Mariam Abeeb
The National Pension Commission (PenCom) is projected to close the year 2024 with over N22 trillion in pension assets, according to its Director-General, Omolola Oloworaran.
Speaking at a media conference in Abuja , Oloworaran disclosed that as of October 2024, the Contributory Pension Scheme (CPS) had 10.53 million registered contributors and pension fund assets worth N21.92 trillion.
“These numbers reflect our unwavering commitment to fund safety, prudent management, and sustainable growth,” Oloworaran said.
She highlighted the economic challenges of 2024, including high inflation, naira devaluation, and the lingering effects of unorthodox monetary policies, which have eroded the real value of pension funds and impacted contributors’ purchasing power.
According to her ,to address these issues, PenCom has initiated a comprehensive review of its investment regulations, focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets, and foreign currency-denominated investments.
“Our goal is to safeguard contributor savings and ensure resilience against future economic volatility,” she stated.
Oloworaran reiterated PenCom’s commitment to expanding pension coverage, particularly through the advanced micro-pension plan designed to encourage participation from the informal sector using technology.
“This initiative will make it easier for everyday Nigerians to save for retirement, aligning with our vision of inclusive growth and financial stability for all,” she said.
Additionally, she addressed the backlog in retirement benefits for retirees of federal government ministries, departments, and agencies. The federal government recently disbursed N44 billion under the 2024 budget to settle approved pension rights.
“We are collaborating with the federal government to institutionalize a sustainable solution to ensure retirees receive their benefits promptly, eliminating delays,” Oloworaran assured.
The conference, themed “Tech-driven Transformation Shaping the Pension Landscape”, showcased PenCom’s strategic commitment to innovation.
Speaking further,Oloworaran highlighted the launch of an e-application portal for pension clearance certificates, which has replaced manual processes and enhanced ease of doing business. Since its deployment, 38,528 pension clearance certificates have been issued.
“This initiative ensures compliance and secures the future of Nigerians working in organizations that interact with the government,” she noted.
Oloworaran emphasized that PenCom’s technology-driven transformation aims to make the CPS more accessible, reliable, and sustainable.
“From data management to seamless contributions and regulatory supervision, we are paving the way for a future where the pension industry serves all Nigerians effectively,” she said, calling on the media to amplify these initiatives and educate stakeholders.
“Together, we can ensure every Nigerian, including the most vulnerable, enjoys a secure and dignified retirement,” she said .
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