How the pension figures are made

Everything on the pensions page comes from the National Pension Commission’s own reports, read as printed. Nothing is estimated to fill a gap, and nothing is corrected to match a press report.

Unaudited

PenCom’s monthly industry portfolio reports are unaudited: the Commission publishes them before the year’s accounts are audited, and has revised figures later. Every figure here carries that caveat.

Holdings change, not flows

PenCom reports what pension funds hold, at market value. When a holding grows, part of it can be new money and part a rise in prices; the report cannot tell the two apart. So the change shown is the holdings change. An estimated allocation would take the price move out using a market index — the Nigerian Exchange All-Share Index for equities — and is labelled as an estimate wherever it appears. There is no such estimate for government bonds, because no suitable bond index is available.

How every figure is checked

• Each report’s tables are read as printed, and every printed label is mapped to a fixed asset class. A label nobody has mapped stops the run.
• The asset classes must add up to the printed total within 0.5%.
• A figure that moves more than 25% in a month, by at least 1% of all assets, is held back until it has been checked against the report. 1207 figures across all fund types are held at present.
• Totals reported in the press are compared with the reports. Where they differ, the report is kept.

Printing errors in PenCom’s reports

Some reports do not add up as printed. These were checked against the page and are published as PenCom printed them:

• May 2014: PenCom misprint, published as printed: RSA Active's TOTAL FGN SECURITIES is printed 1,723,319.87 while its FGN Bonds (1,436,631.08) and Treasury Bills (361,230.26) add up to 1,797,861.34; the gap is the whole 74,541.47. The NAV of 2,667,542.03 agrees with the industry total.
• May 2015: PenCom misprint, published as printed: the CPFA assets add up exactly to the printed total of 739,988.34, but the column also prints OTHER LIABILITIES of -26,031.99, which the industry total takes in and the CPFA total does not.
• April 2016: PenCom misprint, published as printed: the RSA Retiree lines add up to 393,059.39 against a printed total of 433,059.41 (40,000.02 more).
• May 2016: PenCom misprint, published as printed: the RSA Retiree lines add up to 380,810.96 against a printed total of 430,810.97 (50,000.01 more).
• January 2018: PenCom misprint, published as printed: Corporate Debt Securities is printed 0.00 in the industry column, while its lines (Corporate Bonds 267,309.74, Corporate Infrastructure Bonds 9,692.25) are 3.58% of the total, which is the whole gap. The printed total of 7,736,038.96 is kept.

What is missing

• Monthly reports: every month from January 2013 to August 2026 is held.
• Before 2013 PenCom published quarterly and annual reports; they are kept below but not yet part of these figures.
• Some quarterly reports were never published, and PenCom’s fourth-quarter 2025 and first-quarter 2026 reports are text without tables.

Every report

Each links to the PDF on pencom.gov.ng. The monthly report marked used is the one the figures come from; where PenCom published a month more than once, the latest upload is used.