Nigeria’s pension fund hits N12.66tr – PenCom

The Director-General of the National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, said on Monday the country’s pension fund has increased to N12.66 trillion.

Dahir-Umar, who disclosed this at the 2021 Journalists Workshop held in Lagos, revealed the number of contributors under the Contributory Pension Scheme (CPS) currently stands at 9.38 million.

She assured stakeholders in the pension industry that the implementation of the CPS remained on course.

Represented at the forum by Peter Aghahowa, PenCom’s Head of Corporate Communications, Dahir-Umar noted that the consistent growth of the pension industry justified the commission’s overriding investment philosophy of ensuring the safety of pension assets.

She stressed that the emergence of the COVID-19 pandemic necessitated the review of business processes in organizations across the world.

The PenCom chief said: “COVID-19 has engendered socio-economic disruptions of the entire global order, with multifarious challenges in conducting hitherto routine activities.

“It was, therefore, imperative for the commission to deepen technological innovation to navigate through the challenges imposed by the pandemic.

“The most recent technological innovation introduced by the commission is the in-house designed and developed an online enrolment application.

“The application has capabilities to register, verify and enroll prospective retirees of Treasury-Funded Federal Ministries, Departments, and Agencies (MDAs).”