Pension assets grew by N4.26tn in one year – PenCom

The National Pension Commission reported a significant increase of N4.26tn in Nigeria’s contributory pension assets from October 2023 to October 2024, marking a 24.14% growth. The total value of pension assets reached N21.92tn by the end of October, compared to N17.66tn in the same period the previous year.

The asset composition remained stable, with a focus on government securities. Investments in Federal Government securities rose from N11.42tn to N13.57tn during the period. Funds in corporate debt securities increased to N2.29tn, money market instruments stood at N2.20tn, and mutual funds decreased slightly to N106.85bn.

The number of retirement savings accounts grew by 394,679 over the year, reaching a total of 10,535,608. Monthly data showed a growth of N541bn in pension assets, reaching N21.92tn in October from N21.38tn in September.

Additionally, PenCom lifted the suspension on pension fund administrators regarding investments in commercial papers. This decision followed the Securities and Exchange Commission’s draft rules to regulate commercial paper issuance by regulated entities. The circular signed by Abdulqadir Dahiru, Head of the Investment Supervision Department at PenCom, highlighted the importance of legal and financial due diligence on commercial papers before investment, in line with regulations.