By David Akinmola
The National Pension Commission (PenCom) has commended the Federal Government’s approval of a N758 billion pension bond, describing it as a major step toward settling long-standing pension arrears owed to pensioners and strengthening confidence in the contributory pension scheme in the country.
Speaking on the development in a paper delivered at the Pension Revolution Summit, a 365 Day Scorecard and Media Conference, in Lagos, the Director-General, PenCom, Ms.Omola Oloworaran, revealed that the bond, approved by President Bola Tinubu in February, has already been cashed and deployed to meet accrued pension obligations.
She said more than N600 billion has so far been released to beneficiaries, describing the development as a significant milestone in restoring confidence in the pension system.
Oloworaran disclosed that pension assets under management had grown to about N27 trillion, attributing the expansion to decisive policy actions and structured reforms introduced under the commission’s Pension Revolution 2.0” agenda.
Presenting her one-year scorecard, the DG stated that the commission had focused on rebuilding trust, expanding coverage, and strengthening governance across the contributory pension scheme (CPS).
“Over a year ago, I was confirmed as Director-General with a clear mandate to rebuild trust. We expanded coverage, strengthened governance, and moved the contributory pension scheme firmly into the next phase. This past year has been defined by bold decisions, structural reforms and measurable impacts,” she said.
She described Pension Revolution 2.0 as the most far-reaching reform programme in the sector since the pension overhaul of 2004, stressing that it went beyond cosmetic changes.
“This was structural reform. It introduced new regulations, stronger supervision, governance reforms, digital transformation, and industry realignment, all designed to future-proof the pension industry and position it as a pillar of national stability and long-term development,” Oloworaran added.
To improve benefit adequacy, the DG said PenCom had introduced Pension Post 1.0, which has added N2.68 billion to monthly pension payments for CPS retirees since June this year.
She also announced that critical pension processes had been fully automated, including the pension plan certificate, benefit processing, and contribution remittance platforms, which were previously largely manual.
According to her, the commission has also inaugurated the Pension Industry Leadership Council to promote innovation, reinforce accountability, and deepen collective ownership of reforms within the sector.
On coverage expansion, Oloworaran said the micro pension plan had been restructured and rebranded as the Personal Pension Plan (PPP) to better accommodate workers in the informal sector.
“This was about meeting Nigerians where they are artisans, traders, market women, creatives, and others in the informal economy,” she said.
Reacting to the development yesterday, Chief Operating Officer, Pension Fund Operators Association of Nigeria(PenOp), Tonia Ifeanyin-Okoro, said the release of the bond would significantly ease pressure on retirees and strengthen confidence in the CPS.
