90% of Nigeria’s 10m elderly persons live without pension support

About 90 percent of Nigerians aged 60 years and above live either with irregular pension or without pension support. In Nigeria, all citizens over the age of 60 years are classified as elderly and due for retirement in both the public and private sectors with few exceptions. The National Population Commission (NPC) estimated that in […]

Nigeria pension authority advocates micro pension plans for small firms, sole proprietors

Nigeria’s National Pension Commission (PenCom) has released a draft framework for micro pension plan for stakeholders’ consideration and comments, according to Deloitte Nigeria in a report. According to the report, the framework seeks to extend pension coverage to employees of organisations with less than three employees and self-employed persons (Micro Pension Contributors) in accordance with […]

Pension funds managers find fortune in stocks as investments return 21.72% YTD

Nigerian pension funds asset managers are looking no further than stocks as the rally in the market in the last seven months have put their investments in pole position, returning 21.72 percent year-to-date. The Nigerian Stock Exchange (NSE) market report for the week ended February 2, 2018, indicates that its pension index, which includes about […]

AIICO insurance transfers assets to PTAD

AIICO joins league of insurance companies to transfer assets to PTAD The American International Insurance Company Limited (AIICO) on Tuesday formally handed over and transferred landed property, private equity holding and cash as legacy funds to the Pension Transitional Arrangement Directorate (PTAD), reports the News Agency of Nigeria (NAN). Sharon Ikeazor,  executive secretary of PTAD, […]

Lagos pays N1.8bn as pension in 1 year

Lagos State Government on Monday said that it paid a total of N1, 846 billion as pension from May 31, 2016 to April 30, 2017. The state Commissioner for Establishment, Training and Pensions, Dr Akintola Benson-Oke, made the disclosure at the 2017 Ministerial Press Briefing to mark Gov. Akinwunmi Ambode’s two years in office. The […]