PenCom asset growth to hit N22 trillion by end of 2024 – DG

Omolola Oloworaran, the Director-General (DG) of the National Pension Commission (PenCom), says the commission is projected to close the year with over N22 trillion in pension assets.

Oloworaran said this at a press conference in Abuja on Thursday.

The conference,with the theme, “Tech-driven Transformation Shaping the Pension Landscape”, showcased PenCom’s strategic commitment to innovation.

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According to the D-G, as at October the Contributory Pension Scheme (CPS) had 10.53 million registered contributors and pension fund assets worth N21.92 trillion.

She said that the numbers reflected PenCom’s unwavering commitment to fund safety, prudent management, and sustainable growth.

She said that some of the economic challenges of the year where high inflation, Naira devaluation, and the lingering effects of unorthodox monetary policies.

She said that they had eroded the real value of pension funds and impacted contributors’ purchasing power.

“To address these issues, the commission has initiated a comprehensive review of its investment regulations.

“It is focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets, and foreign currency-denominated investments.

“The goal is to safeguard contributor savings and ensure resilience against future economic volatility,” she said.

She restated the commission’s commitment to expanding pension coverage, particularly through the advanced micro-pension plan designed to encourage participation from the informal sector using technology.

“This initiative will make it easier for everyday Nigerians to save for retirement, aligning with our vision of inclusive growth and financial stability for all.

“The backlog in retirement benefits for retirees of the Federal Government’s Ministries, Departments, and Agencies (MDAs) will soon be settled.

”The Federal Government recently disbursed N44 billion under the 2024 budget to settle approved pension rights.

“We are collaborating with the Federal Government to institutionalise a sustainable solution to ensure retirees receive their benefits promptly, eliminating delays,” Oloworaran said.

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She said that PenCom’s technology-driven transformation aimed to make the CPS more accessible, reliable, and sustainable.

“From data management to seamless contributions and regulatory supervision, we are paving the way for a future where the pension industry serves all Nigerians effectively,” she said,

Oloworaran also said that the e-application portal for pension clearance certificates, which has replaced manual processes and enhanced ease of doing business.

”Since its deployment, 38,528 pension clearance certificates have been issued.

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“This initiative ensures compliance and secures the future of Nigerians working in organisations that interact with the government,” she said.

Oloworaran urged the media to amplify these initiatives to educate stakeholders.

“Together, we can ensure every Nigerian, including the most vulnerable, enjoys a secure and dignified retirement,” she said.