PenCom: Contributory Pension Fund Hits ₦5 trillion

Photo L-R: Shows Oscar Onyema, Chief Executive Officer, The Nigerian Stock Exchange; Udom Emmanuel, Executive Governor of Akwa Ibom State; Chinelo Anohu- Amazu, Director General, Pension Commission of Nigeria; Senator Abubakar Bagudu, Executive Governor of Kebbi State; and Gerard Lyons, Adviser to the Mayor of London at the World Pension  Summit Africa Special held at the Transcorp Hilton Hotel, Abuja on Monday.

Chinelo Anohu-Amazu, Director-General (DG), National Pension Commission (PenCom), on Monday said that the Contributory Pension Fund (CPF) had risen to over ₦5 trillion in its 10 years of operation.

Mrs Anohu-Amazu disclosed this while speaking at the second edition of the World Pension Summit, Africa Special, held in Abuja with the theme: “Building Sustainable Pension Systems in Africa.”

The director general said that sustainable pension systems in Africa were reflective of the emerging consensus of the continent on the need to institutionalise a robust pension system.

Mrs Anohu-Amazu said that the aim of the summit was to evolve measures to tackle the plethora of development challenges that plagued Africa in the 21st Century.

Earlier the Chairman of World Pension Summit, Erick Eggink, said that pension summit was meant to inculcate relevant knowledge of pension administration in pension professionals in Africa.

Mr Eggink said that the summit became necessary given the introduction of new reforms in the Africa pensions systems.