The Chief Executive Officer of the Pension Funds Operators’ Association of Nigeria, Mr. Oguche Agudah, disclosed Friday that the National Pension Commission (PenCom) recovered N24.8 billion of funds unremitted by employers in the third quarter of 2023.
Agudah, who spoke at a media parley with the theme “At the dawn of 20 years of pension reform, what are the gains?”, said the commission’s unremitted funds recovered in the corresponding quarter of last year stood at N23.3 billion compared to the N2.23 billion recovered in the third quarter of 2021.
Similarly, he reported that the pensions industry recorded an Asset Under Management of N17.35 trillion in the second quarter of 2023 and that “it made investments of N349.97 billion in infrastructure in the second quarter of 2023, up from the N333.02 billion invested in the corresponding quarter of 2022.”
The industry expert further clarified that in the quarter under review, investments in infrastructure stood at a mere 2.02% of total investments compared with the N964.84 billion invested in the corresponding quarter of 2022.
Agudah said the pension industry would focus more on micro-pensions and revise its investment guidelines in 2024 when it celebrates the 20th year of pension reforms.
On the 2024 Pension business outlook, he explained that the pension industry would focus more on micro-pensions and revise the industry’s investment guidelines in 2024 to mark the 20th Anniversary of pension reforms in the country.
