Pension funds surged to N20.48trn in June – PenCom

The National Pension Commission (PenCom) has revealed that it recorded N20.48 trillion as total pension fund assets in June, 2024. The figure represents an increase of N256.76bn or 1.27 per cent compared to the N20.22trn recorded in May, PenCom said in its 2024 June Monthly Report. The unaudited report on the pension funds industry portfolio […]

The National Pension Commission (PenCom) has revealed that it recorded N20.48 trillion as total pension fund assets in June, 2024.

The figure represents an increase of N256.76bn or 1.27 per cent compared to the N20.22trn recorded in May, PenCom said in its 2024 June Monthly Report.

The unaudited report on the pension funds industry portfolio for the period ended June 30, 2024, included federal government securities like bonds, treasury bills, sukuk and green bonds.

According to the report, as of June, about N12.96trn (63.27 per cent) of the funds was invested in FGN securities, slightly higher than 63.22 per cent in May.

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The data showed that corporate debt securities rose to N2.20trn (10.78 per cent) and money market instruments accounted for N1.91trn (9.34 per cent).

However, the agency said investment in mutual funds declined to N83bn (0.41 per cent) from N95bn or 0.47 per cent recorded in the previous month.

Meanwhile, PenCom in a statement on Wednesday, announced that its newly appointed acting Director General (DG), Omolola Oloworaran, assumed duties pending her confirmation by the Senate in line with the provisions of Section 26 (1) of the Pension Reform Act 2014.

The statement reads in part: “Omolola is poised to explore new frontiers in the implementation of the Contributory Pension Scheme (CPS) by sustaining pension assets on the growth trajectory, ensuring increased CPS membership and supporting coverage expansion initiatives.

“She is committed to the expeditious payment of retirement benefits while deepening the pension investment horizon for enhanced returns to contributors and retirees.”