Nigeria’s Pension Assets Grow By N1.56trn In 3 Months

The Acting Director-General of the National Pension Commission, Aisha Dahir-Umar, has attributed the growth of the pension industry in the country to the support of the organised private sector and labour.

According to her, the total pension assets in Nigeria rose from N7.44trn in January to over N9trn as of March.

Represented by Salihu Bwala, the PenCom DG disclosed the boost in the industry during the Nigeria Employers’ Consultative Association and Pencom interactive session on current developments and challenges in the implementation of the Pension Reform Act, 2014, in Port Harcourt, Rivers State

“The Contributory PensionScheme plan currently has over N9tr pension assets. This feat could not have been achieved without the support of the organised private sector,” she noted.

Dahir-Umar, however, explained that the newly introduced software application by the commission will help tackle the problem of multiple registrations of Retirement Savings Account (RSA) .

Recall that the pension operator had introduced the Enhanced Contributor Registration System (ECRS) to achieve harmonized information of all RSA’s holders under the Contributory Pension Scheme (CPS).

ECRS is an electronic platform for the submission of requests by Pension Fund Administrators (PFAs) for the registration of contributors and issuance of Personal Identification Numbers (PINs).

The commission, however, directed RSA holders to approach their PFAs to provide their Bank Verification Numbers (BVNs), NIN as well as other needed biodata to enable them to access their contributions.

On his part, the Director-General, Nigeria Employers’ Consultative Association, Timothy Olawale, charged employers in the country to comply with the 2014 Reformed Pension Act.