Market News

• Total assets now N31.48 trillion
• PFAs commit $250m to infrastructure

Pension reforms under the administration of President Bola Ahmed Tinubu have increased Nigeria’s retirement assets by more than N10.7 trillion in two years, Director-General of the National Pension Commission (PenCom), Ms Omolola Oloworaran has said.

 She disclosed this at the PenCom Media Conference, where she said pension assets grew from N20.79 trillion in July 2024 to N31.48 trillion in July 2026, representing more than N10.7 trillion in new retirement wealth.

 According to her, the growth has been accompanied by a significant expansion in the number of Nigerians participating in the Contributory Pension Scheme (CPS), with 938,229 new contributors joining the scheme within the same period.

 The PenCom chief said the development was not only about the accumulation of funds, but also about how the growing pool of retirement savings could be deployed to support productive investment and improve retirement outcomes.

 She disclosed that, for the first time, the Nigerian pension industry had jointly committed its own funds to infrastructure investment, with the Pension Industry Leadership Council endorsing the launch of a $250 million pension-industry infrastructure investment.

 Under the arrangement, pension fund operators and anchor investors are expected to provide $200 million through cash calls spread over 10 years, while an additional $50 million is being sought from development finance institutions (DFIs).

 She said discussions with the DFIs were ongoing, stressing that the $250million commitment represented only the beginning as investment opportunities expand.

 The DG said the industry must focus on productive investments capable of generating secure and sustainable returns for pension contributors, adding that projects would be subjected to rigorous selection processes to protect contributors’ interests.

 She said: “For the first time, Nigeria’s pension industry has jointly committed its own funds to infrastructure. The council has endorsed the first launch of a two $250million pension industry infrastructure investments. A total of $200m will come from pension fund operators as anchor investors through cash calls over the next 10 years and a $15million sourced from development finance institutions, with whom discussions are ongoing.

“So that’s a total of $250million dollars commitment. Now this is the beginning. It is not a ceiling. As said opportunities grow, so will this commitment. Nigeria needs productive investment. Contributors need secure returns. We will set both through rigorous project selection and uncompromising protection of contributors’ interests. Every naira invested well strengthens the future of our retirees and our nation,” she noted.

She said the growing pension assets also reflected increasing confidence in the CPS and the impact of reforms being implemented by PenCom and other stakeholders.

The DG, however, warned employers that deducting pension contributions from workers’ salaries without remitting them into their Retirement Savings Accounts (RSAs) amounted to a breach of trust and the law.

She said PenCom’s recovery drive had continued to produce unprecedented results, with cumulative recoveries from defaulting employers reaching N36.6 billion as of July 2026.

According to her, the commission would continue to identify unpaid pension obligations, recover the funds and ensure that those responsible were held accountable.

Beyond asset growth and investment, she said the commission was also working to deepen the institutional strength of the pension industry through an independent assessment of its maturity against international standards.

She disclosed that the Pension Industry Leadership Council, at its meeting on September 24, approved the assessment as part of efforts to determine how the Nigerian pension industry compares with global standards and identify areas requiring further improvement.

Oloworaran also announced the development of a Pension Transformation Agenda 2030, which will set out priorities and measurable milestones for the next phase of pension-sector development.

She said the reforms were ultimately aimed at ensuring that the increasing pool of retirement savings translated into better outcomes for contributors and retirees.

She urged young Nigerians to begin conversations about pensions early, know their PFAs, regularly examine their pension statements and understand where their contributions are being invested.

She called on the media to continue holding the pension industry accountable by asking questions about whether contributions are being remitted, whether pension benefits are being paid as and when due and whether the system is delivering value to retirees.

The DG said the work was not finished, identifying pension coverage, compliance and adequacy as areas requiring continued attention.