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  • Business - Companies
  • Updated: November 27, 2023

PenCom invests N130 billion in infrastructure

PenCom invests N130 billion in infrastructure

As of September 30, 2023, Pension Fund Administrators have invested N130.18 billion funds under the Contributory Pension Scheme in infrastructure.

Figures obtained from the National Pension Commission on ‘Unaudited report on pension funds industry portfolio for the period ended 30 September 2023- Approved Existing Schemes, Closed Pension Fund Administrators and RSA Funds (Including unremitted contributions @CBN & legacy funds’, revealed.

During the period under review, total assets under the CPS stood at N17.35 trillion.

Part of the funds was also invested in domestic and foreign ordinary shares, federal and state governments’ securities, and money market instruments among others.

The commission had in its amended investment regulation highlighted the requirements for investing the funds in line with the provisions of the Pension Reform Act, 2014.

It added that the purpose of the regulation is to provide uniform rules and standards for the investment of pension fund assets.

According to the regulation, pension fund custodians must only take written instructions from licensed PFAs concerning the PFAs’ investment and management of pension fund assets held in the custody of the PFCs on behalf of the contributors.

It said the PFCs, in discharging their contractual functions to PFAs, must not contract out the custody of pension fund assets to third parties except for allowable investments made outside Nigeria.

“The PFC shall obtain prior approval from the commission before engaging a global custodian for such allowable foreign investments,” it said.

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