Pension operators eye N500bn in 2014

 

From left: Executive Secretary Pension Fund Operators Association of Nigeria (PenOp) Susan Oranye; Head Legal Regulation, Wilson Ideva; Chairman, Misbahu Yola and Head Technical, Sadiq Mohammed at the event in Lagos.

Chuks Udo Okonta

Contributors are likely to inject about N500 billion into the pension fund this year, Chairman Pension Fund Operators of Nigeria (PenOp), Misbahu Yola, has said.

He disclosed this today Wednesday, in a press parley in Lagos, adding that the annual projection stands at 20 per cent and that due to exit of some workers from their employments, the projection income for 2014 should be about N500 billion.

“We expect that by the end of 2014, the pension assets should be around N4.2 trillion to N4.3 trillion. The number of contributors will be above eight million,” he said

He said integrating the informal sector into the scheme is a huge challenge; but the National Pension Commission (PenCom), is designing a workable means of getting people on board.

“It is not easy because so many things are not in place. Even the identity issue is a thing that would hinder the smooth take off of the informal sector,” he added.

He said the number of contributors, will continue to grow as more people embrace the scheme, adding that as at present there are 5.9 million contributors, as against 5.7 million as at December 2013.

He noted that asset under management hovers around N3.9 trillion.

Yola noted that the operators expect more compliance from the private sector and government, stressing that PenCom and individual companies are using all relationship possible to bring people on board.