PenCom creates window for reporting erring PFAs

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Chuks Udo Okonta

The National Pension Commission (PenCom) said it is working on direct channel of communications with the public that would enable them to report unethical practices perpetuated by Pension Fund Administrators (PFAs).

The Director-General of PenCom Ms. Omolola Oloworaran, said this at an event held recently in Lagos, adding that the Commission seeks to have free communications with the public on the performance of pension fund administrators.

She urged the public to utilize all the existing social media platforms of the Commission and make contributions toward the growth of the pension.

Ms. Oloworaran noted that over the last two decades, the Contributory Pension Scheme (CPS) has rewritten Nigeria’s pension story. “We have moved from an era defined by unpaid entitlements and uncertainty to a new order anchored on transparency, sustainability, and inclusiveness.

“Today, more than 10 million Nigerians from public service employees to private sector workers, and even artisans and the self-employed under the Personal Pension Plan, are covered under the CPS,” she submitted.

According to her, the pension assets have grown to over ₦25 trillion, fueling national development through strategic investments, while also securing regular monthly pensions for over 552,000 retirees and lump sum benefits for an additional 291,735 retirees.

“In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent,” she posited.

She said in line with PenCom’s mandate to protect contributors and guarantee dignity in retirement, it has rolled out key interventions that are changing lives, stressing that
Pension Boost 1.0, one of the interventions, has led to the enhancing of pensions for over 241,000 retirees, representing 80 per cent of those under Programmed Withdrawal.

She submitted that monthly pensions rose from ₦12.157 billion to ₦14.837 billion, effective June 2025 and that there is now zero waiting time for pension payments – Since July 2025, as no retiree waits to access their pensions.

She noted that payments are now immediate, aligned with monthly salary releases from the Federal Ministry of Finance.