Pension Fund Administrators to invest ₦3.4tn in infrastructure from part of the growing pension funds

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Acting Director-General, PenCom, Mrs. Chinelo Anohu-Amazu

Culled From Punch Nigeria

Pension Fund Administrators will invest part of the growing pension funds in infrastructure after the Pension Reform Act 2004 must have been replaced with a new act.

This was contained in a memorandum submitted by the National Pension Commission to the Senate Committee on Establishment and Public Service and the House Committee on Pensions at the joint public hearing for the proposed enactment of the Pension Reform Act 2013.  Acting Director-General, PenCom, Mrs. Chinelo Anohu-Amazu, said the commission proposed that the funds should be utilised for national development.

The bill states, “There is a consensus among stakeholders that the PRA should facilitate the optimal utilisation of pool of funds generated by the Contributory Pension Scheme towards national development.” It added that provisions had been made in the bill for the expansion of permissible investment instruments to accommodate initiatives for national development, such as investment in the real sector.

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World Bank To Spend $300m For Mortgage Infrastructure In Nigeria

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The World Bank is to partner Nigeria to develop a sound mortgage financing structure that would deliver affordable houses to Nigerians.

The multilateral institution is to provide financial access and liquidity to the tune of $300 million to kick start the project.

Banks in the country are to partner government to develop a mortgage vehicle that will manage housing development in Nigeria. Government will, however, have a small share. This fact was disclosed by the Minister of Finance and Coordinating Minster of the Economy Dr. Ngozi Okonjo Iweala.

Shonekan Wants Jonathan To Address Nigeria's Infrastructure Deficiency

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Chief Ernest Shonekan, the Chairman, Infrastructure Concession Regulatory Commission (ICRC), on Tuesday called for the setting up of Infrastructure Investment Programme to address the nation’s infrastructure deficiency. Shonekan made the call after presenting the 2011 Annual Report and Audited Financial Statement of the Commission to President Goodluck Jonathan at the Presidential Villa, Abuja.