The National Pension Commission (PenCom) has announced that Nigeria’s pension assets have surpassed ₦25 trillion, making a substantial contribution to the nation’s development through strategic investment initiatives.
Omolola Oloworaran, the Director-General of PenCom, made this statement on Thursday in Yola during a two-day sensitisation workshop regarding the Contributory Pension Scheme (CPS) for employees and pensioners in the North-East region.
Ms Oloworaran remarked that this growth is indicative of enhanced transparency, governance, and accountability within pension administration.
“Currently, over 552,000 retirees receive regular monthly pensions, and an additional 291,735 individuals have accessed lump-sum benefits under the scheme, thanks to this increase. In total, more than 844,000 retirees from both public and private sectors are now benefitting from steady, reliable, and transparent retirement provisions,” she stated.
The PenCom chief also emphasised recent reforms and interventions aimed at improving the welfare of pensioners and bolstering the sustainability of the scheme.
“More than 10 million Nigerians, including public servants, private sector employees, and self-employed individuals under the Micro Pension Plan, are now included within the CPS framework.
“The Commission has also implemented complimentary health insurance for retirees, focusing initially on low-income groups, to ensure dignity and security beyond financial pensions. Furthermore, PenCom has enhanced prudential standards for operators by introducing stricter capital and governance requirements for Pension Fund Administrators (PFAs) and Custodians,” she added.
Ms Oloworaran went on to outline five new regulations introduced as part of the ‘Pension Revolution 2.0’ initiative. These encompass whistle-blowing guidelines for pension fund assets, updated investment regulations, and frameworks for accredited pension assets, among other measures.
She revealed that PenCom has developed a new enrolment application to facilitate a seamless process for the 2026 retiree enrolment exercise.
According to her, the Commission aims to diversify pension investments, extend coverage to informal sector workers, and improve retiree welfare through health and gratuity provisions.
“Over the years, the Contributory Pension Scheme (CPS) has fundamentally transformed Nigeria’s pension landscape. We have transitioned from a time of unpaid entitlements and uncertainty to one founded on transparency, sustainability, and inclusiveness,” she asserted.
While recognising the progress made, Oloworaran acknowledged that challenges such as limited coverage and non-compliance from certain states and employers continue to exist.
She stated that the workshop is part of nationwide efforts aimed at safeguarding the welfare and dignity of Nigerian workers and pensioners while supporting reforms that have reshaped the pension system over the last twenty years.
(NAN)
