Nigeria: 5 Million Contributors Raise N20bn Monthly –PENCOM
Joy Olekanma
20 September 2011
Port Harcourt — NATIONAL Pension Commission(PENCOM) has registered 4.7 million contributors whose monthly Retirement Savings Account contribution has hit N20 billion under the contributory pension scheme.
This was revealed by the Director General of PENCOM, Alhaji M.K. Ahmed, Tuesday in Port Harcourt at a one-day interactive session with stakeholders organized by PENCOM in collaboration with the Nigeria Employers Consultative Association (NECA).
He said the total assets under the management of licensed operators of the National Pension Commission (PENCOM) has risen to N2.2 trillion.
Ahmed, who was represented by Mallam Rabiu Musa, said the commission assets investment regulation is guided by the principles of prudence, conservatism, stringence and consultative processes which involves effective monitoring of the pension portfolio to ensure compliance with regulations and good conduct by pension operators as well as mitigate potential risk.
“In order to promote pension fund investment in the real sector, the commission revised regulation on investment of Pension Fund Assets in December 2010 by increasing allowable assets, increasing portfolio limit and direct investment on commercial papers”, he explained.
Earlier, in his opening remarks, Mr. O.A. Oshinowo, Director General of NECA, disclosed that out of the 1.3 million contributors to the National Social Insurance Trust Fund (NSITF) scheme, only 62,406 people have applied for the transfer of their contributions to PENCOM.
Oshinowo who was represented by Mr Timothy Olawale said “We urge employers to encourage their employees who participated in the NSITF scheme to contact their Pension Fund Administrators (PFAs) for the transfer of their contributions,” he appealed.
Speaking on the challenges employers face with the pension reform, Chief Chris Biriowu, Human Resource Compliance Manager, Schlumberger Nigeria Limited highlighted increased burden as a result of imposed contribution formula, definition of monthly emoluments and scarcity of data regarding remittances made by employers, improper resolution of problems related to non-decentralization of PENCOM offices.
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Nigeria: 5 Million Contributors Raise N20bn Monthly –PENCOM