Pension assets to hit N22trn before January
The National Pension Commission (PenCom) is projecting to close 2024 with over N22 trillion in pension assets, according to the Director-General, Omolola Oloworaran. Speaking at a media conference in Abuja on Thursday, Oloworaran disclosed that as of October 2024, the Contributory Pension Scheme (CPS) had 10.53 million registered contributors and pension fund assets worth N21.92 […]
National Pension Commission (PenCom)
The National Pension Commission (PenCom) is projecting to close 2024 with over N22 trillion in pension assets, according to the Director-General, Omolola Oloworaran.
Speaking at a media conference in Abuja on Thursday, Oloworaran disclosed that as of October 2024, the Contributory Pension Scheme (CPS) had 10.53 million registered contributors and pension fund assets worth N21.92 trillion.
“These numbers reflect our unwavering commitment to fund safety, prudent management, and sustainable growth,” Oloworaran said.
She highlighted the economic challenges of 2024, including high inflation, naira devaluation, and the lingering effects of unorthodox monetary policies, which have eroded the real value of pension funds and impacted contributors’ purchasing power.
According to her, to address these issues, PenCom has initiated a comprehensive review of its investment regulations, focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets and foreign currency-denominated investments.
She added that the conference, themed: “Tech-driven Transformation Shaping the Pension Landscape”, showcased PenCom’s strategic commitment to innovation.
Also in his presentation, the Chief Executive Officer of the Pension Fund Operators Association of Nigeria (PenOp) Oguche Agudah noted that innovations in the sector has led to steady growth of pension fund assets, adding that “Strategic investments will be targeted for the year 2025.”