The Acting Director-General of the National Pension Commission (PENCOM), Omotola Oloworaran, has revealed that pension fund assets under the Contributory Pension Scheme (CPS) have grown to an impressive N20.79 trillion as of July 2024.
This significant increase highlights the continued expansion and stability of Nigeria’s pension industry, driven by steady contributions from both public and private sector employees.
Speaking at a recent press briefing, Oloworaran attributed the growth to consistent contributions and prudent management of the pension fund by licensed Pension Fund Administrators (PFAs).
The increase in assets underscores the success of the CPS, which was introduced to secure the retirement future of Nigerian workers through a sustainable pension system.
She also emphasized that the fund’s growth reflects the confidence of contributors and stakeholders in the scheme.
Oloworaran noted that the commission is committed to ensuring the safety and sustainability of the pension fund assets. She highlighted ongoing efforts by PENCOM to enhance compliance with the Pension Reform Act, 2014, which governs the CPS.
The commission continues to monitor and regulate the activities of PFAs to ensure transparency and accountability in managing pension contributions.
In addition, Oloworaran pointed out that the rising pension fund assets would provide a substantial pool of investable funds, which could play a critical role in the development of the Nigerian economy.
PENCOM is working on strategies to leverage these funds to support infrastructural development, while also ensuring that contributors’ savings remain secure.
The Acting DG reassured pensioners and contributors that PENCOM is focused on improving the efficiency of the pension system, particularly in terms of timely remittances and benefit payments.
She urged employers in both the public and private sectors to comply with pension regulations, as the agency continues its enforcement drive against non-compliant organizations.