The Acting Director General of the National Pension Commission, Omolola Oloworaran, has disclosed that the pension fund assets under the Contributory Pension Scheme have risen to N20.79trn as of July 2024.
She stated this at the Quarterly Consultative Forum for states and the Federal Capital Territory pension bureaus/boards/commissions in Lagos on Wednesday.
Oloworaran also revealed that states had collectively remitted over N236.7bn between January 2020 and the second quarter of 2024.
“Pension fund assets under the CPS continue to grow, with total Assets under Management soaring to N20.79trn as of July 2024. We are pleased to note the steady remittance of contributions by states, with over N236.7bn remitted by States between January 2020 and the second quarter of 2024,” he stated.
Oloworaran added that based on the record as of Wednesday, 25 states, including the FCT, have enacted pension laws on the CPS, while six were at the bill stage.
“Six other states have adopted the Contributory Defined Benefits Scheme, a hybrid of the CPS. However, only eight States are fully implementing the CPS, out of the 25 states that have enacted pension laws,” she remarked.
The Acting DG of PenCom commended Lagos State for its exemplary implementation of the CPS, which included consistent contributions, funding of accrued rights, and the establishment of group life insurance policies.
She noted that five states, including Lagos, Niger, Osun, Ekiti, and Delta, had issued state bonds financed by pension funds, with Lagos’ Lekki-Ikoyi Bridge partially funded through that mechanism.
The Permanent Secretary at the Office of the Head of Service, Sunkanmi Oyegbola, stated that the forum held in Lagos served as a platform for stakeholders in the pension industry to exchange ideas, address challenges, and explore strategies to enhance pension administration.
She called for improved transparency and efficiency from pension fund administrators to ensure timely processing of retirement benefits.
