase 355 vehicles worth N4.4bn for its MDAs

In the face of the dwindling revenue and the need to cut governance cost, the Lagos State Government says it is drafting a bill that would repeal the Public Office Holder (Payment of Pension Law 2007). This was announced on Tuesday morning by Gbenga Omotoso, the state’s commissioner for Information and Strategy through his Twitter handle, @gbenga_omo. According to him, “to keep governance cost low and to signal selflessness in public service, a draft executive bill coming for the repeal of the Public Office Holder (Payment of Pension Law 2007),…

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Senators protest Buhari’s nomination of Umar as PenCom DG

Aisha umar, Pencom, NASS

President Muhammadu Buhari’s nomination of Aisha Umar as the new director general of the National Pension Commission (PenCom) as some senators at the upper legislative chamber on Tuesday vehemently protested the nomination. The lawmakers divided as soon as the Senate President, Ahmad Lawan, read Buhari’s letter, seeking Umar’s confirmation as the substantive DG of the agency. The letter also named Oyindasola Oni as Chairman on the agency. Six nominees for appointment as chairman, Director General and Executive Commissioners of National Pension Commission. Others nominated as commissioners are Hannatu Musa (North-West);…

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