The Chairman, Pension Fund Operators Association of Nigeria (PenOp), Mr. Misbahu Yola, yesterday said that the total pension fund assets has increased to about N4.3 trillion from about N4.1 trillion in the first quarter of 2014.

Speaking in Abuja at a world press conference preparatory to the maiden World Pension Summit Africa billed to begin July in Abuja, he said the contributory pension scheme currently has six million contributors.

He noted that the pension reform Act 2004 was arguable the most critical step direction in reposition the industry.

The acting Director- General, National Pensions Commission (Pencom), Mrs. Chinelo Anohu-Amazu, said the summit which would have 55 African countries in attendance would help shape the industry conversation within the next decade as it is expected to attempt to address present shortcomings and other problems related to pensions.

She said the summit's focus would also be to woo more states of the federation to pass enabling laws in order to join the scheme and thereby deepen pensions enrollment.

She added that the forum would also provide an opportunity to recognise states and entities which had done well regarding pension matters as well as create further awareness about the benefits of the scheme.

Importantly, the meeting could help to provide insights into how to create investible instruments to tap into the huge amount of pension funds, which remained unutilise partly for want of viable projects with minimal risks and which could guarantee timely returns to owners.

Also speaking at the briefing, Chairman, World Pension Summit, Mr. Eric Eggink, said the gathering would help to share inspiring and new ideas and insights to harnessing the potentials and better position Africa's pension industry.

He described Nigeria's pension reforms as one of the best in the continent and having the possibility to provide the spinoff for Africa. He said the country's position as largest economy in the continent made it important in terms of providing leadership in pensions administration.

In the same vein, Co- founder, World Pension Summit, Mr. Harry Smorenberg expressed gladness that the African pension sector particularly that of Nigeria was maturing at an interesting pace.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Source: thisday business