• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, August 5, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Sacked Workers Withdraw N188bn From Pension Fund Assets

by Zaka Khaliq
2 years ago
in Business
Aisha-Dahir-Umar

Aisha-Dahir-Umar

Share on WhatsAppShare on FacebookShare on XTelegram

The total withdrawal by disengaged workers who were pension contributors, from the N14.99 trillion pension fund assets, has grown to N188 billion as at the end of 2022, LEADERSHIP can now reveal.

Advertisement

The said amount was withdrawn between 2004, when the Contributory Pension Scheme (CPS) known as the new pension scheme, was established and December, 2022.

However, LEADERSHIP’s findings revealed that a sum of N26.78billion was accessed by 43,557 sacked workers last year alone, translating to about 13 percent of the N188billion total withdrawal as a result of job loss. 

The Pension Reforms Act (PRA) 2014 allows contributors, under the age of 50 years, who were disengaged from work and were unable to secure another job within four months of disengagement, to access 25 per cent of their respective Retirement Savings Accounts (RSAs) balance.

PenCom Promises Improved Service Delivery To Pensioners

RELATED

VAT Revenue Rises By 4.4%To N588bn In Q1 – NBS

Nigeria Records $5.64bn Capital Importation In Q1 2025 — NBS

2 hours ago
Rivers Set To Unlock New Frontiers As Port Harcourt Transforms To Int’l Energy Hub

Rivers Set To Unlock New Frontiers As Port Harcourt Transforms To Int’l Energy Hub

3 hours ago

A document released by the National Pension Commission (PenCom) and sighted by LEADERSHIP yesterday revealed that, in the first quarter of 2022, the commission approved N5.6billion payment to 9,517 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months. 

In the second quarter, however, the regulator approved payment of N6.6billion being 25% of their RSA balances to 9,250 RSA holders who lost their jobs within the period while a sum of N8.28 billion was granted to 11,913 RSA holders in similar circumstance in the third quarter of 2022.

However, in the last quarter of 2022, a sum of N6.3billion was granted to 12,877 RSA holders under the same category even as a total of 43,557 workers in both public and private sectors lost their jobs last year alone and were unable to get new ones within four months, which qualified them to access N26.78 billion last year. 

The harsh business operating environment coupled with high inflation rate and low purchasing power, forex volatility, among others, have forced companies to reduce staff strength, thereby, throwing more people into the already saturated labour market.

To this end, the disengaged workers have resorted to their pension contributions by accessing 25 per cent of their pension savings.

Some of the beneficiaries, industry sources disclosed, invested their money in their business ideas in a bid to be self-employed, while some used it to meet their more immediate financial needs pending when they get a better job offer.   

Responding to questions at the December, 2022 Pension Fund Operators Association of Nigeria (PenOp) media parley in Lagos, the chief executive officer (CEO) of PenOp, Oguche Agudah, had said the 25 per cent permissible withdrawal as a result of job loss, is one of the beauties of the new pension scheme, stating that, pension fund operators are aware that more contributors are taking advantage of this window to access a portion of their pension savings as awareness improves.

He disclosed that, over time, operators have profitably invested the pension assets such that it is yielding good returns on investment, hence, the impact of the 25 per cent withdrawal will not be felt. 

He stated that pension fund administrators will continue to look for additional viable investment options permissible under the law, to grow the assets to ensure that pension contributors can get values for their investment.

Aside the ability to access 25 per cent from their pension savings during job loss, he added that, the industry has also granted permission for contributors to use their RSA balance as mortgage finance, among other initiatives to make the new pension scheme attractive to Nigerian workers in public and private sectors while micro pension scheme has equally been introduced by PenCom to cater for the informal and semi-formal segment of the society. 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: PenCom
SendShareTweetShare
Previous Post

APC Wins Gombe, Jigawa, Yobe, Katsina, Kwara, Ogun, Lagos, Reclaims Sokoto, PDP Clears Oyo, Akwa Ibom

Next Post

INEC Vows To Review All Electoral Irregularities

Zaka Khaliq

Zaka Khaliq

You May Like

VAT Revenue Rises By 4.4%To N588bn In Q1 – NBS
Business

Nigeria Records $5.64bn Capital Importation In Q1 2025 — NBS

2025/08/05
Rivers Set To Unlock New Frontiers As Port Harcourt Transforms To Int’l Energy Hub
Business

Rivers Set To Unlock New Frontiers As Port Harcourt Transforms To Int’l Energy Hub

2025/08/05
FULL LIST: Forbes Names Otedola Among Africa’s Top 20 Richest
Business

‘Banks Sent Pretty Ladies To Me For Deposit, Asked Thugs To Recover Debt’, Billionaire Otedola Reveals

2025/08/05
HEIRS Energies CEO To Advocate Africa’s Energy Sufficiency At US-Africa Energy Forum
Business

HEIRS Energies CEO To Advocate Africa’s Energy Sufficiency At US-Africa Energy Forum

2025/08/05
CBN Anchors Economic Stability With New Rates
Business

CBN Anchors Economic Stability With New Rates

2025/08/05
REA, Yobe Set To Convene Strategic Roundtable On 2023 Electricity Act
Business

REA, Esodora Sign MoU To Boost Energy Access Nationwide

2025/08/05
Leadership Conference advertisement

LATEST

BBNaija10: Bright Lied About Having Girlfriend — Mide

Nigerien, 2 Others Die Of Thirst In Desert En Route Libya

Gov Adeleke Travels To US For Nephew Davido’s White Wedding

IGP Decorates Outstanding Policemen For 2023, 2024

Nigeria Records $5.64bn Capital Importation In Q1 2025 — NBS

Mother, 5 Children Killed As Wall Collapses In Katsina

FCT Police Vow To Rid Abuja Of Shanties, Beggars, Illegal Miners

Ex-FC Porto Captain Costa Dies At 53

Tinubu Signs Nigerian Insurance Reform Bill, Targets $1tn Economy

New APC Chairman Yilwatda Presides Over First NWC Meeting

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.