Nigeria’s
Pension Commission (PenCom) will soon release guidelines on the new
investment structure of the nation’s accumulated contributory pension
assets put at over N4.6 trillion today.
The guidelines will help push the
diversification of the nation’s pension assets because at the
moment, slightly over half of the accumulated assets is invested in
fixed income- the Federal government bond- and about 11 percent in
equities.
In fact, 33 percent of the bonds issued
locally are subscribed to by pension assets Nigeria’s pension
industry has grown tremendously pushed by reforms in the last ten years,
but there are suggestions that the huge asset could begin to fund
the nation’s infrastructure, and help close development gaps.
Misbau Umar Yola, MD, Legacy Pension
Managers and chairman, Pension Operators of Nigeria, speaking to some
select journalists on the outcome of the industry consultative forum at
the weekend disclosed that the draft document is being finalised and has
been exposed and discussed with all stakeholders for input.
According to him, a major difference
between the awaited investment guidelines and the old one is the multi
funds structure, but the primary goal is safety, in terms of liquidity
and returns.
“We are waiting for it, may be by June, it will be released,” he noted.
The consultative forum allows PenCom to
meet operators every two months to discuss issues that affect
the industry – both operational and strategic.
Yola said a critical challenge that was
discussed at the meeting is compliance (registration and remittance) and
how to get the informal sector on board.
Meanwhile, the recovery agents engaged by PenCom have already made recoveries of about N7.5 billion.
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