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NIGERIA: Pension Assets Hit N3.7 Trillion

The Acting Director General of the National Pension Commission (PenCom), Mrs Chinelo Anohu-Amazu, has said over N3.72 trillion had so far been generated as investible funds into various financial instruments.
She also said about 5.82 million contributors had been registered in the contributory pension scheme (CPS).
Speaking at the formal opening of its South-east zonal office in Awka, Anambra State, she said the commission had remained steadfast in the implementation of the CPS within its few years of existence, leading to some modest achievements.
 
The Pencom boss, in a statement by the organisation’s Head, Communication Unit Mr. Emeka Onuora, also said the commission had made an input in the process of the amendment to the Pension Reform Act 2004, which is at the final stage of consideration at the National Assembly.
Nevertheless, she regretted that the South-east zone known to be highly industrious was yet to  take its rightful place in the adoption and implementation of the CPS.
 
Specifically, the acting DG noted that Abia , Ebonyi and Enugu states were yet to enact the law on the CPS while Imo State had enacted its law on CPS in 2008 and appointed Pension Fund Administrators (PFAs) to register its employees. She regretted however, that the state had currently suspended the implementation of the scheme.
 
She said the commission was currently exploring the possibility of allowing contributors to utilise part of their retirement savings account balance to part-finance the acquisition of homes, pointing out that these facilities would be availed to states that have fully embraced the scheme.
Governor Peter Obi thanked PenCom for establishing the South-east zonal office in Awka and assured the commission of compliance with the CPS by the state.

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