• About
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, October 14, 2025
Bislad News
  • Login
  • Home
  • Politics
  • Insurance
  • Pension
  • Paper Presentation
  • Opinion
  • Back In The Days
  • News
  • Business
  • Features
  • Photo Gallery
  • Sports
No Result
View All Result
  • Home
  • Politics
  • Insurance
  • Pension
  • Paper Presentation
  • Opinion
  • Back In The Days
  • News
  • Business
  • Features
  • Photo Gallery
  • Sports
No Result
View All Result
Bislad News
No Result
View All Result

PenCom Does Not Give Loans to Federal Government, Says DG

by Bisi Bamishe
March 11, 2024
in Pension
PenCom needs strong board to sustain pension sector growth – Takor
Share this:

By Bisi Bamishe

Mrs. Aisha Dahir-Umar, the Director General of National Pension Commission (PenCom), has described as “totally misleading” widespread reports that the Commission gave a N10 trillion loan to the Federal Government.

She also responded to claims that PenCom was owing Federal Government retirees arrears of pensions as well as insinuations that Pension Fund Administrators (PFAs) are not fulfilling their obligations to retirees with regards to access to their retirement savings.

Mrs. Dahir-Umar, in a media interview at the weekend, said apart from the fact that PenCom is not a bank and does not warehouse or manage pension funds, the Federal Government did not take a loan of N10 trillion from the Commission.

Read Also:

Parthian Pensions Harps On Financial Literacy, Targets Micro Pension Market

PenCom Announces Launch Of Pension Revolution 2.0 – Stronger Pensions, Stronger Nigeria

“Investments by the PFAs in the securities of the Federal Government of Nigeria (FGN) are not loans as erroneously portrayed, but investments in securities, through bonds and treasury bills, as approved by the relevant government agencies, in this case the Debt Management Office (DMO) and Securities and Exchange Commission (SEC). They are traded on authorized capital markets. That is, the Nigerian Exchange Limited and FMDQ OTC Securities Exchange,” she explained.

“Moreover, pension fund assets are not managed by PenCom. I have said it repeatedly that when we say pension assets have grown to N15 trillion, that does not mean PenCom has N15 trillion locked somewhere in its office or bank accounts. Pension fund assets are managed by the licensed PFAs and held in custody by the licensed Pension Fund Custodians (PFCs). The PFAs are responsible for investing pension fund assets in allowable asset classes, including FGN debts instruments. The objectives are safety and fair returns. All these are in line with the provisions of the enabling law, the Pension Reform Act 2014, and the rules issued by the Commission. It is obvious from the above that what is referred to ‘loan to FGN’ is just investment in FGN securities by the PFAs, as is done by other institutional investors such as banks, insurance companies, asset managers, etc.”

Mrs. Dahir-Umar added that it is an international best practice to invest in investible instruments issued or backed by the sovereign authority and that the FGN securities meet the objectives of safety and fair returns.

“The FGN has consistently met its repayment obligations, both principal amount and accrued interest, for all investments in bonds and T-bills to all investors including pension funds. The information is always in the open and accessible on our website, www.pencom.gov.ng,” she said.

The PenCom DG further clarified claims about outstanding benefits to Federal Government retirees.

“The delayed payment of retirement benefits to some Federal Government retirees and deceased employees is because of the inadequate and delayed funding for the payment of Accrued Pension Rights for those who were in service before the Contributory Pension Scheme (CPS) was introduced when PenCom was established in 2004,” she said.

“Payment of the accrued rights is subject to release of funds by the Federal Government. So, it is beyond the powers of the Commission. However, we have been engaging the Federal Ministry of Finance for more funds to be released to settle these liabilities, but it is not a secret that the government itself has budgetary constraints.”

She said all those enrolled under the CPS have been receiving their benefits through their PFAs and there is no unsolved complaint before the Commission.

Previous Post

IWD 2024 At AIICO: A Day Of Career Guidance, Creative Expression And Entrepreneurial Empowerment.

Next Post

Leadway Sets The Stage For Transformative Healthcare Delivery ln Nigeria

Bisi Bamishe

Bisi Bamishe

I am a journalist with many years of experience in the field of Insurance and Pension. In 2003, I won Nigeria Media Merit Award of the IGI's Prize For Insurance Reporter of The Year

Related Posts

Parthian Pensions Harps On Financial Literacy, Targets Micro Pension Market
Pension

Parthian Pensions Harps On Financial Literacy, Targets Micro Pension Market

October 6, 2025
PenCom needs strong board to sustain pension sector growth – Takor
Pension

PenCom Announces Launch Of Pension Revolution 2.0 – Stronger Pensions, Stronger Nigeria

September 22, 2025
NIIRA Strengthens Insurance Framework To Enhance Contribution To GDP – Experts
Pension

PenCom To Redesign Micro Pension Plan To Deepen Financial Inclusion

September 16, 2025
Leadway Holdings Acquires PAL Pensions
Pension

Leadway Holdings Acquires PAL Pensions

September 8, 2025
[Pension Industry Hosts Cancer Awareness Session For Young Professionals
Pension

PenOp Hosts Session On Liver Damage, Prevention And Management

August 29, 2025
PenCom needs strong board to sustain pension sector growth – Takor
Pension

Workers’ Pension Funds : PenCom Replies Labour Congress

August 25, 2025
Next Post
Leadway Sets The Stage For Transformative Healthcare Delivery ln Nigeria

Leadway Sets The Stage For Transformative Healthcare Delivery ln Nigeria

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent News

Leadway Assurance Bags Double Honours at 2025 BAFI Awards

Leadway Assurance Bags Double Honours at 2025 BAFI Awards

7 hours ago
Photo News : STI Celebrates 2025 Customer Service Week

Photo News : STI Celebrates 2025 Customer Service Week

3 days ago
Sanya By Oyin Olugbile Wins The Nigeria Prize for Literature, 2025

Sanya By Oyin Olugbile Wins The Nigeria Prize for Literature, 2025

3 days ago
Capital Express Life Assurance Reports 53% Growth ln Shareholders’ Funds For 2024

Capital Express Life Assurance Reports 53% Growth ln Shareholders’ Funds For 2024

4 days ago

Bisladnews.com is an online publication of Bislad Communication Network Company. It is a news platform dedicated to providing top news.

Follow Us

Browse by Category

  • Back in the days
  • Business
  • Features
  • Insurance
  • Interview
  • News
  • Opinion
  • Paper Presentation
  • Pension
  • Photo Gallery
  • Politics
  • Sports
  • Uncategorized

Recent News

Leadway Assurance Bags Double Honours at 2025 BAFI Awards

Leadway Assurance Bags Double Honours at 2025 BAFI Awards

October 14, 2025
Photo News : STI Celebrates 2025 Customer Service Week

Photo News : STI Celebrates 2025 Customer Service Week

October 11, 2025
  • Home
  • Politics
  • Insurance
  • Pension
  • Paper Presentation
  • Opinion
  • Back In The Days
  • News
  • Business
  • Features
  • Photo Gallery
  • Sports

©2024 - Bislad News

No Result
View All Result
  • Home
  • Politics
  • Insurance
  • Pension
  • Paper Presentation
  • Opinion
  • Back In The Days
  • News
  • Business
  • Features
  • Photo Gallery
  • Sports

©2024 - Bislad News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In