The Executive Secretary of the Jigawa State and Local Government Contributory Pension Scheme Board, Hashim Ahmad Fagam, yesterday said the board has made a profit of N2.6 billion in last year alone from its N20 billion investment under the care of Pension Fund Administrators (PFAs).
Fagam, who made the disclosure yesterday while briefing newsmen in Dutse, said unlike what was obtainable in other states where pension fund and payment processes were managed by the PFAs, in Jigawa state the PFAs only manage the fund for the state while all payment processes were handled by the board.
He added that the state board’s fund was kept with PFAs for the purpose of benefiting from the profit realized on the return of investment by the PFAs saying, the huge investment by the state’s pension board had over the years helped in multiplying the capital base of the board’s fund and hence, the most successful pension scheme in the country.
Fagam, further explained that based on the success recorded by the scheme in about two decade of its existence, there was never a time either the state government or the board contemplated joining a new scheme adding that the rumour peddled in respect of changing the scheme was not true.
“The only thing that is certain is that the fund of Jigawa state and local government contributory pension scheme board is under the custody of the Pension Fund Administrators but the management and handling of the fund is strictly by the board.
“The rumour being peddled that there is a plan underway to introduce a new pension scheme is not true and unfounded. There was never a time when such plan was contemplated and the present scheme has come to stay. The existing scheme is about 20 years old and within which there was never a time that the scheme turned out to be a disappointment,” he said.