By Babatunji Wusu| Nigeria’s pension assets have climbed to ₦32 trillion, representing about 10.4 per cent of the country’s Gross Domestic Product (GDP), according to the Director-General of the National Pension Commission (PenCom), Ms Omolola Oloworaran.
Speaking while receiving a delegation from Kenya’s Retirement Benefits Authority (RBA) in Abuja, Oloworaran said the impressive growth reflects the long-term success of Nigeria’s Contributory Pension Scheme (CPS), which was introduced in 2004. Represented by the Director of the Surveillance Department, Abdulrahaman Muhammad Saleem, she noted that consistent reforms, stronger governance standards and improved regulatory oversight have played key roles in expanding the industry.
The PenCom chief described the Federal Government’s settlement of outstanding accrued pension rights as one of the most important achievements under the Contributory Pension Scheme. She explained that the move resolved a long-standing challenge that had delayed pension payments for many retirees from Treasury-funded Ministries, Departments and Agencies.
“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.
“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.
Oloworaran said PenCom remains committed to strengthening the Contributory Pension Scheme, enhancing retirement security and ensuring the long-term sustainability of the pension industry.
Meanwhile, the four-member Kenyan delegation, led by John Keah, Director of Market Conduct and Industry Development at the RBA, said the visit was aimed at learning from Nigeria’s pension reforms. He noted that Kenya sees Nigeria’s experience as valuable, particularly in areas such as pension assets management, ESG initiatives, risk-based supervision, informal sector participation and the Diaspora Pension Arrangement.
