PenCom recovers N24.8 billion in unremitted funds, records AUM of N17.35 trillion

The National Pension Commission (PenCom) successfully recovered N24.8 billion in unremitted funds by employers during the third quarter of 2023, according to Oguche Agudah, the Chief Executive Officer of the Pension Funds Operators’ Association of Nigeria. Speaking at a media parley themed “At the dawn of 20 years of pension reform, what are the gains?” in Lagos, Agudah highlighted the ongoing progress in fund recovery.

In comparison, PenCom recovered N23.3 billion in the third quarter of 2022 and N2.23 billion in the third quarter of 2021. The pensions industry achieved an Asset under Management (AUM) of N17.35 trillion in the second quarter of 2023. Additionally, investments in infrastructure reached N349.97 billion, reflecting a positive increase from N333.02 billion in the corresponding quarter of 2022.

Agudah emphasized that investments in infrastructure accounted for 2.02% of the total investments in the second quarter of 2023. Furthermore, the industry directed N1.54 trillion into the equities market during the third quarter of 2023, constituting 8.88% of total investments, compared to N964.84 billion in the same quarter of 2022.

Looking ahead, Agudah shared that the pension industry will place a stronger emphasis on micro-pensions and revise its investment guidelines in 2024 as it celebrates the 20th year of pension reforms.