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Nigeria pension fund operators seek alternative investments amid yield decline

Nigeria pension fund operators seek alternative investments amid yield decline Pension assets fell by N51 billion in February. The Pension Fund Operators Association of Nigeria (PenOp) on Tuesday said it was seeking investment alternatives besides government bonds and treasury bills to increase returns on investment on pension assets. Oguche Agudah, Chief Executive Officer of PenOp, disclosed this to the News Agency of Nigeria (NAN) on the sidelines of a virtual training for members of the National Association of Insurance and Pension Correspondents in Lagos. Mr Agudah spoke in reaction to a decline of pension assets by N51.30 billion in February.

Only 11% of workforce is enrolled in the pension scheme – PenOp

By Rosemary Onuoha Despite the astronomical growth recorded in the pension fund, only 11 percent of workforce is enrolled in the Contributory Pension Scheme, CPS, and the micro pension schemes and this number needs to improve, the Pension Fund Operators Association of Nigeria, PenOp, has said. Head of Media, Communications and Branding Committee of PenOp, who is also the Chief Executive of Fidelity Pensions Limited, Mrs. Amaka Andy-Azike, disclosed this during a webinar organized for pension correspondents. Lamenting the development, Andy-Azike said: “We plan to have a pension awareness week, like a pension fair where operators attend to individuals on the spot with media partners available for coverage. We also intend to participate in World Savings Day to drive financial inclusion as only 11 percent of the active workforce is enrolled in contributory and micro pension schemes and this number needs to improve.”

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