Follow Us on Google
The National Pension Commission (PenCom) has accumulated assets worth over N9.4 trillion as at August 2019.
These pension assets are overwhelmingly invested in the economy, with positive impact in all major sectors and a significant contribution to the Gross Domestic Product (GDP). However, the regulator is worried that, despite the provision of the enabling law, which only empowers it to issue regulations on investment of Pension Funds and Assets to guide the investment activities of licensed operators, the Commission is increasingly inundated with requests for ‘clearance’ of several business proposals to enable Pension Fund Administrators (PFAs) finance new initiatives with pension fund.
The law does not allow PenCom to approve any specific instrument for mandatory investment by operators. This was disclosed by the Acting Director-General of the National Pension Commission, Aisha Dahir-Umar, yesterday in Abuja during her opening remarks at the 7th Conference for Directors of Pension Fund Operators.
Expressing concern over the pressure in some quarters to invest pension assets in new investments, contrary to the law, Aisha Dahir-Umar said : “What is news, however, is the recent upsurge of clamour for deployment of pension funds to support several new initiatives in both the public and private sectors.
