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Pension assets in Nigeria rise by N1.68trn
The National Pension Commission (PenCom) has disclosed that pension fund assets in Nigeria increased from N13.76 trillion to N15.45 trillion within a year.
This represents a growth of N1.68 trillion from February 2022 to February 2023.
A PenCom report included details on approved existing schemes, closed pension fund administrators, and retirement savings account (RSA) funds, including unremitted contributions at the Central Bank of Nigeria and legacy funds.
READ ALSO:PenCom cuts off more than 2,000 retirees from monthly payment over N500,000 rule
The report also revealed that 64.4 percent of the total funds, amounting to N9.98 trillion, were invested in federal government securities such as bonds and treasury bills, while the rest was invested in domestic and foreign ordinary shares, real estate, corporate debt securities, and supranational bonds.
The report also revealed that the number of retirement savings accounts as at February 28, 2023, was 9,919,281.
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