By Afolabi Oyekunle The National Pension Commission says Nigeria’s pension assets have risen to over ₦32 trillion, equivalent to 10.4% of Gross Domestic Products. PenCom Director-General Omolola Oloworaran said this in Abuja while receiving a delegation from Kenya’s Retirement Benefits Authority for a four-day study visit. Pencom DG Omolola Oloworaran Represented by the Director of the Surveillance Department, Abdulrahaman Muhammad Saleem, the Director General highlighted the remarkable growth recorded under Nigeria’s CPS since its introduction. She said growth in pension assets over the years reflects the sustained success of the country’s pension reform implemented since 2004. She said the industry’s growth has been driven by consistent regulatory reforms, stronger governance standards and enhanced supervisory mechanisms designed to protect contributors’ funds and improve retirement outcomes. The Director General described the Federal Government’s recent settlement of ...
By Afolabi Oyekunle A 𝘗𝘶𝘣𝘭𝘪𝘤 𝘗𝘰𝘭𝘪𝘤𝘺 𝘈𝘯𝘢𝘭𝘺𝘴𝘵 & 𝘎𝘰𝘷𝘦𝘳𝘯𝘢𝘯𝘤𝘦 𝘚𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘴𝘵, 𝗦𝗵𝗮𝘁𝗮𝗺𝗶 𝗧. 𝗕𝘂𝗺𝗯𝗮 has faulted the inconsistent in the Contributory Pension Scheme. He said under the scheme, the senior citizens are being systematically impoverished by a financial model that fails to account for macroeconomic volatility. He posited that while the National Pension Commission (PenCom) frequently celebrates the growth of total pension assets, now exceeding ₦30 trillion, the purchasing power of the individual retiree is being aggressively eroded. "The system may have eliminated the long physical queues of the old Defined Benefit era, but it has replaced them with a quiet, digitized destitution." Consider the empirical flaws currently affecting our retirees: • 𝗧𝗛𝗘 𝗡𝗘𝗚𝗔𝗧𝗜𝗩𝗘 𝗥𝗘𝗔𝗟 𝗥𝗘𝗧𝗨𝗥𝗡𝗦: In the recent fiscal cycle, many Pension Fund Administrators (PFAs) reported returns on Fund II (the default fund f...