The National Pension Commission (PenCom) has reported that total pension fund assets reached N20.48 trillion in June, marking an increase of N256.76 billion or 1.27% from the N20.22 trillion recorded in May.
This information is detailed in PenCom’s ‘2024 June Monthly Report.’ The unaudited report, which covers the pension funds industry portfolio for the period ending June 30, 2024, includes federal government securities such as bonds, treasury bills, sukuk, and green bonds.
According to the report, approximately N12.96 trillion (63.27%) of the fund was invested in FGN securities, a slight increase from 63.22% in May.
The report also indicates that investments in corporate debt securities rose to N2.20 trillion (10.78%), while money market instruments accounted for N1.91 trillion (9.34%). However, investment in mutual funds decreased to N83 billion (0.41%) from N95 billion (0.47%) the previous month.
Additionally, the number of retirement savings account (RSA) registrations grew from 10,351,624 to 10,381,019, an increase of 0.28%.
On July 13, President Bola Tinubu appointed Omolola Oloworaran as the new director-general (DG) of PenCom, succeeding Aisha Dahir-Umar, who has served as DG since her confirmation in 2017. However, TheCable reports that unless the Pension Reform Act of 2014 is amended before her Senate confirmation hearing, Oloworaran may not meet the statutory qualifications for the position of PenCom DG.
A statement issued by Ajuri Ngelale, the Special Adviser to the President (Media & Publicity), announced the appointment of Omolola Oloworaran as the new director-general of PenCom. Ngelale highlighted Oloworaran’s extensive experience in finance and banking. He added, “The appointment is subject to confirmation by the Nigerian Senate.
The President expects goal-oriented leadership to enhance efficiency and exceptional performance at the National Pension Commission, the primary regulator of the Nigerian Pension Industry.”
