10m Nigerians now on pension scheme
By Prince Okafor
WORKERS that have enlisted into the Contributory Pension Scheme, CPS, are now about 10 million, just as pension cash inflow is now at N7 trillion. Speaking during the launch of Radix Pension Managers in Lagos, the Group Chairman, Radix, Mr. Vincent Maduka, said: “The entire list of people on the pension scheme on the pension commission level is now 10 million Nigerians, whereas the potential is past 30 percent of all Nigerians.
When you realised that the total budget for Nigeria this year is N7.44 trillion, but the pension market this year is N7 trillion and we are talking of having captured only a small portion of the entire possible market today, the informal sector where there is so much activities and money is yet to be captured in this market.”
Commenting on activities of the scheme, the chairman, Board of Directors, Skye Bank Plc, Mohammed K. Ahmad, said: “It’s important that institution within the pension industry, continuously review their operations and ensure they provide the necessary service that will guarantee pensioners their benefits when due.”
He also said that, as at today, pension is the largest institutional investor in the country with about N7 trillion in asset. He stated: “73 percent of the pension funds are invested in Federal Government securities, in other word, Treasury bill, Treasury certificate and Treasury bond.”
Radix Pension Manager, (formerly IGI Pension Fund Managers Limited) was incorporated in 2008, as a subsidiary of Industrial and General Insurance (IGI) Plc, an insurance company in Nigeria. In February 2017, Radix Capital Partners Limited, a licensed boutique investment banking firm, acquired majority share interest in the company.
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