Nigeria’s pension assets hit N4tr – and counting

The National Pension Commission (PENCOM) said on Tuesday that pension assets are now in excess of N4tr ─ compared to liabilities of over N2tr before reform 10 years ago.

Mrs Chinelo Anohu-Amazu (pictured), acting director-general of PENCOM, disclosed this to the media in Abuja.

The news conference is to herald the African World Pension Summit to be held in Nigeria in July.

Anohu-Amazu said more than 98,000 workers had retired so far and were receiving retirement benefits “as and when due”.

“In the past, they joined long queues, in fact some even died in the process, in terms of safety, the pension fund assets are ring-fenced,” she said.

According to her, the pension journey has been very challenging, but when one looks at the success recorded, it is inspiring.

“Concerned by the magnitude of issues and lack of transparency in pensions in Nigeria, the then President Olusegun Obasanjo constituted a Pension Reform Committee.

“It was the committee’s work that culminated into the PRA 2004. At the time, there were lots of apprehensions on the part of stakeholders.

“Their concerns were understandable, considering outcomes of other reforms by government in the past.

“Ten years now, I am glad that having seen PenCom’s steadfastness in protecting the interest of retirees, labour is one of our greatest supporters”, she said.

Mr Eric Egginu, Chairman, World Pension Summit, said it was formed five years ago and the focus of this year’s summit was on Africa.

Egginu said about 55 African countries would be in attendance, adding that the summit would be the first to be held in Africa.

He said that the summit would share ideas and knowledge to improve the pension system on the continent.

He said the summit would change the lives of the people and bring about unity, peace and development in Africa and the world in general.

According to him, “when we talk of pension, we talk about our lives. Pension is not all about saving money, it is about taking care of our lives.”

He said he was happy to be in Nigeria for the summit.

Chairman of Pension Operators of Nigeria and Managing Director of Legacy Pensions, Mr Misbau Yola, said the reform was responsible for the tremendous successes of the scheme.