Tag Archives: PENCOM

With a whopping N16 trillion from Central Bank of Nigeria (CBN), the Pension Scheme, Mortgage institutions and other related financial services organisations, Nigeria’s housing sector is set to receive a boost. Efforts are being made to allow pension contributors to access 25 per cent of the savings in their respective Retirement Savings Accounts(RSAs) for mortgage finance. In order to facilitate ...

Plans are underway to allow pension contributors access 25 per cent of savings in their respective Retirement Savings Accounts (RSAs) for mortgage finance. The new arrangement is to enable the federal government close over N16 trillion housing deficit in the country. Vice President Yemi Osinbajo had in November 2018 hinted that Nigeria’s present housing deficit stood at a staggering 20 ...

The National Pension Commission (PenCom) has cleared 135 companies to bid and participate in federal government businesses. The firms have been issued with certificate of compliance to enable them participate in government deals. PenCom disclosed this in a recent statement published on its website. The companies were certified fit for business by the commission as at January 9, 2019. The ...

Deputy Managing Director of FBNQuest Merchant Bank, Mr. Taiwo Okeowo declared that the Nigerian debt market can fund infrastructure in an interview with Goddy Egene on the potentials of the Nigerian capital market. Excerpts: The N100 billion Sukuk issuance was the first attempt by the federal government to raise funds through a non-interest instrument in the capital markets for infrastructure ...

Eleven years after it was created, the Federal Government and states have cornered over N5 trillion from workers’ pension contributions under the Contributory Pension Scheme for infrastructure development and other financial commitment. The amount received through investment in their various capital market instruments represents over 70 per cent of the N8 trillion pension assets currently being managed by Penson Fund ...

Stanbic IBTC Pension Managers Ltd. (SIPML) says the company’s Assets Under Management (AUM) presently stands at N2.53 trillion with N350 billion invested in the equities market. Eric Fajemisin, SIPML Chief Executive Officer, stated this at a media conference in Lagos. He said that the company’s AUM was in excess of N2.53 trillion with over 1.6 million retirement savings accounts across ...

About N224.30 billion of pension funds representing about 2.89 per cent of pension assets has been invested in the real estate sector of the economy going by statements from the National Pension Commission (PenCom). PenCom’s decision followed pressures from stakeholders urging the regulator not to allow pension funds to be lying idle in the vault but to allow Pension Fund ...

The Director-General of the National Pension Commission (PenCom), Mrs Chinelo Anohu-Amazu, said the World Pension Summit Africa Special that will kick off in Abuja next week will deepen the discussion around ensuring that pension funds were invested in the real sector for visible and measurable impact on the economy, while also boosting retirement benefits, Vanguard reports. Anohu-Amazu said she was ...

The National Pension Commission is set to allow Pension Funds Administrators to invest the growing pension assets in the housing industry, particularly the real estate, in addition to investing it in infrastructure. As of October 2015, the total pension assets under the Contributory Pension Scheme had risen to N5.14tn. While the PFAs have invested these funds in different classes of ...

The National Pension Commission (PenCom) has announced guidelines on withdrawals from Retirement Saving Accounts (RSA) for residential mortgage payment. These guidelines are contained in a document issued by the PenCom last week. In the 2014 Pension Reform Act, the commission had made provision for  Retirement Saving Accounts (RSA) holders to access part of their pension contribution for mortgaged financing. “Section ...