Nigeria’s pension industry has reached a major milestone, with assets under management now exceeding N25 trillion, the Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, announced.
Speaking during a sensitization workshop on the Contributory Pension Scheme (CPS) for North-West retirees held in Kano, Oloworaran described the achievement as a testament to two decades of pension reform that transformed Nigeria’s pension system from a crisis-ridden past to one of transparency and sustainability sector.
Represented by Hafiz Kawu Ibrahim, PenCom’s Commissioner for Technical Matters, the DG said the Contributory Pension Scheme had “rewritten Nigeria’s pension story,” now covering over 10 million contributors from both public and private sectors, including artisans and self-employed individuals under the Personal Pension Plan (PPP).
She disclosed that over 552,000 retirees currently receive regular monthly pensions, while another 291,735 have collected their lump-sum benefits amounting to a total of over 844,000 retirees who now enjoy reliable and transparent payments.
Highlighting ongoing reforms under the Commission’s “Pension Revolution 2.0”, Oloworaran said PenCom had implemented several measures to enhance efficiency and welfare adding that 5hese include the enhancement of pensions for 241,000 retirees, an increase in monthly payments from N12.15 billion to N14.83 billion, and the reintroduction of gratuity for civil servants.
Other reforms include the issuance of Federal Government bonds to clear pension liabilities and the introduction of new prudential and governance standards for Pension Fund Administrators (PFAs).
The event, organized by PenCom in collaboration with the National Salaries, Incomes and Wages Commission (NSIWC), drew participants from across the public and private sectors, including representatives of the Federal Ministry of Finance, Budget Office, Office of the Accountant-General, National Orientation Agency (NOA), and various pension unions.
She also announced the rollout of five new regulatory instruments, including whistle-blowing guidelines for pension assets, revised investment regulations, a framework for accredited pension agents, guidelines for the Personal Pension Plan, and new minimum capital requirements for PFAs and Pension Fund Custodians (PFCs).
