The Nigerian pension industry recorded steady growth in Retirement Savings Account membership, rising from 9,529,127 in 2021 to 11,040,227.
PenOp said that, with expanded equity allocation limits, pension funds are expected to further increase their market participation.
PENCAP is targeted at RSA holders who joined the Contributory Pension Scheme on or before July 1, 2019, and have not yet completed the data recapture exercise.
Oguche Agudah, PenOp CEO, voiced the concern on Tuesday in Abuja during a public hearing on a bill for an act to establish a police pension board.
Mr Agudah said 475,000 Nigerians who lost their jobs received 25 per cent of their RSA.
