The Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has disclosed that the commission has commenced the disbursement of the N758 billion bond approved by the Federal Government.
Oloworaran spoke at the Pension Revolution Summit in Abuja, disclosing that the bond, approved by President Bola Tinubu in February, had already been cashed.
According to her, pension assets in Nigeria have now grown to about N27 trillion, a development she attributed to bold decisions and structured reforms under the “Pension Revolution 2.0.” initiative.
She confirmed that over N600 billion has been disbursed to settle arrears, marking a significant milestone in addressing pension obligations.
Highlighting her one-year scorecard, Oloworaran said the commission had rebuilt trust, expanded coverage, and strengthened governance within the contributory pension scheme.
“Over a year ago, I was confirmed as the D-G with a clear mandate to rebuild trust. We expanded coverage, we strengthened governance and moved the contributory pension scheme firmly into the next phase. I am proud to say that this past year has been defined by bold decisions, structural reforms and measurable impacts,” she stated.
She described the launch of Pension Revolution 2.0 as the most comprehensive reform agenda in the Nigerian pension industry since 2004.
“This was not a cosmetic reform, it was structural. It brought together new regulations, stronger supervision, governance reforms, digital transformation and industry realignment. All of these were designed to future-proof the pension industry and position it as a pillar of national stability and long-term development,” she added.
To improve benefit adequacy, Oloworaran disclosed that the commission introduced Pension Post 1.0, which has already added N2.68 billion to monthly pension payments for CPS retirees since June.
She noted that PenCom had also achieved full automation of critical pension processes.
“Over time, we have achieved an automated pension plan certificate, which used to be a manual process. We have also automated and upgraded the benefit processing and contribution remittance platform,” she explained.