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Pension fund managers invest N221.89bn in real estate

As Nigerian workers registered under the Contributory Pension Scheme (CPS) remain faithful in their cause, the Pension Fund Administrators (PFAs) have invested not less than N221.89 billion in real estate properties out of the N8.50 trillion total assets.
According to the National Pension Commission (PenCom) in its latest report, Federal Government Securities gulped the highest investment of N6.16 trillion with Federal Government bond taking N4.43 trillion while the remaining was split with Treasury Bills, N1.68 trillion; Agency Bond, N9.40 billion; Sukuk, N23.91 billion and Green Bond, N4.65 billion.

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Following in the same stead, State Government Securities also gulped N143.84 billion, just as N522.51 billion was invested in Corporate Debt Securities with Corporate Bonds getting N515.23 billion while N7.27 billion went into Corporate Infrastructure Bonds.
For the local Money Market Securities, a total of N705.78 billion was put in by the pension fund managers with N636.98 billion in banks and another N68.79 billion in Commercial Papers.

Meanwhile, the regulator also disclosed that pension assets rose to N8.50 trillion as at November 2018, even as six underwriting and 17 broking firms contributed and remitted over N426.36 million for their employees in 2018.
PenCom in its summary of pension fund assets as at November 30, 2018 and Schedule of Employers Issued with Certificate of Compliance with Provision of the Pension Reform Act (PRA) 2014 as at January 21, 2019, also noted that public confidence and acceptability of CPS had soared with membership growing to 8.41 million contributors as at December 2018 while a total of 260,808 retirees are receiving monthly pensions regularly.
According to PenCom, insurance operators such as, Leadway Assurance Limited, which has 287 employees, contributed and remitted N137.11 million; AIICO Insurance Plc, Remitted N145.06 million for 259 employees; Linkage Assurance Plc, N50.66 million for 164 employees; Custodian Life Assurance Limited, N19.38 million for 47 employees; Custodian and Allied Insurance Limited, N55.67 million for 125 employees and Guinea Insurance Plc, N24.31 million for 96 employees.
Others are Plum Insurance Brokers Limited, N1.15 million for six employees; Risk Analyst Insurance Brokers Limited, N3.09 million for 15 employees; Colximate Insurance Brokers Limited, N1.36 million for six employees; Favour Insurance Brokers Limited, N1.13 million for nine employees and more.
The pension regulator issued certificate of compliance to 135 companies to enable them bid and execute Federal Government’s businesses.

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The Pension Act mandates employers with three and more employees to financially contribute and remit 18 per cent towards employees’ pension. This is broken into 10 per cent from the employer and eight per cent from the employee, which is injected monthly into a Retirement Saving Account (RSA) domiciled with Pension Fund Custodians (PFCs) and managed by Pension Fund Administrators (PFAs).
As part of the enforcement of the Act, PenCom, in collaboration with the Federal Government, made it mandatory for all companies biding government’s business to yearly secure the certificate of compliance.
Companies amongst the 135 so far cleared are Straco Nigeria Limited, which has 3950 employees contributed and remitted N521.09 million; AIICO Insurance Plc, with 259 employees contributed and remitted N145.06 million; Leadway Assurance Limited remitted N135.10 million for 287 employees.
Others are Datum Construction Nigeria Limited, which remitted N6.50 million for 75 employees; Rockbridge Construction Limited, N10.72 million for 99 employees; Risk Analyst Insurance Brokers Limited, N3.08 million for 15 employees; Pacific Silverline Limited, N2.29 million for five employees; Jully & Partners Insurance Brokers Limited, N1.15 million for five employees and interracial Networks Limited, N2.69 for 14 employees.

Source: Sunday Ojeme


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