Pension fund assets hit N16.76trn in H1 2023
By Chukwuma Umeorah
The National Pension Commission (PenCom) has announced an increase in pension assets by N1.77 trillion, propelling the total assets from N14.99 trillion in December 2022 to N16.76 trillion by the end of June 2023.
The Director-General of the PenCom, Aisha Dahir-Umar, announced this during the Commission’s 2023 media conference held in Lagos on Thursday.
Aisha, who was represented by thy Head, Corporate Communication, PenCom, Abdukadir Dahiru, noted that the significant growth in pension assets highlights the robustness of the Contributory Pension Scheme (CPS) and its role in fostering financial security for both public and private sector workers during their retirement ye
“PenCom’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contribution,” he said.
Dahir-Umar added that there have been an increase in membership which further demonstrates the effectiveness of their approach.
“Membership surged by 146,920 new contributors, expanding from 9.86 million members at the end of 2022 to over 10 million members as of June 2023,” she revealed.
The conference, organised by PenCom, aimed to enhance public understanding of pension matters and discuss strategies for transforming service delivery in the pension industry.
It featured three enlightening lectures, addressing essential aspects of pension system service delivery. One of the papers, titled “Enhancing Customer Service in the Pension Industry: PenCom’s New Strategic Plan,” underscored the Commission’s commitment to elevating customer service standards through the establishment of the Consumer Protection Department (CPD) to prioritise the well-being of Retirement Savings Account holders.
The Head of the CPD, PenCom, Ikenna Chidiebere, while delivering his lecture highlighted the importance of the RSA holders and why their interests should be utmost priority.
Other critical issues including assisting RSA holders to secure their future homes through the Commission’s Mortgage Financing, measures in maintaining transparency, fairness, and efficiency and using within the pension sector among others were discussed at the forum.
In her closing remarks, Dahir-Umar expressed gratitude to various organizations for their continuous support and partnership in advancing PenCom’s mission. She encouraged a spirit of learning, collaboration and progress among the conference participants.
The conference provided valuable insight into the ongoing transformation of the pension industry, with the headline growth in pension assets serving as a testament to the industry’s resilience and positive trajectory.
