BY COBHAM NSA – It is cheering news for employees as the National Pension Commission (PenCom) on Thursday disclosed that a total of N24,533,339,305.09, comprising outstanding contributions and delayed remittances have been recovered nationwide from defaulting employers in the last 11 years.
The amount consists of N12,440,682,240.91 direct employees’ contributions as well as N12,092,657,064.18 outstanding sums from employers of labour since the recovery exercise commenced in June 2012 up to March 31, 2023.
Director General of the Commission, Aisha Dahir-Umar, who disclosed this at the 2023 Journalists’ Conference held in Abuja, said in the first quarter of 2023, the sum of N384,280,651.48 million comprising principal contributions (N193,058,483.56) and penalties (N191,222,167.92) was recovered from 34 defaulting employers.
This is as the Commission also disclosed that pension fund assets grew significantly, in the first half of 2023 by about N1.7 trillion from N14.99 trillion in December 2022 to N16.76 trillion at the end of June 2023.
Similarly, she stated that the number of contributors who joined the scheme in the first half of 2023 stood at 146,920 new entrants. This figure has now taken the total number of contributors from 9.86 million as of 2022 ending to over 10 million by the end of June 2023.
Represented by the Commission’s Head of Corporate Communications, Abdulqadir Dahiru, the PenCom Director General said the Consumer Protection Department (CPD) has been created to address contributors’ complaints as part of measures to further enhance better and seamless pension service delivery.
According to her, establishing the department underscores PenCom’s determination to prioritise service delivery and provide Retirement Savings Account (RSA) holders with the care and attention they rightfully deserve, adding that the Commission’s proactive regulatory approach “has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors.
“The CPS has ensured that public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their golden years.”
However, she urged employers of labour to wholly embrace the CPS in order to aid the pensioners’ smooth and enjoyable retirement after active service life.
On the annual media Conference, she described it as a testament of PenCom’s commitment to enhancing the knowledge and understanding of the Contributory Pension Scheme (CPS) and its impact in the lives of contributors and retirees. It is also an occasion to interact with the media and discuss developments shaping Nigeria’s pension landscape.
The Director General further stated that “The theme of this year’s workshop, “Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction,” is both timely and crucial stressing that “It reflects PenCom’s commitment to continuous service improvement in the Pension Industry so that contributors and retirees receive the best possible experience.”
Also, in his presentation at the media Forum tagged; “Improving Accessibility and Service Delivery in RSA Mortgage Financing”, Chief Executive Officer (CEO), Pension Fund Operators Association of Nigeria (PenOp), Oguche Agudah, noted that Nigeria’s housing deficit grew by 300 percent from seven million in 1991 to 28 million in 2023, leading to overcrowded and obsolete infrastructure across the country.
Noting that only 25 percent of Nigerians are home owners, Agudah blamed the ever-growing housing deficit on rapid urbanisation; growing population; and lack of home ownership model among other existing and emerging challenges
