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The National Pension Commission (PenCom) says the total number of registered contributors and the value of pension fund assets stand at 9,795,957 million and N14.27 trillion respectively, as at June 2022.
The Director -General, PenCom, Mrs Aisha Dahir-Umar gave the figure at a workshop organised by the Commission for journalists covering the pension industry on Thursday in Lagos.
The theme of the workshop was, “Increasing Informal Sector Participation In The Contributory Pension Scheme (CPS) :The case for Micro Pension Plan (MPP).”
Dahir-Umar, represented by the Head, Corporate Communications, Mr Abdulqadir Dahiru, said increasing number of pension contributors and fund was responsible for the recapitalisation of the Pension Fund Administrators (PFA’s) by PenCom.
“The reason for the recapitalisation exercise was to ramp up the capacity of the PFA’s to manage the increasing number of registered contributors and the value of pension fund assets which stood at 9,795,957 million and N14.27 trillion respectively, as at June 30,2022.
“PenCom increased the Minimum Regulatory Capital (Shareholders’ Fund) requirements of PFAs from N1 billion to N5 billion in 2021. “All PFAs have complied with the Commission’s directive to increase their minimum capital during the exercise which had a 12-month transition between April, 27 2021 to April, 27 2022,” she said.
