Pension Fund Hits Five Trillion Naira - PENCOM

The Nigeria pension commission says pension fund now stands at five trillion naira.

Director General of the commission, Chinelo Anohu-Amazu made the disclosure at the two day world pension summit Africa special held in Abuja, Monday.

She said the feat was achieved in less than ten years when the commission inherited a twenty three billion naira deficit from initial handlers.

Over three thousand participants converged on Abuja to brainstorm and proffer solution to major challenges militating against pension administration in Nigeria.

Some of the key challenges identified, were the need to increase coverage of labor force by pension, social insurance scheme and to increase the proportion of poor elderly covered by social assistance.

Speaking at the summit, director general, national pension commission, Chinelo Anohu-Amazu said in-spite of global challenges; Africa has experienced rapid growth of about five percent in the last decades. She further explained other achievements recorded in the pension administration especially in Nigeria.

The chairman of the World Pension Summit, Eric Eggink and the co-chairman, Harry Smorenberg said building trust was key, in pension administration globally.

Other participants bared their minds on the event and warned government not to allow politics to interfere with the pension fund.

The theme of for the two day summit is building sustainable pension system in Africa.