Investible assets of the contributory pension scheme in Nigeria have grown to over N2 trillion, the Federal Government said yesterday. Secretary of the Government of the Federation (SGF), Alhaji Yayale Ahmed who disclosed this, also revealed that the membership of the scheme, which took off in 2004, today has also grown to about 4.7 million.
Ahmed, who spoke against the backdrop of protection of contributions under the scheme at a two-day international workshop on risk-based supervision by pension regulatory bodies in Abuja, explained that risk-based supervision was very necessary to ensure that contributors receive their retirement benefits as and when due.
The SGF, who was represented by a Permanent Secretary in the office of the SGF in charge of General Services Office, Mr. Femi Olorishade, said: "I am glad to inform you that the pension industry in this country has grown tremendously in terms of membership and accumulated assets in the last seven years. So far, membership in the scheme has grown to about 4.7 million while accumulated pension assets are valued at over N2 trillion (USD13.3 billion).
"These, no doubt, require strict supervision in order to safeguard and provide returns on investment that would ensure contributors receive retirement benefits as and when due."
Meanwhile, following the expiration of the three-week ultimatum given to firms, which have not remitted the retirement benefits of their employees, the National Pension Commission (PENCOM) yesterday said that it has directed its lawyers to institute legal action against erring companies.
Director-General of PENCOM, Dr. Muhammad Ahmad, disclosed this to newsmen at the two-day workshop on risk-based supervision in Abuja.
On the ongoing mergers and acquisitions being entered into by Pension Fund Administrators, he said: "Merger and acquisition of PFAs is a voluntary arrangement and PFAs that feel they need a much larger capacity can come together to provide that on such scale."
Source: Pension assets grow to N2 trillion (http://guardiannewsngr.com/index.php?option=com_content&view=article&id=47050:pension-assets-grow-to-n2-trillion&catid=1:national&Itemid=559)