PenCom assets hit N27trn as DG Oloworaran unveils reforms, clears pension backlogs

•Says retirees now access benefits without delay

 

The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, on Thursday announced that Nigeria’s pension assets have grown to over ₦27 trillion, declaring that the industry has entered a new phase of stability, efficiency and renewed public confidence following what she described as a year of far-reaching reforms.

 

Oloworaran made the disclosure at a media conference with journalists held at the Zen Garden, Ikeja, Lagos, where she presented a detailed performance scorecard of the Commission’s activities over the last 12 months.

 

According to her, the achievements were driven by the implementation of “Pension Revolution 2.0,” a reform agenda she said was designed to overhaul the pension system structurally, restore trust, expand coverage and strengthen governance.

 

“This has been a defining year for the Nigerian pension industry. What we embarked upon was not cosmetic reform, but a deliberate restructuring to make the system work better for workers, retirees and the economy,” Oloworaran said.

 

A major highlight of the reforms, she noted, was the historic clearance of pension liabilities, following the Federal Government’s approval and disbursement of ₦758 billion to settle outstanding accrued pension rights.

 

The PenCom boss confirmed that, as a result, the long-standing delays faced by retirees had been eliminated.

 

“Since July 2025, the waiting period for accrued rights has effectively been cleared. Retirees can now access their benefits without the years-long delays that previously undermined confidence in the system,” she stated.

 

Oloworaran said the reforms have translated into real financial relief for pensioners, pointing to the launch of “Pension Boost 1.0,” which has increased monthly pension payments by ₦2.68 billion since June 2025.

 

She added that PenCom has also taken steps to address retirees’ post-retirement welfare through the inauguration of the Board of Trustees for PenCare, an initiative aimed at providing affordable and accessible healthcare services to pensioners nationwide.

 

On regulation and enforcement, the Director General declared that the Commission has adopted a zero-tolerance stance toward employers who fail to remit pension contributions.

 

She revealed that PenCom recovered ₦4.04 billion in outstanding pension contributions and penalties between January and November 2025, with ₦2.06 billion recovered in the third quarter alone.

 

“The era of impunity is over. Employers are responding to our stricter enforcement regime,” Oloworaran said.

 

She cited the issuance of over ₦233 billion worth of Pension Clearance Certificates as evidence of improved compliance across the public and private sectors.

 

According to her, efficiency gains were largely driven by automation, with the full digitisation of Pension Clearance Certificate issuance and benefits processing significantly reducing delays, bottlenecks and human interference.

 

Looking ahead, Oloworaran announced the rebranding of the Micro Pension Plan into the Personal Pension Plan (PPP), a move she said was aimed at expanding pension coverage to Nigeria’s vast informal sector.

 

The PPP, she explained, is designed to attract artisans, traders, creatives and other self-employed Nigerians by offering flexible contribution options tailored to their income patterns.

 

“Millions of Nigerians work outside the formal sector. The Personal Pension Plan is about meeting them where they are and ensuring they are not excluded from retirement security,” she said.

 

The PenCom DG also disclosed the establishment of the Pension Industry Leadership Council (PILC), which she said would deepen collaboration, innovation and strategic decision-making across the pension industry.

 

She concluded by affirming that the Commission is now better positioned to safeguard contributors’ funds and ensure a transparent, resilient and inclusive pension system.

 

“Our goal is a pension system that works for every Nigerian worker and delivers on its promise with certainty and dignity,” Oloworaran said.