Pension Assets Stand At N8.906tr Not N9tr, Pencom Clarifies

The National Pension Commission, says the country’s total pension assets stand at N8.906 trillion as of February ending as against N9 trillion reported in the media.

Mr Peter Aghahowa, PenCom’s Head of Corporate Communications Department, made this known in an interview with the Premier newspaper  on Friday in Lagos.

Aghahowa was reacting to the April 4 media reports that the pension assets had hit N9 trillion.

He said, “The country’s Pension Assets stood at N8.906 trillion and yet to reach N9 trillion as stipulated.

“It would be recalled that sometime in February, the House of Representatives mandated the committee to commence investigations into the activities of PenCom.

“This is since April 2017, over an allegation of violation of the Act establishing the commission and N9trn pension fund.

“In the April 4 reports, Johnson Agbonayinma, the Chairman of House of Representatives Ad-hoc Committee investigating the activities of the nation’s Pension Administrators, threatened to issue a bench warrant on the administrators should they fail to appear before it.

“But unfortunately, the administrators and other stakeholders deliberately did not appear at the public hearing which was meant to elicit the needed information for the investigation.”

Aghahowa further confirmed that the house had called the commission for public hearing in February and that it responded.