PenCom recovers N1.58bn from defaulting employers

The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has revealed that the commission witnessed growth of pension assets under management to N23.01 trillion as of February 2025 while it recovered N1.58bn from defaulting employers. Speaking at a high-level consultative forum in Kano attended by heads of service from various states, permanent […]

The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has revealed that the commission witnessed growth of pension assets under management to N23.01 trillion as of February 2025 while it recovered N1.58bn from defaulting employers.

Speaking at a high-level consultative forum in Kano attended by heads of service from various states, permanent secretaries, leaders of state pension bureaux, and representatives of Pension Fund Administrators (PFAs) and custodians (PFCs), Oloworaran said collaboration between PenCom and sub-national governments is critical to building a sustainable pension system.

“This forum is not just a meeting—it is a strategic platform for dialogue, collaboration and problem-solving,” she said, adding, “Together, we are building a future where pension security is guaranteed for all Nigerian workers, regardless of sector.”

Reaffirming the commission’s commitment to full CPS compliance across all tiers of government, the DG disclosed that the agency is working to embed the Pension Clearance Certificate into regulatory frameworks at the state level.

This, she said, will make compliance with pension obligations mandatory for both public and private employers.

“No employer should benefit from the state’s resources without first fulfilling their obligations to their workers,” Oloworaran stated.

She also advocated for the inclusion of a minimum pension guarantee in state-level laws to ensure that low-income earners can retire with dignity, protected from market volatility and economic shocks.

“This is not just a good policy—it is a matter of fairness and justice,” she added.

Outlining recent achievements under President Bola Ahmed Tinubu’s administration, Oloworaran revealed that a N758 billion bond was approved to address accrued pension rights dating back nearly two decades.

The funds will also support the pension protection fund and ensure full salary payments for retiring professors.

Other key milestones shared include automation of the Pension Clearance Certificate system for improved efficiency and transparency; introduction of a Consumer Protection Framework to strengthen the rights of contributors; recovery of N1.58 billion from non-compliant employers through rigorous enforcement; improved state remittances into the CPS, and growth of pension assets under management to N23.01 trillion as of February 2025.

Despite these gains, the DG acknowledged that major implementation gaps remain. While 25 states and the Federal Capital Territory have enacted CPS legislation, only eight states have fully implemented the scheme. Six states currently operate hybrid models, and another six have pending CPS bills at advanced stages.