Nigeria Customs releases N7.61 billion retirement benefits to 4,237 retirees

The Nigeria Customs Service has disbursed N7.61 billion in retirement benefits to 4,237 retirees through nine Pension Fund Administrators.

NCS Spokesperson Abdullahi Maiwada disclosed this in a statement issued in Abuja on Friday, according to the News Agency of Nigeria.

Maiwada said the Comptroller-General, Bashir Adeniyi, announced the development during a dialogue session with retired personnel on Friday, revealing that the funds had been released to the PFAs for onward payment into the individual accounts of beneficiary retirees.

What NCS is saying

Adeniyi said the welfare of retired officers who dedicated decades of service to the NCS was integral to the institution’s future, and used the dialogue to encourage sustained constructive engagement between the service and its retired personnel.

• “I acknowledged your concerns and suggestions raised and it is in view of this we called for this dialogue,” he said.
• “This is to promote better understanding and reduce the effect of rumours and unofficial information on the relationship between the service and its retired personnel,” he added.

The development follows the Federal Government’s decision to review statutory provisions governing pensions under Section 15(4) of the Pension Reform Act 2014, in line with Section 173(3) of the 1999 Constitution as amended.

The breakdown of beneficiaries across the nine PFAs was as follows:

• Premium Pension accounted for the largest share with 2,268 beneficiaries,
• It is followed by Access-ARM Pension Managers with 1,223,
• Leadway Pensions with 403,
• TrustFund Pensions with 156,
• FCMB Pensions with 144,
• Veritas Glanvills Pensions with 28,
• Norrenberger Pensions with 11,
• Fidelity Pension Managers with four.

Retirees at the dialogue session thanked Adeniyi and his management team for creating a platform for direct engagement.

They also urged the service to sustain the forum as part of broader efforts to strengthen the relationship between serving officers and retired personnel.

What you should know

The latest disbursement by the Nigeria Customs Service comes amid continued growth in Nigeria’s pension industry, with pension assets reaching record levels in 2026.

• Earlier this month, Nairametrics reported that Nigeria’s pension fund assets climbed to a record N31.32 trillion in May 2026, underscoring the continued growth of the country’s pension industry despite ongoing economic pressures.
• The figure was disclosed in the unaudited monthly report of the National Pension Commission (PenCom) for the period ended May 31, 2026, released on June 29, 2026.

According to the report, pension assets increased by N384.98 billion from N30.94 trillion recorded in April 2026, representing a 1.23% month-on-month growth.

On a year-on-year basis, the industry recorded a 29.5% increase, rising from N24.18 trillion in May 2025 as pension fund managers continued to expand their asset base through contributions and investment activities.