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Pension assets rise to N5.9tn in September

At the end of September this year, the total assets under the Contributory Pension Scheme rose to N5.9tn.

The Director-General, National Pension Commission, Mrs. Chinelo Anohu-Amazu, disclosed this during a seminar in Abuja.

She said “Some of the major success indicators include the consistent growth in a large pool of pension assets of over N5.9tn, which is invested in structured and safe financial instruments; and registration of 7.2 million pension contributors and 170,000 retirees under the CPS, among others”.

Represented by the Commissioner in-charge of Inspectorate at PenCom, Prof. Mohammed Abubakar, she said the relative success of the implementation of the Pension Reform Act could largely be attributed to the fundamental structures upon which the CPS was built.

Anohu-Amazu added that the cardinal principle of separation of custody from management and supervision of pension funds had resulted in a pension scheme with sound internal mechanism for transparency and accountability.