Three years into the Pension Reforms Act, nearly N1 trillion has been realised as pension funds, the National Pension Commission (PENCOM) has disclosed. It however lamented that many companies are yet to comply with the Act, thereby denying thousands of Nigerian workers their legitimate pension funds.

Director General PENCOM, Muhammed K. Ahmad, said over 3.162 million people had been enrolled into the PFA, mainly in the public sector; while over N871.27-billion has so far been realised as pension funds in the scheme.

He promised, Port Harcourt, that PENCOM would institute legal proceedings as well as impose monetary penalties against employ

According to him, PENCOM, in collaboration with the Nigerian Employers Consultative Association (NECA), the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC), would soon make public, the position of the funds due as gratuity payments to7employees currently in the employ of the private sector.

Market Information from the CSL Equity Market Note. Adeniyi.Adebayo@firstcitygroup.com