Joy Agwunobi
Nigeria’s pension industry has recorded another milestone, with the National Pension Commission (PenCom) announcing that more than 552,000 retirees across the country are now receiving regular monthly pensions under the Contributory Pension Scheme (CPS).
The Commission also revealed that total pension assets under management have crossed the N25 trillion mark,an achievement in the evolution of Nigeria’s pension administration.
Omolola Oloworaran, the director-general of PenCom, disclosed this in Yola, Adamawa State, during a two-day sensitisation workshop on the workings of the CPS for employees and retirees in the North-East zone. Represented by Bello Abubakar, the commissioner for administration, Oloworaran described the figures as clear indicators of growing trust, transparency, and accountability in Nigeria’s pension system.
“Presently, over 552,000 retirees receive regular monthly pensions, while another 291,735 have accessed lump-sum benefits under the scheme,” she said, noting “Altogether, more than 844,000 retirees from both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent.”
According to Oloworaran, the CPS has continued to expand its coverage base, with more than 10 million Nigerians spanning public servants, private sector employees, and self-employed individuals under the Micro Pension Plan now captured in the scheme.
She noted that PenCom remains committed to enhancing retirees’ welfare through a raft of reforms designed to ensure long-term sustainability and inclusiveness.
“The Commission has introduced free health insurance for retirees, starting with low-income categories, to promote dignity and security beyond financial pensions,” she said, adding, “We have also strengthened prudential standards for operators through stricter capital and governance requirements for Pension Fund Administrators (PFAs) and Custodians.”
As part of its ongoing reform agenda, PenCom has launched what it calls the ‘Pension Revolution 2.0’, introducing five new regulatory frameworks to strengthen the sector. These include revised investment regulations, whistle-blowing guidelines for pension fund assets, and frameworks for accredited pension asset management.
Oloworaran also disclosed that the Commission has developed a new enrolment application ahead of the 2026 retiree registration exercise, aimed at providing a seamless and technology-driven experience for prospective pensioners.
She said PenCom is also working to diversify pension investments into new asset classes, extend coverage to informal sector workers, and improve retirees’ welfare through additional health and gratuity buffers.
“Over the years, the Contributory Pension Scheme has rewritten Nigeria’s pension story,” the DG remarked. “We have transitioned from an era of unpaid entitlements and uncertainty to one anchored on transparency, sustainability, and inclusiveness.”
Despite the progress, Oloworaran acknowledged that challenges persist, especially in the areas of limited coverage and non-compliance by some state governments and private employers. She assured that PenCom is collaborating with other agencies to address these gaps and ensure full remittance of pension contributions across all sectors.
The Yola workshop, held in collaboration with the National Salaries, Incomes and Wages Commission (NSIWC), forms part of PenCom’s nationwide awareness campaign to deepen public understanding of the CPS, promote compliance, and reinforce the welfare and dignity of Nigerian retirees.
In a related development, PenCom recently signed a Memorandum of Understanding (MoU) with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to strengthen enforcement and recover unremitted pension contributions.
The agreement, formalised during a signing ceremony in Abuja, underscores both agencies’ shared commitment to accountability and transparency in pension fund management.
Oloworaran explained that the MoU provides a structured framework for the prompt recovery and disbursement of outstanding pension funds into Retirement Savings Accounts (RSAs), while also enabling legal actions against defaulting employers.
“This partnership with ICPC reinforces our collective resolve to protect workers’ retirement benefits, promote ethical conduct, and entrench transparency in pension administration,” she added.
