PenCom’s Director-General, Omolola Oloworaran,
The National Pension Commission (PenCom) has reaffirmed its commitment to ensuring that all federal government workers retiring between October and December 2025 receive their pension entitlements before December 15. This assurance was given by PenCom’s Director-General, Omolola Oloworaran, during a two-day workshop on the Contributory Pension Scheme (CPS) for employees and pension desk officers held in Lagos.
Speaking at the event, Oloworaran disclosed that the Commission is finalising the payment of ₦758 billion in accumulated pension arrears—some of which date back nearly two decades—thanks to President Bola Ahmed Tinubu’s approval of a pension bond to clear the long-standing backlog.
“The waiting time is almost over; we are at the finishing line,” she said. “Very soon, all retirees under the CPS with outstanding benefits will be paid, thanks to the bold step taken by President Tinubu, who has shown genuine care for ordinary Nigerians.”
A Turning Point for Nigeria’s Pension System
Experts in the pension and finance sector have described the development as a turning point in Nigeria’s pension administration, citing it as one of the most impactful reforms since the establishment of the CPS in 2004.
According to a pension reform analyst and lecturer at the University of Lagos, the move will “restore faith among federal employees approaching retirement.”
“Many workers have feared delays in accessing their entitlements after years of service,” explained. “By clearing arrears and improving operational transparency, PenCom is re-establishing confidence in the entire pension ecosystem.”
Institutional Reforms and New Pension Measures
The PenCom DG further revealed a series of regulatory measures designed to strengthen the pension industry, including:
- Revised capital requirements for Pension Fund Administrators (PFAs)
- Whistleblowing guidelines to enhance accountability
- New investment regulations to safeguard contributors’ funds
She also announced the release of a framework for accredited pension agents and guidelines for personal pension plans, aimed at expanding inclusion within the informal sector.
“The President has mandated that no Nigerian should be left behind,” Oloworaran said. “We are deploying accredited pension agents nationwide to reach rural and informal workers, ensuring that everyone has access to retirement savings.”
Looking Ahead: Health Insurance and Digital Access
In a significant welfare boost, PenCom is set to launch a free health insurance scheme for low-income retirees before the end of 2025. This initiative, according to the DG, is part of the Commission’s broader social security agenda.
Additionally, the agency is developing a self-service mobile application to give retirees seamless access to their pension data, statements, and payment status. The app will be rolled out alongside a one-off nationwide enrollment exercise to determine accurate pension liabilities and credit accrued rights to individual Retirement Savings Accounts (RSAs).
Expert Reflections: A New Era of Trust and Transparency
Pension industry expert Ngozi Nwokoma, noted that PenCom’s renewed focus on inclusion, technology, and welfare “marks a new era of trust and transparency.”
“If this momentum continues, we could witness a pension system that truly delivers social protection for all,” she said.
With the December 15 payment assurance, the federal government aims to close a painful chapter of pension delays while setting the tone for a future where every retiree can retire with dignity, confidence, and prompt access to their benefits.
The National Pension Commission (PenCom) has assured all federal workers retiring in Q4 2025 of receiving their pension entitlements before December 15. DG Omolola Oloworaran announced reforms and new inclusion measures as experts hail it a milestone in Nigeria’s retirement security framework.
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