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PENSION: Police get N340bn assets under management in 3 years

By Joseph Erunke

ABUJA—THE Nigeria Police Force Pension Funds, known otherwise as NPF Pensions, said it brought  N340 billion assets under management between 2015 and 2017 and set aside the sum of N400 million as annual short term parliative for retirees through the newly established Police Retirement Savings Welfare Scheme.

Managing Director of the fund, Dr Hamza Boki, who disclosed this to Vanguard, in Abuja, said the N340 billion assets under management has made the funds one of the largest Pension Funds Administrators, PFAs in the country.

“The NPF Pension Funds within the three years of its establishment, has achieved an assets under management of N340 billion funds. This has left NPF Funds as one of the top PFAs in terms of assets under management and therefore the police are proud owners of funds of the fastest PFAs and one of the largest in the country,“ he said.

Dr Boki said the NPF Pension Funds Scheme approved the N400 million as retirement savings welfare scheme to support retirees’ welfare package.

His words: “This retirement welfare scheme dedicates the sum of N400 million every year from our operations to cater for retirees of past years. When they retire and while waiting for their benefits where most of them live in the barracks and therefore will be asked to vacate the barracks, we pay them money approved from the company so that they can fund the need to fix themselves up quickly in their transition period and many officers have so far benefited from this. “

Dr Boko, who said the company was established to enhance the welfare of police personnel all over the country, added that after operating for two years, the company declared a dividend  of 20 kobo per share for the year 2015.

He said the board of the fund was yet to arrive at a dividend for its shareholders in the 2017 fiscal year, assuring that the dividend would far outweigh the previous one.

“We paid 20 kobo dividend for 2015 and our board is yet to approve the dividend for 2017 but I can assure you that it’s going to be more than the 20k that we paid previously.

“It therefore means that the police insurance company will now get an amount more than they got for 2015 and therefore, they will use that amount to further keep up the insurance scheme as directed by their owners. You know all police men are the owners of the Police Welfare Insurance, “he further said.

 


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