The National Pension Commission (PenCom) said it has begun the disbursement of N758 billion Bond approved by the Federal Government to clear outstanding pension liabilities.
PenCom Director-General, Ms Omolola Oloworaran, disclosed this on Tuesday while giving her 365 Days Scorecard at the Pension Revolution Summit in Abuja.
The DG who disclosed that the N758 billion Bond approved by President Bola Tinubu in February 2025, has been cashed, said over N600 Billion has been disbursed to clear the outstanding liabilities.
Currently, the pension assets in the country have grown to about 27 trillion, which according to her, was as a result of the bold decision and structured reforms (pension revolution 2.0.) designed and introduced to future-proof the pension industry.
Ms Oloworaran who stated that a lot has been achieved in the industry in the last one year, thanked President Bola Tinubu for giving her the opportunity to serve.
She noted that the Commission has rebuilt the trust, expanded coverage, strengthened governance and has moved the contributory pension scheme firmly into the next phase.
“Over a year ago, I was confirmed as the Director General of the National Pension commission and with a clear mandate by the President to ensure that we rebuild trust, we expand coverage, we strengthen governance and move 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 refunds and measurable impacts.
“We formally launched pension revolution 2.0. 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 designed to future proof the pension industry and position it as a pillar of national stability and long-term development,” she said.
The DG mentioned that to further enhance benefit adequacy, the Commission introduced the pension post 1.0 which has already added N2.68 billion to monthly pension payments for CPS retirees since June this year.
On the technology front, Ms Oloworaran said the Commission still has a lot to do, but so far this year, it has achieved full automation of critical pension processes.
“Over time, we have achieved an automated pension plan certificate, which used to be a manual process before, but now the process is automated. We have also automated and upgraded the benefit processing and contribution remittance platform.
“To strengthen collaboration and leadership across the industry, we established the pension industry leadership council, a strategic platform that brings together industry leaders to drive innovation, reinforce accountability and build collective ownership of reforms,” she added.
She maintained that the defining reform of the year was the restructuring and rebranding of the micro pension plan into the Personal Pension Plan.
“This was about meeting Nigerians, where they are, artisans, traders, gig workers, market women, creatives, all informal sectors at large under the personal pension plan, we have simplified onboarding. Onboarding is completely simplified. I believe you only need your name, as simple as having a need to onboard and be on the personal pension and plan,” she said.
The DG revealed that the Commission has also expanded digital enrollment, and crucially, introduced accredited pension agents, explaining that the accredited pension agents are 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 across the country. And also it’s also a medium for any meaningful livelihoods and impactful financial inclusion, and I dare say that this is enabling financial inclusion that creates jobs,” she said.
The DG also mentioned that a total of N32.27 billion has been recovered by the recovery agents comprising N15.87 billion recovered as principal contributions and N16.40 billion as penalties from defaulting employers between June 2012 and September 2025.
In addition, she said it had recorded significant compliance gains in the third quarter of 2025 alone, recovering N2.06 billion (N775 million principal and N1.27 billion penalties) from 49 defaulting employers, reflecting a sustained surge in enforcement activities.
On states compliance with the CPS, Oloworaran disclosed that only eight (8) out of 36 states have complied. She however, stated that the Commission was partnering with all states to ensure full compliance.
She also disclosed that the Nigeria Police Force is yet to exit the CPS. Adding that the Commission was working round the clock to ensure that their plight is adequately addressed instead of exiting.
She disclosed that so far about N132 billion out of the N338 billion has been paid to them (22%). Saying that the police constitute about 40% of the public service pensioners in the country.
The highpoint of the event was the presentation of an Award to a ThisDay Reporter, Mr James Enejo, for his excellent reportage of the pension industry.
