Oguche Agudah, Chief Executive Officer of Pension Funds
Operators Association of Nigeria (PenOp) made the declaration on Friday in
Lagos.
He spoke at a media parley with the theme: “At the dawn of
20 years of pension reform, what are the gains’’?
Agudah said PenCom recovered N23.3 billion of such funds in
the third quarter of 2022, while it recovered N2.23 billion in the third
quarter of 2021.
He said also that the pensions industry recorded an Asset
under Management of N17.35 trillion in the second quarter of 2023.
It made investments of N349.97 billion in infrastructure in
the second quarter of 2023, up from the N333.02 billion invested in the
corresponding quarter of 2022, Agudah added.
Investments in infrastructure, he also said, represented
2.02 per cent of total investments made in the second quarter of 2023.
Agudah said the industry also invested N1.54 trillion in the
equities market in the third quarter of 2023.
This, he explained, represented 8.88 per cent of total
investments, as against the N964.84 billion invested in the corresponding
quarter of 2022.
He said the pension industry would focus more on
micro-pensions and revise its investment guidelines in 2024 when it celebrates
the 20th year of pension reforms.
In his remarks, Mr Lanre Idris, Head, Media Committee,
PenOp, noted that the pensions industry had recorded enormous transformation
and progress in the last 20 years of reforms.
He stressed that the collective efforts of stakeholders had
changed the face of the industry through reforms and evolution of ideas.
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