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6 million people register for contributory pension scheme

09 July 2014, 18:56

Abuja - Six million contributors have so far registered for the contributory pension scheme since inception in 2004.

Misbahu Umar, Chairman, Pension Fund Operators Association of Nigeria (PenOp), made this known at the ongoing World Pension Summit Africa Special in Abuja.

He said there was need for continuous regulation and strengthening of institutional structures of the country’s contributory pension scheme to enhance pension assets and infrastructure development.

He said out of over 70 million workers in Nigeria, only six million had been registered, stressing the need to incorporate informal sector into the scheme.

According to him, the country is a big economy with Gross Domestic Product (GDP) of $520 billion with the population of about 170 million people, but has infrastructure deficit.

Demola Sogunle, Managing Director, Stanbic IBTC Pension Managers Ltd, said the use of technology was key to the success of contributory pension scheme in the country.

Sogunle said the current contributory scheme had instilled saving culture in Nigerian workers, as well as having reasonable investment returns.

He added that the private sector now constituted about 50 per cent of the contributors.

Kunle Jinadu, Managing Director, First Pension Custodian Nigeria Limited, stressed the need to avert failure of the scheme through continuous regulation.

Jinadu said that PFAs were still faced with some problems arising from lack of proper documentation of employees by their employers, non-remittance of contribution and non-compliance with standards.

He advocated full automation of the scheme to meet with the international financial regulatory standard.


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