Nike Popoola

The total pension assets under the Contributory Pension Scheme rose to N8.49tn as of the end of November 2018 financial period, latest figures obtained from the National Pension Commission on Tuesday revealed.


The pension commission said 72.5 per cent of the fund had been borrowed by the Federal Government and invested in the FGN securities totalling N6.16tn during the period under review.

The Pension Fund Administrators also invested 6.87 per cent or N584.321bn of the fund in domestic ordinary shares, while 0.71 or N60.529bn of the fund was invested in foreign ordinary shares.

According to the Pension Reform Act, the PFAs manage the funds which are in the custody of the Pension Fund Custodians.

The commission stated that it continued its consultative philosophy in the regulation and supervision of the industry.


According to PenCom, the risk-based examination approach was implemented as a way of promoting transparency and providing early warning signals as well as encouraging pension operators to regularly self-evaluate their positions.

The Acting Director-General, PenCom, Mrs Aisha Dahir-Umar, said in an effort to promote a stable and sustainable pension industry, the commission adopted zero tolerance for non-compliance and consultative supervisory philosophy in the issuance of guidelines and the review of existing ones to further promote sound corporate governance in the industry and ensure the security of the pension assets.

In addition, she said, the commission in 2018, moved to a more risk-based approach to supervising pension operators by aligning its supervisory framework with that of the Financial Services Regulation Coordinating Committee.

“We believe this will promote better risk management in licensed pension operators,” she stated.

She said the commission, last year, released the framework and guidelines for the implementation of the micro pension scheme, which was targeted at increased participation of employees in the informal sector, multi-fund structure and revised guideline for fund accounting as well as revised circular for branch opening and service centre by the PFAs.


“Similarly, circulars on pension enhancement and processing procedures of deceased benefits entitlement were also released by the commission,” she stated.

According to her, the monitoring and reporting of non-compliance with regards to the implementation of these guidelines and other existing regulations remained part of the responsibilities of the compliance officers.

The acting director-general said the commission would continue with its consultative philosophy, transparency and good corporate governance in the implementation of the CPS in Nigeria.


https://punchng.com/fg-borrows-n6-16tn-from-n8-499tn-pension-fund/

Lol borrowing without returning is not corruption.
:PI write my comments at a 3rd grade level, but sure, I'll explain it to you.

The acting director-general said the commission would continue with its consultative philosophy, transparency and good corporate governance in the implementation of the CPS in Nigeria.

Good job.

Borrow N6tr from 8tr. How much come remain?

Crude desperation to win 2019
APC and borrowing. Yet no physical infrastructure.
Every economic indexes are on nose dive.
All will be channeled to 2019 Election funding.
No hope for the masses and the Country in general.
Buhari keeps destroying the economy that was one of the fastest growing economy in the world in 2015.

Top 10 fastest growing economies in Africa in 2018 (World Bank, IMF....)

[1] Ghana >>>>>>>8.3%
[2] Ethiopia >>>>>>8.2%
[3] Cote d'Ivoire>>>7.2%
[4] Djibouti >>>>>> 7.0%
[5] Senegal >>>>>>6.9%
[6] Tanzania >>>>> 6.8%
[7] Sierra Leone>>>6.3%
[8] Burkina Faso>>>6.0%
[8] Benin Rep>>>>>6.0%
[9] Rwanda>>>>>>>5.9%
[10] Niger Rep>>>>>5.2%
------------------
[41] NIGERIA>>>>>>1.9%,
Note: Nigeria was Number [1] in 2012, 2013, 2014 and 2015.
Also, Nigeria was the 3rd fastest growing Economy in the World in 2014 now, the 88th.

SOURCES| World Bank, Brookings Institution, IMF.

Yet no physical infrastructures to show were all these monies are going to

This isn't the way to go. The cluelessness of the men in power and their followers are brought to the fore buh not one fortunate person is in their fold to address it.

They must all be unfortunately unfortunate.

How can a country go on borrowing spree anytime and everytime? Isn't it disturbing? It's not fair. The hopes of students resuming now is hanging meanwhile the privately owned institutions are not affected in anyway.

Isn't the government-ownee institutions supposed to be better in all aspects?

Nigeria is going o.

Those scammers keep placating people with ridiculous SMS.....money you can see but not touch. That they are keeping it for you, we are told but here we go......for how long abeg?
Same THIEVES are spending OUR hard earned money, which they are supposed to be KEEPING for us

Mheen

This here is enough to call for his resignation

Whenever i receive alert from IBTC showing me my RSA balance, i feel bad. I pray we get every kobo that was contributed. I do not trust Nigerian policies.

Yaaaawwwwnnnn

APCheats: How did you celebrate Xmas?
Me: Didn't celebrate.
APCheats: Why?
Me: Nothing has changed.
APCheats: What about the new year?
Me: I shall celebrate when things change... In February!

I hope we know that 1000 billion makes a trillion. Now the FGN is burrowing over 6 X 1000billion and telling us it's for investments and securities which I'm � sure isn't true.

The future of every Nigerian and Nigerians unborn is already sealed and geared towards sorrow if we don't wake up and kill these thieves we call leaders.

Buhari when I retire and there's no money to pay me, I will look for you so we settle it like men. What a dullard.

I want to see the number of half brained posters that will read only the headline and start wailing.

Too many dumb people on this Nairaland.....let me use this to know them.

No comments....

this is unbelieveable



Thanks for voting us in 2015, accept this garri as our form of appreciation! there is sugar inside.

To increase workers minimum wage is hard for you people but to borrow workers' hard earned money anyhow is easy for you people. What a government.

Please can someone explain how this poo works We are not talking about Billions this is Trillions spits on this failed project called Nigeria! Lugard RIP in hell.

Mrbright2019:
See prove below!!

You have a criminal tendencies.

wonderful...... yannwwww

I still laugh at civil servants who will vote this man back, your retirement years are gone

f

Alarming

This is why Nigeria may never overcome corruption. Every matter is viewed through a Partisan lens.

How can Onnoghen a learned jurist claim that he forgot to declare the following assets to the Bureau;

$391,401.28 USD
€49,971 .71 EURO
£23,409.66 GBP?
55. Houses

Some folks already believe this is political witch-hunt against the CJN.

Would the learned jurist have forgotten to include those assets in his Last Will and Testament?

The excuse of amnesia is a very weak one. No rational person will buy i

Election money