PenCom recovers N1.58bn from defaulting employers, pension assets hit N23trn

The National Pension Commission (PenCom) has announced the recovery of N1.58 billion from defaulting employers through enhanced enforcement efforts.This information was shared by the Director General of PenCom, Ms Omolola Oloworaran, on Wednesday in Kano during the First Run 2025 Consultative Forum for States and the Federal Capital Territory (FCT).

According to her, state remittances have also improved, reflecting a greater adoption of the Contributory Pension Scheme (CPS).

Oloworaran noted that as of February, total pension assets under management had surpassed ₦23 trillion.

She noted that  in spite of these advancements, challenges remain, as only 25 states and the Federal Capital Territory (FCT) had enacted laws to implement the CPS.

“Six states operate hybrid schemes, while another six have bills at advanced legislative stages.

“Notable progress has been made in Katsina, Yobe, Bauchi, and Abia states. However, full implementation of the CPS is currently limited to eight states,” she explained.

To address this gap, PenCom has introduced a flexible adoption model, allowing states to begin implementation with new employees or those with fewer than 10 years of service.

The director general further stated that the commission was providing technical support to assist states in planning for legacy liabilities and transitioning their entire workforce in a financially sustainable manner.

She reaffirmed the commission’s commitment to achieving full onboarding of all states and the FCT into the CPS.

“With sustained dialogue, technical collaboration, and strong political will, we are confident of reaching this goal,” she said.

Oloworaran described the ongoing forum as more than just a routine meeting, calling it “a call to collective action.”

She urged participants to seize this opportunity to co-create solutions, share innovations, and renew their commitment to a secure, unified, and inclusive pension system.

Earlier, the Head of Service (HOS) of Kano, Alhaji Abdullahi Musa, reaffirmed the state government’s commitment to pension reforms.

He commended PenCom for its leadership in promoting best practices and described the forum as a “vital platform for dialogue, peer learning, and policy refinement.”

Musa  said that Kano State had made significant progress in restructuring its pension system, notably through the adoption of a hybrid model that combined elements of the defined benefits and the CPS.

He revealed that the state government, under the leadership of Gov. Abba Kabir, had taken bold steps to settle pension backlogs and improve the management of retirement benefits.

He added that the state government had paid ₦16 billion in outstanding entitlements, which represented about 40 per cent of the liabilities inherited from previous administrations.

The Star

Editor

Recent Posts

US targets Nigerian fashion market to boost bilateral trade

The United States is seeking to deepen commercial ties with Nigeria through the fashion industry,…

3 hours ago

Real Madrid to appoint tennis legend Nadal as board member

Real Madrid have announced plans to appoint retired tennis superstar Rafael Nadal to their board…

4 hours ago

Army rewards soldier with N500,000 for rejecting kidnapper’s bribe

The Nigerian Army has rewarded a soldier, Private Utim Terwase, with N500,000 for rejecting an…

4 hours ago

Dangote in talks to expand refinery IPO access

Dangote Industries Limited held discussions with stock exchanges across Africa on expanding participation in its…

5 hours ago

Senate proposes six-month jail term for hospitals rejecting emergency patients

Hospitals and healthcare providers that reject emergency patients could face up to six months’ imprisonment…

5 hours ago

PSC demotes 16 officers, dismisses three

The Police Service Commission (PSC) has dismissed three senior police officers and demoted 16 others…

6 hours ago

This website uses cookies.