PenCom begins payment of N758bn to retirees, recovers billions from 49 defaulting employers

*Omolola Oloworaran, Director-General of the National Pension Commission (PenCom), discloses Nigeria’s pension assets has grown to about N27 trillion, following the government’s bold decision and structured reforms (Pension Revolution 2.0.)

Isola Moses | ConsumerConnect

The National Pension Commission (PenCom) has said it commenced the disbursement of N758 billion bond, which the Federal Government of Nigeria approved to clear outstanding pension liabilities in the country.

Ms. Omolola Oloworaran, Director-General of PenCom, gave this update while presenting her one-year scorecard at the Pension Revolution Summit, in Abuja, FCT.

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ConsumerConnect gathered Ms. Oloworaran said that the N758 billion bond, which President Bola Ahmed Tinubu approved February 2025, had been cashed.

She also noted that N600 billion has been paid to clear the outstanding pension liabilities across Nigeria.

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The Director-General equally stated the pension assets in the West African country has increased to about N27 trillion, because of the bold decision and structured reforms (Pension Revolution 2.0.).

A lot has been achieved in the pension industry in the last one year, she said.

As regards confidence building and expanded coverage of pension ecosystem, Oloworaran further explained that the pension regulatory Commission has rebuilt the trust, expanded coverage, strengthened governance and moved the contributory pension scheme firmly into the next phase.

What’s new at PenCom, by Oloworaran

As regards what has changed at PenCom, she said: “Over a year ago, I was confirmed as the D-G with a clear mandate to rebuild trust.

“We expanded coverage, we strengthened governance and moved the contributory pension scheme firmly into the next phase.

“I am proud to say that this past year has been defined by bold decisions, structural refunds and measurable impacts.”

The Director-General of PenCom as well affirmed a formal launch Pension Revolution 2.0. as part of the ongoing reform.

Oloworaran asserted: “That was the most comprehensive reform agenda in the Nigerian pension industry since 2004.

“This was not a cosmetic reform, it was structural.”

She explained: “It brought together new regulations, stronger supervision, governance reforms, digital transformation and industry realignment.

“All of these were designed to future-proof the pension industry and position it as a pillar of national stability and long-term development.”

The PenCom Chief Executive as well said in order to enhance benefit adequacy, the Commission introduced the pension post 1.0 which had already added N2.68 billion to monthly pension payments for CPS retirees since June.

The Commission still has a lot to do, though it had achieved full automation of critical pension processes, she admitted.

She equally stated: “Over time, we have achieved an automated pension plan certificate, which used to be a manual process.

“We have also automated and upgraded the benefit processing and contribution remittance platform.”

Oloworaran noted: “To strengthen collaboration and leadership across the industry, we established the pension industry leadership council.

“It is a strategic platform that brings together industry leaders to drive innovation, reinforce accountability and build collective ownership of reforms.”

Besides, the reform of the year was to restructure and rebrand the micro pension plan into the Personal Pension Plan (PPP), she said.

She recalled: “This was about meeting Nigerians where they are, including artisans, traders, market women, creatives, all informal sectors at large under the personal pension plan.”

Meanwhile, the Director-General has said said the Commission, under her leadership, expanded digital enrollment and introduced accredited pension agents in the course of this year.

She said that the accredited pension agents were not merely a distribution channel, but also an employment strategy.

“We believe that with this initiative, thousands of young Nigerians will be recruited and trained across board to participate in expanding pension coverage.

“It is also a medium for any meaningful livelihoods and impactful financial inclusion and I dare say that this is enabling financial inclusion that creates jobs,” she stated.

Specifically, the PenCom Chief disclosed that the recovery agents recovered total N32.27 billion, comprising N15.87 billion recovered as principal contributions and N16.40 billion as penalties from defaulting employers between June 2012 and September 2025.

According to her, the Commission had recorded significant compliance gains in the Third Quarter (Q3) of 2025 alone.

The development has led to the recovery of N2.06 billion (N775 million principal and N1.27 billion penalties) from 49 defaulting employers in the country.

This reflects a sustained surge in enforcement activities in the Commission, Oloworaran added.

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