Nigeria’s Contributory Pension Scheme Surpasses 10 Million Accounts and N16.76 Trillion in Assets

The National Pension Commission (PenCom) has reported that as of the end of the third quarter in 2023, the number of Retirement Savings Accounts (RSAs) within the Contributory Pension Scheme (CPS) has reached an impressive 10 million. In tandem, the assets under its management have surged to N16.76 trillion.

Aisha Dahir-Umar, the Director-General of the National Pension Commission (PenCom), conveyed this information during an interactive session about the CPS for the organized private sector, which was held in Kano. Dr. Umar Farouk Aminu, the Commissioner of Administration, represented her.

She highlighted the Commission’s unwavering commitment to ensuring the seamless execution of the CPS. This has been achieved through the revision of existing regulations and guidelines and the development of new ones. A significant focus has been placed on deploying the Enhanced Contributors Registration System (ECRS) within the pension industry.

Aisha Dahir-Umar noted, “The pension industry is one of the fastest-growing financial sectors in Nigeria. The Commission has introduced the Data Recapture Exercise (DRE), which mandates all RSA holders who joined the CPS before July 1, 2019, to update their information with their respective Pension Fund Administrators (PFAs).”

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