Adedapo Adesanya
By Adedapo Adesanya
The National Pension Commission (PenCom) has revealed that Pension Fund Administrators (PFAs) and their Pension Fund Custodians (PFCs) counterpart recorded a net profit of about N83.9 billion in 2019.
A breakdown indicated that Standard IBTC Pension Managers Limited recorded a large chunk of the profit, raking in N49.4 billion in the year under review, indicating 58.9 per cent.
It was trailed by Zenith Pension Custodian Limited, which had N6.0 billion (6.8 per cent); First Pension Custodian Limited, which recorded N4.3 billion (4.8 per cent); Leadway Pension Limited, which attained N3.3 billion (3.9 per cent); ARM Pension Fund Managers Limited, which got N3.2 billion (3.7 per cent); UBA Pension Custodian, which had N3.3 billion (3.8 per cent); and Premium Pension Limited, which recorded N2.25 billion (2.7 per cent).
Others were FCMB Pension Limited, which recorded N923.9 million (1.1 per cent); Access Pension Fund Custodian, which had N350.3 million (0.4 per cent); IEI Anchor Pensions Managers, which got N32.6 million (0.04 per cent); and Radix Pension Fund Managers Limited, which recorded a loss of N329.4 million.
Giving more details on how the pension sector performed in 2019, PenCom noted that the total pension contributions remitted into the RSAs of employees in both the public and private sectors in 2019 amounted to N700.7 billion, stressing that this comprises N331.6 billion or 47.3 per cent for the public sector and N369.1 billion or 52.7 per cent for the private sector.
“Consequently, the total pension contributions cumulatively grew to N5,795.65 billion as at December 31, 2019. This was made up of N2,895.97 billion contributions from the public sector, which represented 49.97 per cent of the total pension contributions and N2,899.68 billion from the private sector, which represented 50.03 per cent of the total,” PenCom added.
