Pension assets hit N3.5trn

Chuks Udo Okonta and agency report

The Contributory Pension Scheme (CPS) had generated over N3.5 trillion with no fewer than 5.61 million workers now in the scheme, Acting Director-General National Pension Commission (PenCom) Mrs. Chinelo Anohu-Amazu, has said.

Anohu-Amazu, announced this at the commissioning of the South-West zonal office of the commission in Lagos.

Governors Babatunde Fashola of Lagos State; Ibikunle Amosun of Ogun and Kayode Fayemi of Ekiti stat; Senate President, David Mark, represented by the Chairman, Senate committee on Establishment and Pension, Senator Aloysius Etok, Senator Gbenga Ashafa and Babafemi Ojudu, Vice Chairman of the House Committee on Establishment and Pension, Mr. Samson Okwu and other dignitaries.

According to her, the commission had "over N3.50 trillion invested in various financial instruments in the country. As at June 2013, the value of pension funds’ investment in state government bonds was N169.73 billion.

"Most of the states have utilised the proceeds from the fund towards the provision of vital infrastructure for the well being of its citizens.

"Since inception, 5.61 million workers have been registered into the new scheme.

"States in the country, especially the South-West zone, that are yet to complete the necessary process of full implementation of CPS, should renew their commitment and fast track action on all outstanding issues to avail their employees of all the benefits attached to the new scheme."

Codewit reported that Governor Fashola urged the National Assembly to deal expeditiously with the Pension Reforms Act 2004, which had been returned to Parliament for re-examination, saying "we continuously have to reflect and rethink and that is why the bill is back in Parliament."

Similarly, Governor Amosun noted that the responsibility of every government was to encourage its workers to realise the dignity in labour adding "his administration has demonstrated in many ways that the government is concerned about the welfare of its workforce."

On his part, Governor Fayemi said his government was willing to adhere to the enabling rules and regulations set out by the Pension Reform Act 2004.

Ondo State Head of Service, Mr. Toyin Akikuotu, applauded the commission for decentralising the administration of pension in the country.