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Recovery of 24.8 billion pesos from PenCom

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Recovery of 24.8 billion pesos from PenCom

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Employers were able to remit N24.8 billion to the National Pension Commission (PenCom) in the third quarter of 2023.

Pension Funds Operators’ Association of Nigeria Chief Executive Officer Oguche Agudah made the announcement on Friday in Lagos.

“At the dawn of 20 years of pension reform, what are the gains?” was the central question he posed during his statement to the assembled media.

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According to Mr. Agudah, in the third quarter of 2022, PenCom was able to recover N23.3 billion of these money, up from N2.23 billion in the third quarter of 2021.

He went on to say that in the second quarter of 2023, the pensions industry had N17.35 trillion in Assets under Management.

Agudah expanded on this by saying that the government spent N349.97 billion on infrastructure in the second quarter of 2023, up from N333.02 billion in the same quarter of 2022.

Additionally, he mentioned that 2.02% of all investments in the second quarter of 2023 were for infrastructure.

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The industry also put N1.54 trillion into the stock market in the third quarter of 2023, according to Mr. Agudah.

He elaborated by saying that this amounted to 8.88% of all investments, up from N964.84 billion in the same quarter of 2022.

In 2024, when pension reforms commemorate their 20th anniversary, he said the industry will reevaluate its investing criteria and put more emphasis on micro-pensions.

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