PenCom: Pension fund assets increased to N20.48trn in June — up by N256bn

The National Pension Commission (PenCom) says it recorded N20.48 trillion as total pension fund assets in June.

This figure represents an increase of N256.76 billion or 1.27 percent compared to the N20.22 trillion recorded in May.

The data is contained in PenCom’s ‘2024 June Monthly Report’.

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

According to the report, as of June, about N12.96 trillion (63.27 percent) of the fund was invested in FGN securities, slightly higher than 63.22 percent in May.

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

However, the agency said investment in mutual funds declined to N83 billion (0.41 percent) from N95 billion or 0.47 percent recorded in the previous month.

Also, retirement savings account (RSA) registration rose from 10,351,624 in the previous month to 10,381,019 – representing an increase of 0.28 percent.

On July 13, President Bola Tinubu appointed Omolola Oloworaran as the director-general (DG) of the PenCom.

Oloworaran replaces Aisha Dahir-Umar, who was confirmed as the substantive director-general of PenCom in 2017.

However, TheCable has reported that except the Pension Reform Act, 2014 is amended ahead of her confirmation hearing by the senate, Oloworaran is not statutorily qualified to be PenCom DG.