NLPC repositions to capitalise on bond returns

NLPC repositions to capitalise on bond returns

NLPC Pension Fund Administrator (NLPC PFA) Limited has said that it is repositioning for greater market share amid plans to consolidate on positive bond returns in the year.

The managing director of the firm, Samuel Abolarin, who made this known in Lagos while commenting on the performance of the company in 2021, noted that its returns on investment last year was significantly affected by the downturn in the bond market.

However, he explained that by the end of the first quarter of the year, the firm has been able to turn around its negative returns position to positive returns.

Last year, a number of policies introduced by the Central Bank of Nigeria brought down the rate of returns on bonds. Prior to that period, investors had enjoyed a leap in returns.

In February 2021, Nigeria’s pension regulator, the National Pension Commission (PenCom), had given an ultimatum for all pension fund administrators (PFAs) to adopt the business models (BM) developed to guide the investment decisions for all existing and newly set up funds under management in accordance with the provisions of IFRS 9, adopted in 2018.

READ ALSO:  Algeria Will Fight To Stay At AFCON 2021 -Belmadi Speaks After Loss To Equatorial Guinea

Speaking on assets under management of the company, Mr Abolarin noted that as of the end of April, it stood at about “N388 billion and on a monthly basis for the contributory pension and the retirees,” adding that NLPC pays over N400 million on a monthly basis.

“For the defined benefit scheme we pay another over N500 million on a monthly basis. So roughly what we pay out as benefit on a monthly basis is hovering around N901 million depending on what happens,” he explained.

He also noted that technology has greatly improved the operations of PFAs in the country, eliminating incidences of stress-related deaths and needless verification exercises.


WATCH: Governor Yahaya Bello’s Roadmap to Hope 2023




Support PREMIUM TIMES’ journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate

READ ALSO:  Nigerians lament nationwide blackout; TCN says collapsed grid restored


TEXT AD: Why women cheat: what every Nigerian man should know







PT Mag Campaign AD



News Source


Tech Solutions with THE DGIT:

Build Your Websites and Mobile Apps

%d bloggers like this: