Home News PenCom recovers N24.8 billion in unremitted funds

PenCom recovers N24.8 billion in unremitted funds

by Akeem Adeyemi
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PenCom recovers N24.8 billion in unremitted funds

In the third quarter of 2023, the National Pension Commission (PenCom) achieved a significant milestone by recovering N24.8 billion in funds that had been previously unremitted by employers.

Oguche Agudah, the Chief Executive Officer of the Pension Funds Operators’ Association of Nigeria, shared this positive development during a media parley in Lagos, addressing the theme: “At the dawn of 20 years of pension reform, what are the gains?”

Mr Agudah highlighted the continuous success of PenCom in fund recovery, revealing that N23.3 billion had been recovered in the same quarter of the previous year, and N2.23 billion in the third quarter of 2021. The commitment to addressing unremitted funds underscores the regulatory authority’s dedication to ensuring the financial health of the pension system.

Providing insights into the overall performance of the pensions industry, Mr Agudah disclosed that the Asset under Management (AUM) reached N17.35 trillion in the second quarter of 2023. Additionally, investments in infrastructure saw a noteworthy increase, totalling N349.97 billion in the same quarter—a rise from the N333.02 billion invested during the corresponding period in 2022. Notably, investments in infrastructure constituted 2.02 per cent of the total investments in the second quarter of 2023.

Further emphasizing the industry’s dynamic investment strategy, Mr Agudah revealed that N1.54 trillion had been invested in the equities market during the third quarter of 2023.

This represented 8.88 per cent of the total investments and marked a substantial growth from the N964.84 billion invested in the equities market during the corresponding quarter of 2022.

Looking ahead to the industry’s future initiatives, Mr Agudah shared that there would be a heightened focus on micro-pensions, and the investment guidelines would undergo revision in 2024.

As the pension industry commemorates the 20th year of pension reforms, these strategic measures aim to enhance the sector’s resilience and responsiveness to evolving financial landscapes.

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