The Pension Funds Administrators has grown the pension funds invested in the banking sector to N1.03 trillion as of the end of July.
The National Pension Commission (PENCOM) has disclosed in a report . According to the Commission, this represented 11.03 per cent of the total pension funds which was N9.36 trillion for the period under review.
The report further revealed that as of the end of January 2019, the total funds invested in the banking sector stood at N638.89 billion.
Commenting on other areas the funds have been invested, the commission said the operators had invested a significant part of the pension funds in the Federal Government’s bonds, treasury bills and state government securities, while some were also invested in agency bonds, supra-national bonds, commercial papers, foreign money market securities, and open or close-end funds.
Furthermore, the report stated the operators invested the funds in other investment portfolios such as real estate investment trusts, private equity funds, infrastructure funds, cash and other assets.
Commenting on this development, the acting Director-General, PenCom, Aisha Dahir-Umar, said, “The Contributory Pension Scheme has been very impactful in Nigeria since the commencement of its implementation in 2004. The formation of long term domestic capital, is slowly but surely changing Nigeria’s financial landscape.