The National Pension Commission (PenCom) has commenced the disbursement of a N758 billion bond approved by the Federal Government to settle outstanding pension liabilities, the commission’s Director-General, Ms. Omolola Oloworaran, announced on Monday.
Speaking at the Pension Revolution Summit in Abuja, Oloworaran said the bond, approved by President Bola Tinubu in February, has already been cashed, with over N600 billion disbursed to retirees. She noted that the country’s pension assets have grown to about N27 trillion as a result of structured reforms under the Pension Revolution 2.0 initiative.
“The past year has been defined by bold decisions, structural refunds and measurable impacts,” Oloworaran said. “We have rebuilt trust, expanded coverage, strengthened governance, and moved the contributory pension scheme into its next phase.”
She highlighted that Pension Revolution 2.0 is the most comprehensive reform of the Nigerian pension industry since 2004, encompassing new regulations, stronger supervision, governance reforms, digital transformation, and industry realignment.
To enhance benefit adequacy, PenCom introduced the Pension Post 1.0 initiative, which has added N2.68 billion to monthly pension payments for CPS retirees since June.
Oloworaran also said the commission has fully automated critical pension processes, including plan certification, benefit processing, and contribution remittance platforms. The commission has established the Pension Industry Leadership Council to drive innovation, reinforce accountability, and strengthen collaboration across the sector.
She added that the micro pension plan has been restructured and rebranded as the Personal Pension Plan (PPP) to extend coverage to artisans, traders, market women, creatives, and other informal sector workers. The commission has expanded digital enrolment and introduced accredited pension agents, which serve as both a distribution channel and an employment initiative for young Nigerians.
The D-G also reported that PenCom recovered a total of N32.27 billion through recovery agents between June 2012 and September 2025, comprising N15.87 billion in principal contributions and N16.40 billion in penalties from defaulting employers. In the third quarter of 2025 alone, the commission recovered N2.06 billion from 49 defaulters.
On compliance, Oloworaran said only eight out of 36 states have fully adopted the Contributory Pension Scheme (CPS) and that PenCom is partnering with all states to achieve full compliance. She also noted that the Nigeria Police Force has not yet exited the CPS, and the commission is working to address their concerns.
 has commenced the disbursement of a N758 billion bond approved by the Federal Government to settle outstanding pension liabilities, the commission’s Director-General, Ms. Omolola Oloworaran, announced on Monday.){kind=link}