Pension Assets Value Hits N7.779 Trillion, As Contributors Increase To 7.90 Million

Director General PenCom, Aisha Dahir-Umar

By CLEMENT NWOJI, Uyo

The National Pension Commission (PenCom) has disclosed that the net value of the pension assets has grown to N7.779 trillion as at February 28, 2018.

Also, the number of contributors had grown to 7.90 Million as at February 28, 2018.

The Acting Director of the PenCom, Mrs. Aisha Dahir-Umar, made these disclosures while delivering an opening remarks at a workshop organised for Journalists by the Commission in Le Meridien Ibom Hotel and Resort, Uyo, Akwa Ibom state.

In respect of the current growth in the value of net assets of the Contributory Pension Fund, she said it represents an increase of N270 billion up from the value of N7.52 billion as at December 31, 2017.

Further, she explained that the growth in number of pension contributors grew by 390,000 as it increased from 7.50 Million as at March 31, 2017 to 7.89 million as at December 31, 2017 and then to 7.90 million as at February 28, 2018.

The PenCom Director General who was represented by the Commission’s Secretary and Legal Adviser, Mohammed Sani Mohammed, explained the increase in net assets of the pension funds was due to “new contributions received, interests/coupon from fixed income securities and net realised gains on equities and mutual fund investments.”

She assured the Commission was intensifying efforts at ensuring the provision of necessary infrastructure for the launching of the Micro Pension Scheme in line with the Commission’s strategic objective of expanding the coverage of the CPS to the underserved sectors.

……..Details later