The Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, says the commission has commenced the disbursement of the N758 billion bond approved by the Federal Government.
Oloworaran spoke at the Pension Revolution Summit in Abuja, disclosing that the bond, approved by President Bola Tinubu in February, had already been cashed.
The fund is to clear outstanding pension liabilities owed to retirees.
Pension revolution 2.0: Structural reforms for stability
According to her, pension assets in Nigeria have now grown to about N27 trillion, a development she attributed to bold decisions and structured reforms under the “Pension Revolution 2.0.” initiative.
She confirmed that over N600 billion has been disbursed to settle arrears, marking a significant milestone in addressing pension obligations.
Highlighting her one-year scorecard, Oloworaran said the commission had rebuilt trust, expanded coverage, and strengthened governance within the contributory pension scheme.
“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 reforms and measurable impacts,” she stated.
She described the launch of Pension Revolution 2.0 as 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 added.
Enhancing benefits and driving automation
To improve benefit adequacy, Oloworaran disclosed that the commission introduced Pension Post 1.0, which has already added N2.68 billion to monthly pension payments for CPS retirees since June.
She noted that PenCom had also 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,” she explained.
She further announced the establishment of the Pension Industry Leadership Council, a strategic platform designed to drive innovation, reinforce accountability, and build collective ownership of reforms across the sector.
Expanding coverage through personal pension plan
Oloworaran revealed that one of the key reforms of the year was the restructuring and rebranding of 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.
She added that the commission had expanded digital enrollment and introduced accredited pension agents.
“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 meaningful livelihoods and impactful financial inclusion, and I dare say that this is enabling financial inclusion that creates jobs,” she noted.
Enforcement, compliance and state participation
The PenCom boss disclosed that recovery agents had recovered a total of N32.27 billion between June 2012 and September 2025. This comprised N15.87 billion in principal contributions and N16.40 billion in penalties from defaulting employers.
She said enforcement activities had surged in 2025, with N2.06 billion recovered in the third quarter alone from 49 defaulting employers. “This reflects a sustained surge in enforcement activities,” she emphasized.
On compliance with the Contributory Pension Scheme (CPS), Oloworaran revealed that only eight out of 36 states had complied. She assured that PenCom was partnering with all states to ensure full compliance.
She also noted that the Nigeria Police Force was yet to exit the CPS, adding that the commission was working round the clock to address their concerns rather than allow an exit.
What you should know
Last month, PenCom says it fully completed pension payments for all retirees who exited service in November, reaffirming that the era of delayed entitlements for workers in treasury-funded Ministries, Departments and Agencies (MDAs) has come to an end.
Head of Corporate Communications at PenCom, Mr. Ibrahim Buwai, said the Commission’s reforms and strengthened remittance processes have resulted in consistent, on-time payments of accrued pension rights.
It seems that Premium Pension Limited is delaying or yet to receive, her own share of the N758 billion bond for disbursements to the Retirees with them, as many seem to be complaining already over non compliance to the Directives of Mr President.
May more lights be shed on this.
The National Assembly retirees are not paid their pension arrears as directed by the pen com.Calling on the pen com to accelerate action to settle the National Assembly retirees their arrears before the end of December inorder to celebrate the new year accordingly.