…as membership increase by over 140,000
Amidst Nigeria’s economic headwinds, Nigeria’s Contributory Pension Scheme (CPS) assets have risen by N1.77trn in the first six months of 2023 to hit a record N16.76trn.
As at December 2022 pensions assets were N14.99 trillion.
The Director General of the National Pensions Commission (PENCOM), Aisha Dahiru-Umar made the disclosure in Lagos on Thursday.
When Umar took over office in 2020, pension assets were at N12.31trn.
Represented by the Head of Corporate Communication, Abduqardir Dahiru the DG who spoke at a workshop with the theme, ‘Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction’ the DG further revealed that PenCom’s CPS contributors rose further to 10 million in June.
Contributors were 9.86 million as of the end of December 2022.
But with the aggressive reforms, 146,920 contributors have come onboard within 6 months ending June.
She said, “PenCom’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors. Consequently, Pension assets have risen by N1.77 trillion in the first half of 2023, from N14.99 trillion in December 2022 to N16.76 trillion at the end of June 2023.
“Membership also increased by 146,920 new contributors, from 9.86m members as of the end of 2022 to over 10 million members as of June 2023… Public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their golden years.”
The DG who expressed commitment to a stronger pension industry promised innovative regulations that would make the industry more competitive.
She said PenCom is committed to improving service in the pension industry to better the lives of contributors and retiree alike.
Umar pledged the commission would ensure transparency and accountability approach in its regulation of the industry in order to ensure the safety of pension funds.
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