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Stanbic IBTC Pension, Access, three others hold 64% of new registered contributors Q2

Five numbers showing what Nigerians have taken out of pension wallet

Five Pension Fund Administrators (PFAs), including Stanbic IBTC Pension Managers, Access Pensions, ARM Pension Managers, Leadway Pensure and Premium Pension managers accounted for 64 percent of total registered contributors in the second quarter of 2023, data from the National Pension Commission PenCom) has revealed.

The data further shows that, out of 63,693 new registered contributors in that quarter, otherwise called Retirement Savings Account (RSA) holders, Stanbic IBTC topped with 19,076 (30 percent); Access Pension 7,215 (11 percent); ARM Pension 5,587 (9 percent); Leadway Pensure 4,369 (7 percent); Leadway 4, 322 (7 percent).

Meanwhile, from inception to 30th June 2023, the pension industry has registered 10, 009, 230 RSA holders with Stanbic leading with 2,034, 226 and followed by Access 1,072,121.

The other three leading PFAs are ARM Pensions 902,222; Trust Fund Managers 805,295 and Premium Pensions 783,196.

On the bottom of the table on total registered contributors as at the end of June are Radix Pension Managers with 46,099, followed by NLPC PFA with 61,741;

Others are Guarantee Trust Pension Managers 89,619; Veritas Glanvills Pensions 158,000 and NPF Pension Mangers 160,559.

To deepen pension penetration across the states, PenCom through the zonal offices has continued to engage relevant stakeholders.

In the quarter under review, the South-West Zonal Office of the commission conducted sensitisation session on the workings of the Contributory Pension Scheme (CPS) for staff of National Productivity Centre; staff of Glagos Building Investment Company,; staff of Public Complaint Commission,; staff of Parthian Partners; staff of Future Concerns Nigeria Limited; staff of Federal Education and Quality Assurance Service, all in Lagos and staff of Veevee Paper Products Limited, Ogun State.

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The South-South Zonal office also had similar engagements including visit to the Nigeria Television Authority (NTA), Radio Nigeria and Heat FM Radio in Calabar and this was aimed at creating a synergy with the media in educating the public on the workings and benefits of the CPS as well as recent developments in the pension industry.

The SSZO also held meeting with the executive members of the Association of Auto Spare Parts Dealers; Hotel Owners and Managers; staff of National Identity Management Commission; staff of Federal Airport Authority of Nigeria (FAAN) at Margret Ekpo International Airport; staff of Nigeria Immigration Service (NIS), all in Calabar, Cross River State.

The South-East Zonal Office (SEZO) engaged with the Head of Civil Service, Anambra State, to address issues relating to the implementation of the CPS in the State.

The SEZO also participated in a meeting with the Nigerian Employers Consultative Association; held a meeting with the Secretary, Anambra State Post Primary Schools Board; and Commissioner for Women Affairs and Social Development and the Director, Teachers Registration Council of Nigeria.

SEZO also had sensitisation session on the workings of the CPS for staff of Beracah Consulting Limited, Anambra State, staff of Public Complaint Commission, Anambra State; officers and men of the National Drug and Law Enforcement Agency (NDLEA), Awka, Anambra State; staff of Nigeria Immigration Service (NIS), Awka, Anambra State; staff of National Examination Council (NECO), Awka, Anambra State; staff of Nigerian Postal Service, Awka, Anambra State.

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The North West Zonal Office (NWZO) on the other hand conducted a Train-the-Trainers enlightenment programme for staff of the Federal Airports Authority at the Mallam Aminu Kano International Airport, Kano.

Other sensitisation session on the workings of the CPS for staff of the Council for the Regulation of Engineering in Nigeria (COREN) Kano State Office; staff of National Identity Management Commission (NIMC), Kano Office; staff of the Bank of Industry (BOI), Kano State Office; staff of Jigawa Savings and Loan, Dutse; staff of National Agency for the Prohibition of Trafficking in Persons (NAPTIP), Kano State Office; staff of National Investment Promotion Commission (NIPC), Kano State Office; and staff of Nigerian Export Promotion Council (NEPC), Kano State Office.