By Emma Ujah, Abuja Bureau Chief

ABUJA—Ten years after the commencement of the contributory pension scheme in Nigeria, the nation’s pension assets now stands at a whopping N4.21 trillion.

President Goodluck Jonathan, who disclosed this at the opening of the World Pension Summit in Abuja, yesterday, charged the National Pensions Commission, PenCom, to come up with firm regulatory and supervisory frameworks to safeguard the fund and avoid it being looted.

The new Pension Reform Act, which the President signed last week, has expanded the sectors in which the nation’s pension assets could be invested to include infrastructure and real estate, raising concerns that politicians could plunder the fund if not carefully watched.

His words: “In 2004, the pension reform Act was enacted by the Olusegun Obasanjo’s administration to address the recurring challenges experienced in the administration of pension and enhance efficiency the system.

“This reform initiative established a contributory pension scheme for the public and private sectors. In 10 years, a sustained policy innovation and meticulous management has facilitated confidence and credibility in our pensions system and administration.

“It also strengthened our pension institution as we transit from a deficit of about N 2 trillion (about $12.9 billion) in 2004 to accumulate pension Assets of over N4.21 trillion, which is about $27.2 billion by March 2014.

“It is our expectation that PenCom will put in place the necessary regulatory and supervisory framework to facilitate and accelerate the objectives of the reform, most especially ensuring the safety of pension assets and hence, workers’ security in retirement. The protection of pension assets and the payment of retirement benefits as at when due must always be our primary objective.”