PenCom begins disbursement of N758bn FG bond
The Director-General of the National Pension Commission, Ms. Omolola Oloworaran, has declared that the commission has started distributing the N758 billion bond sanctioned by the Federal Government.
While addressing attendees at the Pension Revolution Summit in Abuja, Oloworaran noted that the bond, which received approval from President Bola Tinubu in February, has already been redeemed.
She clarified that the funds are meant to cover outstanding pension obligations owed to retirees.
According to her, pension assets in Nigeria have ballooned to approximately N27 trillion due to decisive actions and organized reforms under the “Pension Revolution 2.0” initiative.
Oloworaran also confirmed that over N600 billion has been allocated to settle outstanding arrears, calling it a significant achievement in fulfilling pension responsibilities.
Reflecting on her one-year performance, Oloworaran indicated that the commission has restored trust, broadened coverage, and enhanced governance within the contributory pension system.
“Over a year ago, I was confirmed as the D-G with a clear directive to restore trust. We broadened coverage, improved governance, and transitioned the contributory pension scheme into its next phase. I take pride in stating that this past year has been characterized by bold choices, structural reforms, and tangible outcomes,” she remarked.
She referred to the launch of Pension Revolution 2.0 as the most extensive reform initiative in Nigeria’s pension sector since 2004.
“This was not merely a superficial reform; it was structural. It united new regulations, enhanced supervision, governance enhancements, digital evolution, and industry realignment. All these measures were designed to future-proof the pension sector and position it as a foundation of national stability and long-term advancement,” she emphasized.
To enhance the adequacy of benefits, Oloworaran revealed that the commission has introduced Pension Post 1.0, which has contributed an additional N2.68 billion to monthly pension disbursements for CPS retirees since June.
She also pointed out that PenCom has successfully automated essential pension processes.
“Over the years, we have developed an automated pension plan certificate, which previously required manual handling. We have additionally automated and improved the benefit processing and contribution remittance system,” she elaborated.
Furthermore, she announced the formation of the Pension Industry Leadership Council, a strategic initiative aimed at promoting innovation, enhancing accountability, and encouraging shared ownership of reforms throughout the sector.
Oloworaran disclosed that one of the key changes this year was the reorganization and rebranding of the micro pension plan into the Personal Pension Plan.
“This was about reaching Nigerians in their environments—artisans, traders, market women, creatives, and all sectors of the informal economy within the personal pension plan,” she stated.
She noted that the commission has expanded digital enrollment and launched accredited pension agents.
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