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Contributory Pension Scheme: Pension assets hit N16.76trn in Q3
Contributory Pension Scheme: Pension assets hit N16.76trn in Q3
By nigeriancourier.com on October 10
Mrs. Aisha Dahir-Umar, Director-General, National Pension Commission (PenCom), on Tuesday said that the Pension fund assets under the Contributory Pension Scheme (CPS), has soared to N16.76 trillion at the end of the third quarter of the year.
Dahir-Umar, said this in Kano at the National Pension Commission/Nigeria Employers Consultative Association (NECA) Interactive Session on the Contributory Pension Scheme for the organised private sector.
Represented by the Commissioner Administration, PenCom, Dr Faruk Aminu, she said that the figure was the total fund accruing from pension contributions in the country under the CPS as at the end of third quarter of 2023.
She explained that the pension industry was one of the fastest-growing financial sectors in Nigeria.
According to her, at the end of the third quarter of 2023, the number of RSAs under the CPS stood at 10 million and the size of the pension Asset under Management amounted to N16.76 trillion.
“The commission has continued to take giant strides towards ensuring the smooth implementation of the CPS through the revision of existing regulations and guidelines and the development of new ones.”
The Director-General urged employers to encourage their workers to transfer contributions of the Nigerian Social Insurance Trust Fund (NSITF) to their retirement savings accounts (RSAs).
This, she said, was in compliance with the commission’s responsibility of supervising the transfer, following the enactment of the Pension Reform Act (PRA) 2014.
“The commission is saddled with the responsibility of supervising the transfer of the NSITF contributions of employees into their respective RSAs under the CPS,” Dahir-Umar said.
Dahir-Umar further assured the private sector that the commission would continue to ensure robust social dialogue with NECA in the interest of all stakeholders under the CPS.
She also said the commission would always support NECA to champion programmes that would ensure the successful implementation of the CPS in Nigeria.
Similarly, Adewale Smatt-Oyerinde, Director-General, NECA, lauded the pension regulator on its effort at providing reforms to improve its services.
Smatt-Oyerinde, however, said the deliberation would give room for more improvement and development in the pension sector.
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The Emir of Katsina, Abdulmumini Kabir-Usman, has turbaned Muhammad Dikko-Radda, the son of the governor, as Gwagwaren Katsina ‘ll’, and District Head of Radda, in Charanchi local government area.
The ceremony held in Kastina, on Saturday, was presided over by the Emir, having the attendance of prestigious dignitaries from within and outside Nigeria, including officials from Zinder.
Others turbaned are Ahmad Abdulmumini-Kabir, the son of the Emir, as Danmajen Katsina and District Head of Dankama, and Abubakar Dardisu as Sarkin Mudurun Katsina and District Head of Muduru.
Speaking at the event, the Emir called for unity, urging citizens to avoid envy, promote mutual respect and understanding.
He further expressed concerns over prevailing societal challenges, attributing them largely to selfishness among individuals.
Kabir-Usman noted that unless there is a change in attitude, societal problems would persist.
He stressed the need for adherence to religious values and collective responsibility to promote peace and development.
The Emir further called for collective attitudinal change to foster a better and more harmonious society.
The News Agency of Nigeria (NAN), reports that the ceremony has the largest gathering, ever since the reign of the Emir,
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President Bola Ahmed Tinubu has approved the removal of Mr Saidu Mohammed as the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in the public interest.
This paper reports that the President has also approved the nomination of Mr Rabiu Abdullahi Umar as the new Chief Executive of the NMDPRA.
The appointment is subject to Senate confirmation.
A statement by Bayo Onanuga, Special Adviser to the President (Information & Strategy) on Thursday said this decision, made pursuant to the Petroleum Industry Act 2021, is aimed at strengthening regulatory effectiveness in the midstream and downstream petroleum sector, in line with the Renewed Hope Agenda.
Mr Umar is a seasoned executive with over 25 years of experience across the energy, manufacturing, and infrastructure sectors, and a proven track record in strategic leadership, operational transformation, and large-scale project delivery.
He is a graduate of Accounting from Bayero University and an alumnus of Harvard Business School.
Pending Senate confirmation of the new nominee, the most senior official of the NMDPRA will oversee operations in an acting capacity.
President Tinubu thanks the outgoing Authority Chief Executive for his service and wishes him well in his future endeavours.
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The Kano State Council has celebrated the legacy of renowned Islamic scholar, Sheikh Mohammad bin Abdulkarim Almagili, for his historic role in spreading Islam in Kano more than five centuries ago, predating the era of Sheikh Usman Dan Fodio.
This is contained in a statement issued by the Public Relations Officer of the council, Malam Fatihu Isa Abdullahi.
The commendation was made by Sheikh Nadeem Latif Attari of Pakistan during a courtesy visit to the Palace of the Sarkin Sharifan Kano, Alhaji Sidi Fari Abbas Adam.
Attari called for the provision of scholarship opportunities for the Shurafa’u community, noting that similar support is extended to such groups in Pakistan. He said leaders in Pakistan give special attention to Shurafa’u students pursuing studies there.
He explained that the delegation’s mission was to establish a partnership with the Shurafa’u community in Nigeria to provide vocational and educational skills aimed at promoting youth self-reliance and sustainable development.
Earlier, the chairman of the Elders’ Forum of Majalisar Sharifan Kano, Shariff Tijjani Ibrahim, welcomed the delegation on behalf of the Sarkin Sharifan, council members and the people of Kano.
He prayed for the success of the delegation’s mission and assured them of Kano’s readiness to collaborate, stressing the importance of joint efforts in advancing educational and developmental initiatives for the Shurafa’u community.
As part of the visit, the delegation toured historical sites, including the mosque and Islamiyya school established by Sheikh Almagili, which remain in active use today.
In his remarks, Sarkin Sharifan Kano, Alhaji Sidi Fari Abbas Adam, presented a special message to Sheikh Iliyas Al-Qadri Attari through the delegation leader, aimed at strengthening ties and fostering mutual cooperation.
The visit underscored the significance of preserving Islamic heritage while building strategic partnerships that empower communities, promote education, unity and self-reliance.
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