The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has revealed that pension fund assets in Nigeria reached N21.92 trillion in October 2024, even as challenges persist in the industry.
Oloworaran made this disclosure on Thursday, noting that the challenges are being addressed through several initiatives, including a comprehensive review of the Investment Regulations, among others.
She stressed that the organization is addressing the economic realities and challenges that have eroded the real value of pension funds in Nigeria.
She shared developments within the Commission during the 2024 PenCom Media Conference, attended by Naijaonpoint.
The event was themed “Tech-Driven Transformation: Shaping the Pension Landscape.”
The DG revealed that as of October 2024, the Contributory Pension Scheme (CPS) had recorded 10.53 million registered contributors and boasted pension fund assets of N21.92 trillion, adding that the assets are expected to reach N22 trillion by the end of the year.
“However, the economic realities of 2024 and preceding years present unique challenges,” she added.
“To address these challenges, PenCom has initiated a comprehensive review of the Investment Regulations, focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets, and foreign-currency-denominated investments,” she said.
She pointed out that expanding pension coverage to reach the unserved remains a top priority for the Commission.
“Recently, N44 billion was released under the 2024 budget appropriations to settle accrued pension rights for retirees from March to September 2023.
“Moving forward, we are working with the Federal Government to institutionalize a sustainable solution, ensuring retirees receive their benefits promptly and without undue stress,” she said.
She said the initiative replaces the manual process, enabling companies to seamlessly apply for and receive PCCs online, adding that this year, 38,528 PCCs have been issued so far.
Naijaonpoint reports that in May 2024, the Nigerian pension industry maintained its uptrend, reaching an all-time high of N20.23 trillion.
Data from the National Pension Commission (PenCom) indicates that the total pension assets in the industry surged to N20.23 trillion in May 2024, up from N16.11 trillion in May 2023, representing a 25.6% year-on-year increase.