Pension assets dip by N7bn

Pension assets dip by N7bn

Latest report by the National Pension Commission (PenCom) has shown that aggregate pension assets in Nigeria took a dive by N7 billion in January.

Business Metrics found that the pension assets which ended December 2020 at N12.306 trillion fell by N7 billion to N12.299 trillion as of the end of January.

Meanwhile, some operators have also disclosed that has ordered the Pension Funds Administrators (PFAs) to raise their shareholders’ funds from N1 billion to N5 billion.

According to the commission, the total number of workers with pension accounts under the Contributory Pension Scheme (CPS) rose slightly to 9,265,141 as of the end of February.

The CPS which had been the fastest growing funds in the economy lost N52 billion in February.

Latest figures from the commission showed the funds fell to N12.247 trillion in February. Also, the bulk of the funds were invested in the Federal Government’s securities.

Other investment portfolios were domestic and foreign ordinary shares; corporate debt securities comprising of corporate bonds, corporate infrastructure bonds, corporate green bonds and supra-national bonds.