The National Pension Commission (PenCom) announced that pension fund assets grew to ₦20.48 trillion as of June 2024, reflecting an increase of ₦256.76 billion or 1.27% from the ₦20.22 trillion recorded in May.
This development was highlighted in PenCom’s “June 2024 Monthly Report,” which offers an unaudited overview of the pension fund industry’s portfolio for the period ending June 30, 2024. The report revealed that investments in federal government securities—including bonds, treasury bills, sukuk, and green bonds—accounted for ₦12.96 trillion or 63.27% of the total fund, a slight rise from 63.22% in May.
Corporate debt securities saw an increase, reaching ₦2.20 trillion (10.78%), while money market instruments accounted for ₦1.91 trillion (9.34%). Conversely, mutual fund investments dropped to ₦83 billion (0.41%) from ₦95 billion (0.47%) the previous month.
The number of Retirement Savings Accounts (RSAs) also grew slightly, from 10,351,624 in May to 10,381,019 in June, representing a 0.28% increase.
In a separate development, President Bola Tinubu appointed Omolola Oloworaran as the new director-general of PenCom on July 13, succeeding Aisha Dahir-Umar, who has held the position since her confirmation in 2017. However, reports suggest that Oloworaran’s eligibility for the role may face challenges unless the Pension Reform Act of 2014 is amended before her Senate confirmation hearing.
Ajuri Ngelale, Special Adviser to the President on Media and Publicity, issued a statement announcing Oloworaran’s appointment, highlighting her extensive background in finance and banking. Ngelale emphasized that the appointment remains subject to Senate confirmation.
“The President envisions a goal-driven leadership aimed at enhancing efficiency and ensuring top-tier performance at the National Pension Commission, which serves as the primary regulator of Nigeria’s pension industry,” Ngelale added.
