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PenCom tasks mortgage banks on investment of pension funds in housing sector

22 November 2013, 17:23

Lagos - The National Pension Commission (PenCom) on Friday urged the Mortgage Banking Association of Nigeria (MBAN) to encourage investment of pension funds in the mortgage/housing sector.   

Chinelo Anohu-Amazu, PenCom’s Acting Director- General, gave the advice in Lagos at the third MBAN Housing Finance, Investment Conference and Exhibition (MBAN-HOFEX 2013).

Anohu-Amazu said that the commission needed an authorised market to invest pension funds. According to her, this will help to ensure valuation of investment assets.

“The primary responsibility of PenCom is to ensure that people receive their pensions after retirement.

Anohu –Amazu said that the commission could only allow indirect investment of pension funds into the housing/mortgage sector through capital market instruments.

She expressed regret that there were not many Mortgage Backed Securities (MBS) in the capital market where pension fund could be invested.

“No matter what we do unless we develop the capital market pension fund, investment will remain in government equities,” she said.

Anohu-Amazu said that the mortgage sector had not even utilised the opportunities where pension funds could be exploited in the capital market.

She said that the sector had utilised only two per cent out of the 35 per cent of the pension fund made available to be invested in corporate debt securities.

The acting chief executive said that out of the five per cent and 60 per cent provided for private equities and mutual funds only 0.02 per cent and 3.22 per cent, respectively had been untilised.

She said it was only the financial sector and not PenCom, that should provide avenues for pension fund to be invested in the housing/mortgage sector.



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