PenCom recovers N24.8bn of funds not remitted by employers

Agudah said PenCom recovered N23.3 billion of such funds in the third quarter of 2022, while it recovered N2.23 billion in the third quarter of 2021.

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PenCom, recovers N24.8bn, funds not remitted, employers
Officials of PenOp and PenCom at the 2023 PenOp media parley on Friday in Lagos

The National Pension Commission (PenCom) recovered N24.8 billion of funds unremitted by employers in the third quarter of 2023.

Mr Oguche Agudah, Chief Executive Officer of Pension Funds Operators Association of Nigeria (PenOp) made the declaration on Friday in Lagos.

He spoke at a media parley with the theme: “At the dawn of 20 years of pension reform, what are the gains’’?

Agudah said PenCom recovered N23.3 billion of such funds in the third quarter of 2022, while it recovered N2.23 billion in the third quarter of 2021.

He said also that the pensions industry recorded an Asset under Management of N17.35 trillion in the second quarter of 2023.

BRANDPOWER reports that PenCom made investments of N349.97 billion in infrastructure in the second quarter of 2023, up from the N333.02 billion invested in the corresponding quarter of 2022, Agudah added.

Investments in infrastructure, he also said, represented 2.02 per cent of total investments made in the second quarter of 2023.

Agudah said the pensions industry also invested N1.54 trillion in the equities market in the third quarter of 2023.

This, he explained, represented 8.88 per cent of total investments, as against the N964.84 billion invested in the corresponding quarter of 2022.

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He said the pension industry would focus more on micro-pensions and revise its investment guidelines in 2024 when it celebrates the 20th year of pension reforms.

In his remarks, Mr Lanre Idris, Head, Media Committee, PenOp, noted that the pensions industry had recorded enormous transformation and progress in the last 20 years of reforms.

He stressed that the collective efforts of stakeholders had changed the face of the industry through reforms and evolution of ideas.

BRANDPOWER reports that PenCom exists for the effective regulation and supervision of the Nigerian Pension Industry to ensure that retirement benefits are paid as and when due.

Its avowed vision is to be an efficient regulator that promotes a resilient and sustainable Pension Industry delivering positive and measurable impact for contributors and the economy.