PENCOM recovers N1.58bn from defaulting employers
CHIGOZIE AMADI
The National Pension Commission has recovered N1.58bn from defaulting employers through enhanced enforcement efforts.
This was disclosed by the Director-General of PenCom, Omolola Oloworaran, on Wednesday during the First Run 2025 Consultative Forum for States and the Federal Capital Territory, held in Kano, according to NAN.
Oloworaran said the recovery is part of the commission’s renewed drive to ensure compliance with the Contributory Pension Scheme and to protect the rights of workers to their retirement savings.
She noted that the increase in enforcement had contributed to the growing adoption of the CPS among states, with state remittances showing notable improvement.
As of February 2025, she said total pension assets under management had risen above N23tn, a significant milestone in the Commission’s mandate to safeguard pension funds.
Despite the gains, Oloworaran revealed that only 25 states and the FCT had enacted laws to implement the CPS, while six states were operating hybrid pension schemes, and another six had bills at advanced legislative stages.
She highlighted progress in states like Katsina, Yobe, Bauchi, and Abia but added that full CPS implementation was currently limited to just eight states.
To bridge the gap, PenCom has introduced a flexible adoption model, allowing states to commence implementation with new employees or those with less than 10 years of service.
The DG also said the Commission is providing technical support to states to enable them to plan effectively for legacy liabilities and to transition their workforce sustainably.
“We remain committed to achieving 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,” Oloworaran said.
She described the consultative forum not just as a routine gathering but as “a call to collective action” to strengthen Nigeria’s pension system.
Earlier, the Head of Service of Kano State, Alhaji Abdullahi Musa, reaffirmed the state’s commitment to pension reform and praised PenCom for its continued leadership in driving best practices in the sector.
He said the Kano State Government had adopted a hybrid pension model and made significant progress by clearing N16bn of outstanding entitlements, representing about 40 per cent of inherited liabilities from past administrations.
Musa said the forum serves as a “vital platform for dialogue, peer learning, and policy refinement” in the drive to ensure financial security for Nigeria’s ageing population.
The PUNCH reported that the National Pension Commission has disclosed that 23,673 disengaged workers withdrew a total of N33.43bn from their Retirement Savings Accounts in the third quarter of 2024.
