WORKERS that have enlisted into the Contributory Pension
Scheme, CPS, are now about 10 million, just as pension cash inflow is now at N7
trillion. Speaking during the launch of Radix Pension Managers in Lagos, the
Group Chairman, Radix, Mr. Vincent Maduka, said:
“The entire list of people on
the pension scheme on the pension commission level is now 10 million Nigerians,
whereas the potential is past 30 percent of all Nigerians. When you realised
that the total budget for Nigeria this year is N7.44 trillion, but the pension
market this year is N7 trillion and we are talking of having captured only a
small portion of the entire possible market today, the informal sector where
there is so much activities and money is yet to be captured in this market.”
Commenting on activities of the scheme, the chairman, Board of Directors, Skye
Bank Plc, Mohammed K. Ahmad, said: “It’s important that institution within the
pension industry, continuously review their operations and ensure they provide
the necessary service that will guarantee pensioners their benefits when due.”
He also said that, as at today, pension is the largest institutional investor
in the country with about N7 trillion in asset. He stated: “73 percent of the
pension funds are invested in Federal Government securities, in other word,
Treasury bill, Treasury certificate and Treasury bond.” Radix Pension Manager,
(formerly IGI Pension Fund Managers Limited) was incorporated in 2008, as a
subsidiary of Industrial and General Insurance (IGI) Plc, an insurance company
in Nigeria. In February 2017, Radix Capital Partners Limited, a licensed
boutique investment banking firm, acquired majority share interest in the
company.
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