National Pension Commission (PenCom) says the nation’s total pension assets have risen to over N13 trillion.
Director-general of the pension commission, Aisha Dahir-Umar, made the disclosure yesterday at the opening ceremony of the two-day sensitisation workshop on the “Eradication of Pension Fraud in Nigeria” in Abuja.
That means the pension assets’ value rose by N22 billion between September this year and now.
In a report of performance of the pension industry that was released in September, PenCom had said the assets rose by N123.47 billion in July 2021 to close at N12.78 trillion compared to the N12.66 trillion rate recorded in the previous month.
The DG said the pension reform of 2004 by the federal government, including introduction of legal and institutional frameworks aimed at addressing the rot that characterised the administration of pensions in the pre-reform era are part of measures that have substantially restored credibility and confidence in Nigeria’s pension system. “Thus, we have, today, an industry that has accumulated pension assets in excess of N13 trillion, invested in various aspects of the economy and still growing,” she stated.
Dahir-Umar said PenCom has consistently undertaken public education, enlightenment and awareness campaigns on the CPS and other pension matters.
According to her, PenCom has also developed and established structures, systems and procedures that ensure transparency, accountability and efficiency in the administration of pension in Nigeria. “These systems and procedures have become reference points for other African countries, many of whom have undertaken study visits to the commission,” she said.
The PenCom DG however decried the incidences of fraud in the pension sector in Nigeria, saying there is urgent need to find ways of eradicating the menace in a proactive manner.
“Rtrogressive elements continued to exploit procedural gaps in the operations of pension practitioners in both the CPS and DBS to the detriment of unsuspecting public. Thus, new issues and challenges continue to emerge, which place special responsibility on the regulators, the operators and other stakeholders to constantly review their operating environment with a view to finding solutions to address the problems,” she said.
The event was organized to create the synergy needed to boost the efforts of the two organizations in the discharge of their respective statutory mandates relating to the theme of the workshop.