Jigawa State and Local Governments Contributory Pension Board has realised a profit of N2.6 billion in 2018 from pension deposits, it’s Executive Secretary, Alhaji Ahmad Fagam, has said.
Fagam told the News Agency of Nigeria (NAN) in Dutse on Friday that the profit came from the profits released by Contributory Pension Funds Administrators from the retiree’s money in their custody.
“We are operating with 10 different Pension Fund Administrators (PFAs) handling our money in collaboration with National Pensions Commission.
“What we realised is from the profit that we earned through the businesses that our PFAs are doing with our retirees money.
“Any PFA that fail to meet up to our expectations, we normally drop them and change to other ones.
“Initially we have about three PFAs that we are dealing, but we later increased the number to ten.
“The idea is that, we want to encourage competition to see the best pension administrator that can handle our funds effectively for maximum gains.”
Fagam stated that the state Pension House would soon introduce e- payment to make it easier for pensioners in collecting their benefits.
According to him, the e-payment will reduce the burden on those who retired from service, so that they won’t have to be at the head office queueing to collect their benefits.
“With e-payment, when one retires, all we need is the person’s identity card, account number and other relevant documents in connection to the person’s exit from service.”
He said that the organisation would also introduce software to enable retirees see their contributions monthly or quarterly.
Fagam announced that the state and local government pension’s board had fixed 7th of every month for payment to retired workers.
Meanwhile, the state Chairman of the Nigeria Labour Congress (NLC), Usman Dutse, appreciated the agency for regular payment of pensions and gratuity.
Dutse also commended the state governor Badaru Abubakar for regular payment of salaries, and for appointing Fagam to head the pension board.
He stated that Fagam was a seasoned administrator with proven integrity who has brought his wealth of experience to bear in pension funds management in the state.