The National Pension Commission (PenCom) has begun disbursing a ₦758 billion bond approved by the Federal Government to clear outstanding pension liabilities, bringing relief to thousands of retirees nationwide.
The Director-General of PenCom, Ms. Omolola Oloworaran, disclosed this on Monday in Abuja while presenting her one-year scorecard at the Pension Revolution Summit. She said the move forms part of broader reforms aimed at strengthening trust and stability within Nigeria’s pension system.
Ms. Oloworaran explained that the bond, approved by President Bola Tinubu in February, has been fully cashed, with more than ₦600 billion already paid to settle long-standing pension arrears. According to her, the disbursement represents a critical step in addressing pension backlogs and improving benefit payments.
She added that Nigeria’s pension assets have grown to about ₦27 trillion, attributing the growth to what she described as bold decisions and structured reforms under the Pension Revolution 2.0 framework.
Reviewing PenCom’s performance over the past year, Ms. Oloworaran said the commission had recorded notable achievements, including rebuilding trust, expanding pension coverage, strengthening governance, and positioning the Contributory Pension Scheme (CPS) for its next phase.
“Over a year ago, I was confirmed as Director-General with a clear mandate to rebuild trust,” she said. “This past year has been defined by bold decisions, structural reforms, and measurable impact.”
She announced the formal launch of Pension Revolution 2.0, describing it as the most comprehensive reform of Nigeria’s pension industry since 2004. She said the initiative is structural rather than cosmetic, combining new regulations, stronger supervision, governance reforms, digital transformation, and industry realignment to future-proof the sector and support long-term national development.
On benefit payments, Ms. Oloworaran said PenCom had introduced post-Pension Reform Act 1.0 enhancements to improve benefit adequacy, resulting in an additional ₦2.68 billion added to monthly pension payments for CPS retirees since June. She added that the commission had also achieved full automation of key pension processes, including pension plan certificates, benefit processing, and contribution remittance platforms.
She said PenCom had strengthened industry collaboration through the establishment of the Pension Industry Leadership Council, which brings together key stakeholders to drive innovation, reinforce accountability, and ensure shared ownership of reforms.
Ms. Oloworaran also disclosed that one of the major reforms implemented during the year was the restructuring and rebranding of the Micro Pension Plan into the Personal Pension Plan (PPP), aimed at integrating artisans, traders, market women, creatives, and other informal-sector workers into the pension system.
“This was about meeting Nigerians where they are,” she said.
According to her, PenCom has expanded digital enrolment and introduced accredited pension agents, describing the initiative as both a coverage-expansion and employment-creation strategy. She said thousands of young Nigerians are expected to be recruited and trained as pension agents, contributing to job creation and financial inclusion.
On enforcement, Ms. Oloworaran said recovery agents had recovered a total of ₦32.27 billion from defaulting employers between June 2012 and September 2025. The amount comprised ₦15.87 billion in principal contributions and ₦16.40 billion in penalties.
She added that in the third quarter of 2025 alone, ₦2.06 billion was recovered from 49 defaulting employers, reflecting stronger compliance efforts.
Ms. Oloworaran further revealed that only eight of the 36 states have fully complied with the CPS. She said PenCom is engaging all states to achieve full compliance. She also disclosed that the Nigeria Police Force has yet to exit the CPS, adding that the commission is working with relevant stakeholders to address the concerns of police personnel rather than allow them to withdraw from the scheme.
