Connect with us

Business

Contributory pension assets increase to N12.4tn

Published

2 years ago

on

The total assets under the Contributory Pension Scheme have rose to N12.4tn as of the end of April.

The new data from the National Pension Commission on Wednesday provided data on the approved existing schemes, Closed Pension Fund Administrators and Retirement Savings Funds

The CPS, which lost some funds in recent months, returned to a growth path as it gained N92bn in March.

The data showed that the funds rose to N12.34tn as of the end of March from N12.25tn in February.

The assets, which had been the fastest-growing funds in the economy, lost N7bn in January and another N52bn in February.

According to PenCom, N8.4tn of the funds was invested in Federal Government’s securities in March.

Other investment portfolios where the funds were invested included domestic and foreign ordinary shares; corporate debt securities comprising of corporate bonds, corporate infrastructure bonds, corporate green bonds and supranational bonds.

The funds were also invested in local money market securities, comprising bank placements, commercial papers and foreign money market securities.

The PFAs invested the rest in mutual funds comprising open/close-end funds, real estate investment trusts, real estate properties, private equity funds, infrastructure funds, cash and other assets.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

CBN warns banks over foreign exchange malpractices

Published

2 years ago

on

September 11, 2021

By

The Central Bank of Nigeria, CBN, has insisted that the FX operating license of any bank or banks that are found guilty of ongoing investigations in foreign exchange malpractices would be suspended for at least a year.

The circular signed today by the Director Trade and Exchange Department, CBN,  Ozoemena Nnaji stated: “In line with the continuing close surveillance of our financial markets in general and the FX market in particular, the CBN wishes to remind all banks that it is their responsibility to not only Know their Customers (KYC requirements) but also Know their customers’ business (KYCB requirements).

“Given these responsibilities and in view of recent occurrences in the market, the CBN would like to remind banks to desist from all and any forms of FX malpractices.

“We wish to reiterate that the FX operating license of any bank or banks that are found culpable with ongoing investigations would be suspended for at least one year. Please note and ensure compliance.”

Continue Reading

Business

Naira hits historic low of 543 against dollar

Published

2 years ago

on

September 9, 2021

By

The naira has continued to depreciate on the parallel market, selling for N543 to the dollar on Thursday.

The bureau de change operators in Abuja bought dollar at N540, then it was sold for N543.

The British Pound was also sold for £1/N740.

This comes 44 days after the Central Bank of Nigeria barred sale of Forex to all bureau de change operators across the country.

On June 27, 2021, the CBN ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.

The CBN said it would also no longer process applications for BDC licences in the country.

Continue Reading

Business

Zugacoin hits $87,000 against Bitcoin $41,000

Published

2 years ago

on

July 30, 2021

By

Zugacoin, a cryptocurrency  founded by Professor Archbishop Sam Zuga AKA Jehovah’s Field Marshall is now trading at the value of 87,000 dollars against Bitcoin 41,000 dollars.
Africans are advised to take advantage of Zugacoin for their financial freedom especially as it is also on binance network SZCB and has been listed on 10 different Exchange including VinDAX and Pancakeswap.
Zugacoin which is barely a year old is currently on 3 different Blockchains, Ethereum, Binance and Samzuga Blockchain.
This is also coming after the first Blockchain Main Net in Africa was successfully launched by the philanthropic cleric.
Samzugacoin Blockchain Mainnetwork And Zugacoin (Zugascan) Explorer, is the first Blockchain Network created from Africa by an African and for Africa tech space.
Archbishop Sam Zuga, who was recently honored as the first Professor of Digital Economy in the world, is focused at providing ways to help every willing average Nigerian to fight poverty and earn a better living.
According to the cleric, the poverty in Nigeria and Africa is artificial and God has given him the ability to alleviate the citizens out of its shackles.
If possible, eradicate it.
Explaining further how he intends to see his mission and vision accomplished, Sam Zuga stated that with ZUGACOIN every willing Nigerian and African should be able to begin their journey into financial freedom.
He also said he would teach Nigerians how to grow money through digital economy principles.

Continue Reading

Trending