The National Pension Commission (PenCom) has disclosed that it recovered ₦1.58 billion from defaulting employers, as total pension assets under the Contributory Pension Scheme (CPS) hit ₦23 trillion as of February 2025.
Director General of PenCom, Ms. Omolola Oloworaran, made this known on Wednesday during the First Run 2025 Consultative Forum for States and the Federal Capital Territory (FCT) held in Kano.
Oloworaran stated that the recovered funds were the result of enhanced enforcement measures by the Commission, aimed at ensuring compliance with pension regulations by employers. She noted a positive shift in the remittance culture among state governments, which has led to increased adoption of the CPS across the country.
“Only 25 states and the FCT have enacted laws to implement the CPS,” she said. “Six states operate hybrid schemes, while another six have their bills at advanced legislative stages. Full implementation of the CPS remains limited to eight states.”
To bridge the compliance gap, the Commission has introduced a flexible adoption model. This allows states to commence implementation by enrolling only new employees or those with less than 10 years of service.
Oloworaran also assured that PenCom is offering technical assistance to help states manage legacy pension liabilities and transition their workforce in a financially sustainable manner.
“Our commitment remains firm—to achieve 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.
Describing the forum as more than a routine engagement, Oloworaran called it “a call to collective action” and urged stakeholders to collaborate in building a secure and inclusive pension system.
In his remarks, the Head of Service of Kano State, Abdullahi Musa, reiterated the state government’s commitment to pension reforms. He commended PenCom’s leadership in promoting best practices and noted that Kano had made strides through its adoption of a hybrid model, combining defined benefits and contributory systems.
Musa revealed that the administration of Governor Abba Kabir Yusuf had paid ₦16 billion in outstanding pension entitlements—representing 40 per cent of inherited liabilities.
He described the forum as “a vital platform for dialogue, peer learning, and policy refinement,” stressing the importance of continuous engagement for long-term pension sustainability.
(NAN)
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