PenCom recovers N1.58bn from defaulting employers — DG

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As pension assets hit N23trnThe National Pension Commission (PenCom) has recovered ¦ 1.58 billion from non-compliant employers through intensified enforcement actions, as part of its drive to strengthen Nigeria’s pension system.This was disclosed 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).



Ms Oloworaran also reported improved remittance levels from states, signalling broader acceptance and integration of the Contributory Pension Scheme (CPS).She revealed that by February this year, total pension assets under management had exceeded ¦ 23 trillion.Despite these gains, she acknowledged ongoing difficulties.

Only 25 states and the FCT have passed legislation to implement the CPS.“Six states are operating hybrid systems, while another six are in the final stages of enacting relevant laws,” she said.She pointed to significant developments in Katsina, Yobe, Bauchi, and Abia states, though only eight states have so far achieved full implementation of the CPS.

To bridge the gap, PenCom has launched a more adaptable adoption framework, enabling states to commence implementation with newly hired workers or those with fewer than ten years left in service.Ms Oloworaran added that the commission was offering technical assistance to help states assess and plan for their pension liabilities, ensuring a phased and sustainable transition for their entire workforce.She reiterated the commission’s determination to bring all states and the FCT fully onboard the CPS.

“With continued engagement, technical cooperation, and firm political resolve, we are optimistic about reaching this objective,” she stated.Describing the forum not as a routine engagement but as “a call to collective action,” she encouraged participants to use the platform to design solutions together, exchange best practices, and renew their shared commitment to a robust, equitable, and integrated pension system.Earlier in the event, the Head of Service of Kano State, Alhaji Abdullahi Musa, restated the state government’s dedication to pension reform.

He praised PenCom’s leadership in advocating for sound pension practices, describing the consultative forum as “a crucial space for dialogue, mutual learning, and policy refinement.”According to Musa, Kano State has made notable progress in reshaping its pension system, notably through the adoption of a hybrid model that blends the defined benefits structure with elements of the CPS.He disclosed that under Governor Abba Kabir’s administration, the state had undertaken decisive measures to clear longstanding pension arrears and improve the governance of retirement benefits.

He added that Kano State had disbursed ¦ 16 billion in outstanding entitlements, representing approximately 40 per cent of the pension liabilities inherited from past administrations.The post PenCom recovers N1.58bn from defaulting employers — DG appeared first on Nigerian NewsDirect.

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