The Director-General (DG) of the National Pension Commission (PenCom), Aisha Dahir-Umar, has debunked reports that the commission gave the federal government a N10 trillion loan.
In an interview with reporters, she also said claims that PenCom owed Federal Government retirees arrears of pensions were false.
“Investments by the PFAs in the securities of the Federal Government of Nigeria (FGN) are not loans as erroneously portrayed, but investments in securities, through bonds and treasury bills, as approved by the relevant government agencies, in this case the Debt Management Office (DMO) and Securities and Exchange Commission (SEC). They are traded on authorized capital markets. That is, the Nigerian Exchange Limited and FMDQ OTC Securities Exchange,” she explained.
“Moreover, pension fund assets are not managed by PenCom. I have said it repeatedly that when we say pension assets have grown to N15tn, that does not mean PenCom has N15tn locked somewhere in its office or bank accounts.
“Pension fund assets are managed by the licensed PFAs and held in custody by the licensed Pension Fund Custodians (PFCs). The PFAs are responsible for investing pension fund assets in allowable asset classes, including FGN debts instruments.
