October 30, 2025
The National Pension Commission (PenCom) has announced the growth of pension assets to over ₦25 trillion, stating that it has through strategic investments contributed significantly to national development.
The Director-General of PenCom, Ms Omolola Oloworaran, disclosed this on Thursday in Yola at a two-day sensitisation workshop on workings of Contributory Pension Scheme (CPS) for employees and pensioners in North-East.
Oloworaran, who was represented by the Commissioner for Administration in PenCom, Bello Abubakar, said the growth reflected improved transparency, governance, and accountability in pension administration.
“Presently over 552,000 retirees currently receive regular monthly pensions, while 291,735 others have accessed lump-sum benefits under the scheme due to the increase.
“In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent,” she said.
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The PenCom DG stated that to ensure improved pensioners’ welfare and strengthen the scheme’s sustainability it has initiated and implemented new reforms and interventions.
“More than 10 million Nigerians, including public servants, private sector employees, and the self-employed under the Micro Pension Plan, are now covered under the CPS.
“The Commission has also introduced free health insurance for retirees, starting with low-income categories, to ensure dignity and security beyond financial pensions.
“PenCom has strengthened prudential standards for operators, introducing stricter capital and governance requirements for Pension Fund Administrators (PFAs) and Custodians,” she added.
She also announced five new regulations introduced under the “Pension Revolution 2.0” initiative, which includes, whistle-blowing guidelines for pension fund assets, revised investment regulations, and frameworks for accredited pension assets, among others.
Oloworaran, said to ensure a seamless experience during the 2026 retiree enrolment exercise, PenCom had developed a new enrolment application.
According to her, the Commission plans to diversify pension investments, expand coverage to informal sector workers, and enhance retiree welfare through health and gratuity buffers.
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“Over the years, the Contributory Pension Scheme(CPS) has rewritten Nigeria’s pension story. “We have moved from an era of unpaid entitlements and uncertainty to one anchored on transparency, sustainability, and inclusiveness,” she said.
She acknowledged the progress made, noting that challenges such as limited coverage and non-compliance by some states and employers have remained.
The workshop was organised by PenCom in collaboration with the National Salaries, Incomes and Wages Commission (NSIWC).
The PenCom DG, said the workshop formed part of nationwide engagements designed to protect the welfare and dignity of Nigerian workers and pensioners while sustaining reforms that transformed pension system over the last two decades.
