Pension assets grow to N14.06trn as more Nigerians open accounts

The nation’s pension assets have hit N14.06 trillion at the end of April 2022, according to the latest monthly figures of performance of the industry released by the National Pension Commission (PenCom).

The figure obtained on Monday from PenCom website shows that pension assets rose from N13.88 trillion recorded in the same period in March 2022, indicating N181. 34 billion increase month-on-month, as against N113.75 billion increase in March from February performance.

The number of registered contributors also grew to 9.64 million (9,648,213) in April, against 9.30 million in March and 9.27 million in February 2022.

Read also:Sacked Nigerian workers withdrew N5.66bn pension contributions in 3 months – PenCom

Top places where pension funds were invested in April 2022, according to Pension Nigeria, included FG Securities N8.56 trillion, equal to 60.90 percent, while the local money market was N2.225 trillion, equalling 16.04 percent.

Others were Corporate Debt Securities, which accounted for N1.18 trillion, equal to 8.36 percent; domestic ordinary shares N999 billion, equal to 7.11 percent; cash and other assets N365 billion, equal to 2.60 percent.

Real estate properties accounted for 236 billion, equal to 1.68 percent, while State Government Securities accounted for N172 billion, equal to 1.22 percent

In March, N13.88 trillion was recorded, and it comprised of N9.81 trillion in RSA’ Active’ Funds (RSA Funds I, II, III and V); and N1.10 trillion in RSA Retiree Fund (Fund IV);

Others are N1.54 trillion in CPFAs; N1.42 trillion in Approved Existing Schemes, while Fund VI Active and Retiree Fund amounted to N23.16 billion.

Pension Fund Assets were mainly invested in Federal Government Securities (FGN), accounting for 61.26 percent of total assets.

The composition of investments in FGN Securities was FGN Bonds: 92.20 percent; Treasury Bills: 3.45 percent; and Agency Bonds, Sukuk and Green Bonds accounting for 1.29 percent.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now