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Pension Assets Hit N14.99trn
The National Pension Commission (PenCom), has said that pension assets now stand at N14.99 trillion thus witnessing N568.33 billion growth within the space of three months from September 2022 when it stood at N14.42 trillion to N14.99 trillion as at 31 December 2022.
The commission stated this in its last quarter 2022 report of Pension sector published in its official website.
Presenting the report, the Director General of PenCom, Aisha Dahir-Umar applauded the growth in the Assets Under Management of the sector adding that it pointed to the fact that the pension industry would continue to deliver value and benefit to its stakeholders and the nation’s economy.
“During the reporting period, the Commission stepped up its efforts to ensure sustainable investment by pension funds in alternative asset classes and structured infrastructure projects that meet the strict requirements of the Pension Fund Investments Regulation. We continued our efforts to ensure further diversification of investments in pension fund portfolio assets. While rising inflation continues to challenge the Nigerian economy, it should be noted that efforts are being made to ensure average annual pension fund returns for RSA and legacy funds exceed headline inflation,” she said.
She said total pension contributions remitted to individual RSAs in Q4 2022 stood at N237.24 billion adding that out of this total, the public sector accounted for N129.06 billion or 54.40 per cent while the private sector contributed N108.18 billion or 45.60 per cent.
She said the cumulative pension contributions from inception to the end of the fourth quarter of 2022 amounted to N8.47 trillion, which is an increase from N8.23 trillion as at the end of Q3 2022.
According to her, the aggregate pension contributions of the public sector increased from N4.27 trillion in Q3 2022 to N4.40 trillion as at the end of Q4 2022, “Similarly, the aggregate pension contributions of the private sector also increased from N3.96 trillion in Q3.”
She said this total value of Pension fund, which was N14.99 trillion, comprised of N10.72 trillion: RSA ‘Active’ Funds (i.e. RSA Funds I, II III and V); N1.19trillion: RSA Retiree Fund IV; N1.57 trillion: CPFAs; and N1.48 trillion.
She however said Approved Existing Schemes. Fund VI Active and Retiree Fund amounted to N36.20 billion.
On structure of investments, the PenCom boss said Pension Fund Assets were mainly invested in federal government securities, which accounted for 64.33 per cent of total assets. The composition of investments in FGN Securities she said were as follows: FGN Bonds: 95.60 per cent, Treasury Bills: 2.06 per cent and Agency Bonds, Sukuk and Green Bonds accounting for 2.34 per cent.
She further said the industry’s Net Asset Value (NAV) as at reporting date increased by 3.94 (N568.33 billion) to N14.99 trillion compared to a NAV of N14.42 trillion as at 30 September, 2022.
“The growth in Q4:2022 was significantly higher than the growth of N156.74 billion (1.09%) recorded in Q3:2022. The growth was mainly due to contributions received and positive investment performance during the period, “she said.
On the success of the commission’s efforts to get state governments key into the scheme through enactment of their various state laws, implementation and migration of their workers to the Contributory Pension scheme from the Defined Benefit scheme, the PenCom DG said the number of states with laws on the CPS remained 25 as at Q4 2022.
She said out of these, seven states were at bill stage while five states had enacted Laws on the Contributory Defined Benefits Scheme (CDBS) with two out of these five namely Jigawa and Kano currently implementing the scheme.
She however said Kano was yet to transfer the pension assets to a Pension Fund Custodian while the other three states namely Gombe, Zamfara and Adamawa were yet to commence implementation of the CDBS.
She said Lagos State Government had consistently failed to honour the N2 billion monthly commitment to clear the accrued rights of its retirees.
According to the PenCom boss, as at the end of the 4th Quarter of 2022, there was no record of the state fulfilling its monthly commitment of remitting N2 billion for the months of October, November and December 2022.
“Only a total sum of N7.83 billion was so far redeemed as against the expected sum of N26 billion during the period. This therefore leaves a cumulative shortfall of N18.17 billion that was yet to be redeemed as at the end of December 2022.
Business News
DBN Signs $61m Credit Deal With AfDB, Unveils Support Initiative Report
By Tony Obiechina, Abuja
The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.
DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.
He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.
He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.
He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.
He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.
Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.
On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.
He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.
Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.
He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.
On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.
Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.
The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.
Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.
Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.
The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.
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NLC Threatens Nationwide Action as Talks With FG Collapse
By Tambaya Julius, Abuja
The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.
The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.
The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.
The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.
In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.
According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.
The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).
The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.
The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.
“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.
It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.
The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.
The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.
“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.
The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.
“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.
The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.
However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.
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Election Campaigns: FRSC Bars Officers from Politicians’ Escort
The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.
Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.
Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.
She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.
The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.


