The National Pension Commission (PenCom) has begun disbursing a ₦758 billion Federal Government bond approved to clear outstanding pension liabilities, with ₦600 billion already paid to retirees nationwide.
Omolola Oloworaran, PenCom Director-General, disclosed this while presenting her one-year scorecard at the Pension Revolution Summit in Abuja. She confirmed that the bond, approved by President Bola Ahmed Tinubu in February 2025, has been fully cashed.
Oloworaran also revealed that Nigeria’s pension assets have grown to about ₦27 trillion, attributing the increase to bold policy decisions and structured reforms under Pension Revolution 2.0.
She said the past year has focused on rebuilding trust, expanding coverage, strengthening governance and advancing the contributory pension scheme. As part of the reforms, PenCom formally launched Pension Revolution 2.0, which she described as the most comprehensive overhaul of the pension industry since 2004.
The reforms include new regulations, stronger supervision, governance improvements, digital transformation and industry realignment aimed at securing the sector’s long-term stability. To improve benefit adequacy, PenCom introduced post-Pension Reform Act enhancements, adding ₦2.68 billion to monthly pension payments for CPS retirees since June.
Oloworaran said the Commission has automated key processes, including pension clearance certificates, benefit processing and contribution remittance platforms. It also established a Pension Industry Leadership Council to drive innovation and accountability.
As part of inclusion efforts, PenCom restructured the Micro Pension Plan into the Personal Pension Plan (PPP) to better serve informal sector workers, alongside expanded digital enrolment and the introduction of accredited pension agents, which she said would also create jobs for young Nigerians.
On enforcement, Oloworaran disclosed that PenCom’s recovery agents have recovered ₦32.27 billion from defaulting employers between June 2012 and September 2025, ₦15.87 billion in principal contributions and ₦16.40 billion in penalties.
In Q3 2025 alone, the Commission recovered ₦2.06 billion from 49 defaulting employers, reflecting a sustained rise in compliance and enforcement activities.
