PenCom’s assests hit N16trn– DG

The Contributory Pension Scheme (CPS) assets have hit N16 trillion, says the National Pension Commission (PenCom)’s Director-General, Mrs Aisha Dahir-Umar.

Dahir-Umar made the disclosure at a conference organised for journalists covering the pension and labour industries, on Thursday in Lagos.

She stated that pension assets, which were N14.99 trillion as at December 2022, increased to N16 trillion, with an increase of N1.77 trillion, at the end of June, being the first half of 2023.

The director general also disclosed that within the period under review, the database of PenCom’s Contributory Pension Scheme contributors increased to 10 million from its recorded 9.86 figure in December 2022.

She said the figure of contributors rose from 9.86 per cent recorded at the end of 2022. Pension Scheme (CPS) rose to 10million members as at June from 9.86 members recorded at the end of 2022.

According to her, the membership of the CPS within the period under review increased by 146,920.

Dahir-Umar said the theme of the workshop: Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction, was apt, timely and crucial.

She said the choice of the theme, was a demonstration of PenCom’s commitment to continuous service improvement in the pension industry to enable contributors and retirees received the best possible experience.

The DG noted that CPS had ensured that public and private sector workers could build retirement savings throughout their working lives, fostering financial security during their golden years.

According to her, PenCom’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors.

“The journalists conference is a testament to PenCom’s commitment to enhancing the knowledge and understanding of CPS and its impact in the lives of contributors and retirees.

“It is also an occasion to interact with the media and discuss developments shaping Nigeria’s pension landscape,” she said.