PenCom: Pension assets rise to over ₦32 trillion naira.

By Afolabi Oyekunle

The National Pension Commission says Nigeria’s pension assets have risen to over ₦32 trillion, equivalent to 10.4% of Gross Domestic Products.

PenCom Director-General Omolola Oloworaran said this in Abuja while receiving a delegation from Kenya’s Retirement Benefits Authority for a four-day study visit.

Pencom DG Omolola Oloworaran

Represented by the Director of the Surveillance Department, Abdulrahaman Muhammad Saleem, the Director General highlighted the remarkable growth recorded under Nigeria’s CPS since its introduction.

She said growth in pension assets over the years reflects the sustained success of the country’s pension reform implemented since 2004.

She said the industry’s growth has been driven by consistent regulatory reforms, stronger governance standards and enhanced supervisory mechanisms designed to protect contributors’ funds and improve retirement outcomes.

The Director General described the Federal Government’s recent settlement of outstanding accrued pension rights liabilities as one of the most significant milestones in the history of the Contributory Pension Scheme (CPS).

According to her, the intervention addressed a longstanding challenge that had left many retirees from Treasury-Funded Ministries, Departments and Agencies (MDAs) facing prolonged delays in accessing their accrued pension rights because of funding constraints and delayed budget releases.

“The issuance of a Federal Government bond to settle the accrued rights liabilities has transformed the retirement experience for public sector employees. Accrued pension rights are now transferred directly into retirees’ Retirement Savings Accounts (RSA), enabling immediate access to investment returns and eliminating lengthy waiting periods,” she stated.

She noted that while significant progress has been made, PenCom remains focused on advancing reforms that will further strengthen governance, enhance retirement security, and ensure the long-term sustainability of the CPS.

Speaking during the opening session of the visit in Abuja, John Keah, said the engagement reflects the importance of cross-border learning among pension regulators seeking to strengthen retirement systems and improve pension outcomes for their citizens.

According to him, Kenya and Nigeria share several structural similarities in their pension landscapes, making Nigeria’s experiences particularly relevant.

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