By LOVETH AZODO, Lagos
The Director General of the National Pension Commission, Omolara Oloworaran has revealed that the Commission has made a total pension recoveries from defaulting employers whose workers are under the Contributory Pension Scheme (CPS) of ₦4.04 billion from January to November 2025.
Speaking at the Pension Revolution Summit and 2025 Media Conference, Wednesday in Lagos, Oloworaran revealed that Nigeria’s pension reform agenda has moved from promise to performance, as total pension recoveries increased from ₦1.44 billion recorded in the whole of 2024 to N4.04 billion in 11 months, representing more than 180 per cent within one year of her assumption of office.
The sharp rise, she said, followed decisive enforcement actions by the Commission to curb persistent non-remittance of pension contributions by employers.
She stated that Nigeria’s pension reform agenda has moved from promise to performance.
she presented what she described as a 365-day scorecard of “bold decisions, structural reforms and measurable impact,” anchored on the launch of Pension Revolution 2.0.
According to the PenCom boss, the most striking outcome was recorded in the third quarter of 2025 alone, when ₦2.06 billion was recovered—almost 150 per cent of the total recoveries achieved in the entire 2024 financial year. She attributed this turnaround to a compliance circular issued in the second quarter of 2025, which tied the issuance of Pension Clearance Certificates to participation across the pension industry value chain.
“The impact was immediate and unmistakable,” She said, noting that compliance behaviour also shifted significantly. She disclosed that while Pension Clearance Certificates were previously issued at a modest quarterly average of about ₦150 billion, issuances jumped to roughly ₦233 billion in the third quarter following the circular, underscoring what she described as the power of enforcement linked to real economic consequences.
Beyond recoveries, Oloworaran highlighted what she called historic progress in clearing pension liabilities, including the Presidential approval and disbursement of ₦758 billion to settle outstanding pension obligations. She said long-standing pension increase backlogs for Federal Government treasury-funded retirees, some dating back to 2007, had now been cleared, restoring confidence in the system.
She further announced the restoration of zero waiting time for the payment of accrued pension rights with effect from July 2025, ensuring that retirees receive their benefits as and when due. To enhance benefit adequacy, she disclosed that the introduction of Pension Boost 1.0 has added ₦2.68 billion to monthly pension payments for Contributory Pension Scheme retirees.
On institutional reforms, the PenCom DG said the Commission had fully automated critical pension processes, reduced leakages and improved transparency, while also strengthening governance through higher capital requirements for pension operators and new rules to eliminate shadow directorships.
She also unveiled reforms aimed at expanding coverage, including the restructuring of the Micro Pension Plan into the Personal Pension Plan to attract informal sector workers such as artisans, traders, gig workers and creatives. Central to this effort, she said, is the introduction of Accredited Pension Agents, which she described as both a financial inclusion tool and a job creation strategy for young Nigerians.
Oloworaran told newsmen that the establishment of the Pension Industry Leadership Council and the inauguration of the PenCare Initiative Board of Trustees to provide healthcare support for low-income retirees reflected a broader commitment to collaboration and social protection.
Addressing the media directly, she acknowledged their role in spotlighting non-compliance issues and insisted that accountability would remain non-negotiable. “Retirement security is not a privilege. It is a right, and PenCom will defend it firmly and fairly,” she said.
As Nigeria moves into what she termed the next phase of the pension revolution, Oloworaran said the focus would remain on expanding coverage, deepening trust, strengthening supervision and protecting retirees, stressing that the reforms underway are irreversible.
“The pension revolution is no longer a promise,” she said. “It is a process in motion.”
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