Nigerian universities pension firm realises N12.5 billion – Official

Unijos school gate used to illustrate the story. (IPPIS)
Unijos school gate used to illustrate the story.

The Nigerian University Pension Management Company Limited (NUPEMCO) said it has realised N12.5 billion as contributory pension from university staff in less than two years.

According to a statement from the spokesperson of the federal ministry of education, Ben Gooong, Friday night, the leader of the NUPEMCO delegation, Aliyu Atiku, said this on Friday when its officials paid a visit to the Minister of Education, Adamu Adamu, in Abuja.

PREMIUM TIMES reported how the Academic State Union of Universities (ASUU) in January received the certificate of operation for the NUPEMCO from the National Pension Commission, the regulatory agency for the country’s pension companies.

The initial refusal of the regulatory agency to approve the request for operation was one of the major issues in the dispute between the ASUU and the federal government.

Among the union’s demands then were issues on NUPEMCO licence, better welfare package and improved teaching and learning environment in the universities, among others.


Mr Atiku reportedly said universities were responding positively to the call for investment in and ownership of NUPEMCO.

He also said ASUU, the ‘principal partner’, were responding positively to NUPEMCO ”in terms of contributions by members of the union”.

He lamented ”the low cooperation of some universities” and appealed to the minister to intervene.

In his reaction, the education minister, Adamu Adamu, urged NUPEMCO to treat the retirees equally.

He asked the leadership to use PENCOM contributions judiciously to ensure that retirees start receiving their pension immediately after retirement.

He said NUPEMCO must be transparent in the administration of pension funds ”so that when others see the seriousness of NUPEMCO as a viable Pension Fund Administrator (PFA) they would have no choice but join.”

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