Amaka Obiefuna

The Nigeria Pension Industry having recorded a commendable growth, has announced a plan to sustain the growth of the industry stressing that in 2024 and beyond there would be more applicants and approvals.

The Chief Executive Officer of PenOp, Oguche Agudah, speaking in a media parley with the pension Editors tagged ‘At the dawn of 20 years of pension reform, what are the gains?’ x-rayed activities in the last 20 years showing that the industry grew in leaps and bounds, hence the need to map out modalities for further growth.

Giving the breakdown, he said the lump sum paid on programmed withdrawal and annuity in the last 15 years was N 1.63 Trillion to 442,000 retirees.

He explained that the industry since inception paid a total of N665.23 billion to 111.708 applicants as lump sum on life annuity as at second quarter of 2023, while retirees under programmed withdrawal, got a lump sum payment of N964,239.47 billion in the second quarter of 2023.

The industry according to him, paid N208.86 billion to 475,000 Nigerians who lost their jobs from inception of the scheme to second quarter of 2023 under the withdrawal of 25 per cent RSA balance on loss of job and the approval of death benefits payment rose to N356.32 billion paid to 91,214 beneficiaries of deceased employees since inception of the scheme.

Aguda who said that the industry thrived on regulation hence the record growth, also led the journalists into the future of PenOp.

He said: “What should we expect in 2024 and Beyond: celebrating 20 years of the PRA, more applicants and approvals for RSA Mortgage, Greater Focus on Micro Pension as well as possible kick off on offshore investment and revision of investment guidelines and infrastructure consortium.”