PenCom begins disbursement of N758bn to retirees

The Director-General (D-G) of National Pension Commission (PenCom), Ms Omolola Oloworaran, says the commission has began the disbursement of N758 billion bond approved by the Federal Government to clear outstanding pension liabilities.

Oloworaran said this while giving her one-year scorecard at the Pension Revolution Summit in Abuja on Monday.

She said that the N758 billion bond approved by President Bola Tinubu in February, had been cashed.

She said that over N600 billion had been disbursed to clear the outstanding liabilities.

According to her, the pension assets in the country has grown to about N27 trillion, as a result of the bold decision and structured reforms (Pension Revolution 2.0.).

Oloworaran said that a lot had been achieved in the industry in the last one year.

She said that the commission had rebuilt the trust, expanded coverage, strengthened governance and moved the contributory pension scheme firmly into the next phase.

“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,” she said.

She said that there was also a formal launch pension revolution 2.0.

“That was the most comprehensive reform agenda in the Nigerian pension industry since 2004. This was not a cosmetic reform, it was structural.

“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,” she said.

The D-G said that to enhance benefit adequacy, the commission introduced the pension post 1.0 which has already added N2.68 billion to monthly pension payments for CPS retirees since June.

She said that the commission still had a lot to do, adding that it had achieved full automation of critical pension processes.

“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.

“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,” she said.

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

“This was about meeting Nigerians where they are. Artisans, traders, market women, creatives, all informal sectors at large under the personal pension plan,” she said.

The D-G said that the commission had expanded digital enrollment and introduced accredited pension agents.

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 said.

Oloworaran said that a total of N32.27 billion had been recovered by the recovery agents, comprising N15.87 billion recovered as principal contributions and N16.40 billion as penalties from defaulting employers between June 2012 and September 2025.

She said that PenCom had recorded significant compliance gains in the third quarter of 2025 alone.

According to her, this led to the recovery of N2.06 billion (N775 million principal and N1.27 billion penalties) from 49 defaulting employers. This reflects a sustained surge in enforcement activities.

Oloworaran said that on compliance with the CPS, only eight out of 36 states had complied, adding that the commission was also partnering with all states to ensure full compliance.

She also said that the Nigeria Police Force is yet to exit the CPS, adding that the commission was working round the clock to ensure that their plight is adequately address instead of exiting.