38 MONDAY, JUNE 19, 2017 insurance Total pension assets rise to N6.4tn Stories: Nike Popoola T hE total pension assets under the Contributory Pension Scheme rose to N6.4tn at the end of April this year. Figures obtained by our correspondent from the National Pension Commission revealed that 55 per cent of the fund, totalling N3.6tn, was invested in FGN bonds. According to the commission, the fund rose from N4.6tn at the end of the 2014 financial period to N5.3tn in 2015. The Pension Fund Administrators, who manage the fund, invested N1.01tn, which is about 15 per cent of the total, in treasury bills. According to data from the commission, the operators invested N480.69bn (7.4 per cent), N311.08bn (4.7 per cent) and N219.33bn (3.3 per cent) of the total fund in domestic ordinary shares, corporate debt securities and real estate properties, respectively. The operators invested N126.18bn and N91.58bn in state government securities and supra-national bonds, which represented about 1.94 per cent and 1.41 per cent of the fund. PenCom revealed that the remainder of fund was invested in agency bonds, supra-national bonds, commercial papers, foreign money market securities, and open/close-end funds. Other investment portfolios where the operators invested the fund are REITS, private equity funds, infrastructure funds, cash and other assets. The commission said in terms of its regulatory and supervisory activities, it continued its consultative philosophy in regulating and supervising the industry. It added that the risk- based examination approach was implemented as a way of promoting transparency and providing early warning signals, adding that it encouraged pension operators to regularly self-evaluate their positions. PenCom stated that it had continued to apply various strategies to ensure compliance with the provisions of the Pension Reform Act, 2014, including the application of sanctions and collaboration with key stakeholders on public enlightenment campaigns as well as engagement of defaulting employers through pension recovery agents employed by the commission to recover unremitted pension contributions. The commission said a road map for the engagement of labour unions, state employees, state governments and other stakeholders to positively stimulate compliance with the CPS by state governments was also developed. T on investment and safe investment portfolio. According to a statement obtained on Sunday, Uduanu said this during the company’s human resources conference in Lagos. While noting that Sigma Pension had proved to be one of such organisations, he urged contributors to embrace the company’s services. he advised self-employed Nigerians to set up a sound pension scheme in order to build strong financial plan for their retirement. Uduanu urged contributors to advance to the level of adding voluntary savings to their Retirement Savings Account, noting that contributors could determine to earn benefits higher than their regular salaries through the additional voluntary savings. he said, “Sigma Pensions, which currently has over 600,000 contributors and over N300bn, and listed on the London Stock Exchange’s ‘Companies to Inspire Africa’ report, is determined to help Nigerian workers build a better financial future. “Sigma Pensions, which is the fifth largest pension fund administrator in Nigeria with foreign partnership, has no rivalry when it comes to securing the future of workers who entrust their pension to us. In its choice of investment of contributors’ funds, Sigma does not take unnecessary risk or joke with its objectives of growing contributors’ money.” According to him, the company, which has more contributors in Abuja and the northern part of the country, commenced operations in the Federal Capital Territory, and has decided to explore opportunities in other regions, especially in Lagos. he said the event was the beginning of its engagement with the private sector in Lagos because one of its core strategies was to grow its private sector client base to a significantly higher number. “We believe that the best thing to do is to go to the hR managers in our country to tell them about the re- invigorated brand of Sigma Pensions, engage them and understand their concerns, and also find ways to serve them better,” Uduanu added. Secure your future with pension, Sigma urges workers hE Managing Director, Sigma Pensions, M r. D a ve U d u a nu h a s urged workers to build a secure financial future by entrusting the management of their pension funds to organisations that stand for safety, consistent return NAICOM approves 32 insurance firms’ accounts T hE National Insurance Commission has approved the 2016 financial accounts of 32 insurance companies. NAICOM stated that out of all the registered firms operating in the country, only 41 had so far submitted their 2016 accounts to it. According to the commission, five companies’ accounts are undergoing review, while those of the remaining have been queried for various reasons. NAICOM said that it was awaiting the responses of the companies that had their accounts queried. By regulation, the commission requires that all insurance companies must submit their financial accounts for the previous year latest by the end of June of the following year. The commission noted that failure to meet the deadline would subject the concerned firms to various penalties, including fines. however, the companies quoted on the Nigerian Stock Exchange are required by the bourse to meet a deadline of March ending.