187 RSA holders received N3.1bn for mortgage – PenCom

• As Commission announce plans to establish academy

The National Pension Commission says that a total of 187 Retirement Savings Account owners received 25 per cent of their contributions for mortgage which amounted to N3.1 billion at the end of July.

Daily Trust reports that PenCom in September last year approved the usage of 25 per cent RSA balance for mortgage by contributors.

Director General of the Commission Mrs. Aisha Dahir-Umar stated this yesterday a capacity building workshop for journalists in Abuja tagged “Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction,”

The DG who was represented by the head, corporate communications department, Mr. Abdulqadir Dahiru noted that pension funds have been on the rise and now stands at N16.76 trillion  as a result of concrete regulatory approach and supervision.

“PenCom’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors. 

“Consequently, Pension assets have risen by N1.77 trillion in the first half of 2023, from N14.99 trillion in December 2022 to N16.76 trillion at the end of June 2023. Membership also increased by 146,920 new contributors, from 9.86 members as of the end of 2022 to over 10 million members as of June 2023.

The CPS has ensured that public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their golden years,”

Speaking further, he said as part of capacity building efforts, the Commission is planning to establish a pension academy that will train stakeholders and other relevant partners on the activities and programmes of the sector.

Also in a presentation, the Chief Executive Officer Pension Fund Operators Association of Nigeria (PenOP), Oguche Aguda, in a paper titled “Improving Accessibility and Service Delivery in RSA Mortgage Financing” noted that Nigeria’s housing deficit grew from 7 million in 1991 to 28 million in 2023 which has made it difficult for government alone to cover the housing gap.

Oguche who was represented by the Akinbola Akintola Research & Investment Lead at PenoP,  further stated that the with the new mortgage policy of PenCom, the country will experience a significant drop in the housing deficit in the coming years.