Figures obtained from the National Pension Commission revealed that this amounted to 1.8 per cent of the total pension funds, which stood at N8.23tn in the period under review. The commission had also barred the pension operators from investing the increasing funds in state government’s securities that had yet to comply with the Contributory Pension Scheme. According to the commission, 27 states have enacted laws on the CPS, while eight states are at the bill stage. One state, however, has yet to commence the process of enacting the law on the CPS. The commission noted that 12 out of the 36 states had commenced remittance of contributions into the RSAs of their employees, while eight states had commenced the funding of their Retirement Benefit Bond Redemption Fund Accounts. PenCom also revealed that the operators had invested a substantial part of the pension funds in the Federal Government’s bonds and treasury bills. The commission’s report stated that some of the money was invested in agency bonds, supra-national bonds, commercial papers, foreign money market securities, and open/close-end funds. Other investment portfolios where the operators invested the funds are real estate investment trusts, private equity funds, infrastructure funds, cash and other assets. The acting Director-General, PenCom, Ms. Aisha Dahir-Umar, said the pension funds had improved the savings culture of workers and constituted a pool for investment. According to her, the sector contributed about 6.54 per cent to the country’s gross domestic product as of March. Dahir-Umar added that the fund had provided capital that further deepened the financial markets.]]>
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The book also examines Nigeria's legal ecosystem, focusing on the LPELR and NBA AI Guidelines. As a bonus, every purchase comes with a FREE eBook titled: How to Use the AI Features in LegalPedia and LawPavilion.
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Authored by Ben Ijeoma Adigwe Esq., ACIarb (UK), LL.M, Dip. in Artificial Intelligence, Director at the Delta State Ministry of Justice, Asaba, Nigeria.
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“Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
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