News
States Borrow N151.95bn From Pension Funds

Pension fund operators have invested N151.95billion of the increasing pension funds under the Contributory Pension Scheme in state governments’ securities as at the end of the second quarter of 2018.
Figures obtained from the National Pension Commission revealed that this amounted to 1.8 per cent of the total pension funds, which stood at N8.23trillion in the period under review.
The commission had also barred the pension operators from investing the increasing funds in state government’s securities that had yet to comply with the Contributory Pension Scheme.
According to the commission, 27 states have enacted laws on the CPS, while eight states are at the bill stage. One state, however, has yet to commence the process of enacting the law on the CPS.
The commission noted that 12 out of the 36 states had commenced remittance of contributions into the RSAs of their employees, while eight states had commenced the funding of their Retirement Benefit Bond Redemption Fund Accounts.
PenCom also revealed that the operators had invested a substantial part of the pension funds in the Federal Government’s bonds and treasury bills.
The commission’s report stated that some of the money was invested in agency bonds, supra-national bonds, commercial papers, foreign money market securities, and open/close-end funds.
Other investment portfolios where the operators invested the funds are real estate investment trusts, private equity funds, infrastructure funds, cash and other assets.
The acting Director-General, PenCom, Ms. Aisha Dahir-Umar, said the pension funds had improved the savings culture of workers and constituted a pool for investment.
According to her, the sector contributed about 6.54 per cent to the country’s gross domestic product as of March.
Dahir-Umar added that the fund had provided capital that further deepened the financial markets.
News
Group Doles out N13m To Market Women In Isiama
News
Fubara’s Return Excites NCSU … As Hope Rises For Civil Servants
News
NDDC Organizes ADR Capacity Building for Staff
-
Maritime2 days ago
Minister Tasks Academy On Thorough-Bred Professionals
-
Maritime2 days ago
Customs Cautions On Delayed Clearance, Says Consignees May Lose Cargo
-
Maritime2 days ago
NCS Sensitises Stakeholders On Automated Overtime Cargo Clearance System
-
Maritime2 days ago
Lagos Ready For International Boat Race–LASWA
-
Maritime2 days ago
Shoprite Nigeria Gets New Funding to Boost Growth, Retail Turnaround
-
Politics2 days ago
I Would Have Gotten Third Term If I Wanted – Obasanjo
-
Sports2 days ago
Bournemouth, Newcastle Share Points
-
Sports2 days ago
Iwobi Stars As Fulham Overcome Brentford