11th August, 2010
Dr. Musa Ibrahim, Commissioner in charge of Inspectorate Department, National Pension Commission, says PENCOM fund assets in the country have hit N1.8 trillion.
Ibrahim made this known at a Forum organised by the National Employers Consultative Association (NECA) in collaboration with PENCOM for Small and Medium Enterprises (SMEs).
“We have about N1.8 trillion as pension fund assets in Nigeria. We are among those that were least affected in the country when the stock market went down.
“The reason is because the Pension Reform Act has defined the kind of financial instrument which the pension fund can be invested,” he said.
According to him, the commission followed the regulation of the act as at the time the market crashed.
“Our regulation funding in terms of investment put a capital of 25 percent ofÂ Â pension funds and assets,” he said.
Ibrahim noted that compliance to the act had risen in the country and that the focus was on SMEs to ensure compliance.
“The level of compliance has substantially risen, we have approximately about 4.5 million people that are on the system now,” he said.
Also, Mrs. Celine Oni, the Head, Learning and Development, Nigerian Employers Consultative Association (NECA), said there was the need for SMEs to comply with the Pension Reform Act.