UBA Pensions Pays N3.5bn to 25,000 Retirees 

The Managing Director, UBA Pensions Custodian, Mr. Bayo Yusuf, has said that the company is paying the sum of N3.5bn on a monthly basis as retirement benefits to 25,000 pensioners. Yusuf disclosed this in Abuja on Wednesday in a chat with journalists on the sidelines of the World Pension Summit for Africa. He said the amount was paid by his company on behalf of the 10 Pension Fund Administrators whose funds were currently being managed by UBA Pensions. Yusuf said, we are pension fund custodians and we have specific roles in the Pension Reform Act. The number one role is collection on behalf of the PFAs. We are custodians to 10 of the 27 PFAs and of these 10; we are on a monthly basis collecting in the range of about N17bn to N18bn in terms of collection.

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