Operators are optimistic about improved productivity and services to be offered to contributors after the number of Pension Funds Administrators was reduced due to mergers and acquisitions in the sector,Operators in the Contributory Pension Scheme are optimistic that the Pension Fund Administrators would be more productive and serve customers better after the end of the recapitalisation in the sector.
Speaking on recapitalisation, the Chief Executive Officer, PenOp, Oguche Agudah, said a well-capitalised industry would enable the sector to affect its various shareholders and the Nigerian economy in a positive way. However, she cautioned that a smooth transition within the mergers and acquisition framework was necessary to ensure that the recapitalisation efforts did not harm the contributors’ assets.
She explained that the robust policy intervention in the pension sector had led to a jump in Nigeria’s net assets value of pension assets from a deficit position two decades ago to N13.6tn valuations in 2022 while scaling the sector’s overall contribution to the Gross Domestic Product from 0.9 per cent in 2004 to nine per cent in the current year.
Figures obtained from PenCom showed that the contributors transferred N226.98bn to new PFAs of their choice from the fourth quarter of 2020 to the end of the first quarter of 2022.
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Source: GuardianNigeria - 🏆 1. / 94 Read more »