Its countdown to the 20th anniversary of pension reform in Nigeria and already 1. 63 trillion Naira has been paid as lump sum to Retirees on Programmed withdrawals and Annuity as at June 2023 and over 208 billion Naira representing 25% RSA balance has been paid to eligible workers who lost their jobs.
Mr Oguche Adudah who is the Chief Executive Officer, Pension Fund Operators Association of Nigeria, Penop at a virtual media training revealed that those on programmed withdrawal had received about N1 trillion at the end of June 2023, just as over N665 billion had been paid to about 112,000 applicants on life annuity.
The virtual session with the theme, ‘At the dawn of 20 years of Pension, what are the gains?’ was an opportunity for Penop to address critical issues raised by the media and share the way forward. The focus next year will be on Micro Pensions; more applicants and approvals for RSA Mortgage as well as Revision of investment guidelines.
The Penop CEO said in the coming year, there would be more hat the industry would engage the Governor’s Forum to ensure that more states benefit from the Contributory Pension Scheme.
Adudah revealed that Pension fund investments were spread in critical sectors of the economy that include Conglomerates, Banks, Housing, Oil and gas, manufacturing, infrastructure and Agriculture. Total investment of the funds stood at 1.86 trillion Naira as at September 2023 with infrastructure alone accounting for over 349 billion Naira.
In meeting the over 28 million estimated housing deficit in the country, the Penop CEO said out of the 20% equity contribution for Mortgage, more than 600 applicants have accessed over 7.8 billion Naira by the end of the second quarter of 2023. By the middle of the year, the industry, he said had paid out over N356 billion Naira to more than 91,000 employee beneficiaries.
The Pension Fund Operators Association of Nigeria Penop is an independent, non-governmental body established to ensure International best practices as it relates to the Pension Industry
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