….As Pension Assets Hit N23Trn
The National Pension Commission on Wednesday disclosed that it had recovered N1.58 billion from defaulting employers on the Contributory Pension Scheme (CPS) deductions from workers through enhanced enforcement efforts.
The Director-General of the commission, Omolola Oloworaran, who made the disclosure in Kano during the First Run 2025 Consultative Forum for States and the Federal Capital Territory (FCT), confirmed that state governments’ remittances had also improved, indicating improved adoption of the CPS in workers’ post-service savings
This is even as she said that as of the end of February this year, total pension assets under management by the PenCom had surpassed N23 trillion.
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Oloworaran, however, lamented that despite the improvements in the CPS implementation nationwide, only 25 states and the FCT had enacted laws to implement the scheme.
She clarified: “Six states operate hybrid schemes, while another six have bills at advanced legislative stages. Notable progress has been made in Katsina, Yobe, Bauchi, and Abia states. However, full implementation of the CPS is currently limited to eight states.’’
According to her, in order to bridge the CPS adoption gap, the commission introduced a flexible adoption model, which allows states to begin implementation with new employees or those with less than 10 years of service.
While speaking on the commission’s technical support to assist states in planning for legacy liabilities and transitioning their entire workforce in a financially sustainable manner, the Director-General reiterated the commission’s commitment to achieving full adoption of the CPS by all the 36 states and the FCT.
Oloworaran, who described the Kano forum as more than just a routine meeting but a call to collective action, expressed optimism that with sustained dialogue, technical collaboration, and strong political will, the commission is confident that all the 36 states and the FCT would fully adopt the CPS.
The Director-General urged the participants at the event to explore the opportunity availed by it to co-create solutions, share innovations, and renew their commitment to a secure, unified, and inclusive pension system.
Earlier in his opening remarks, the Head of Service of Kano, Abdullahi Musa, commended PenCom for its leadership in promoting best practices and described the forum as a vital platform for dialogue, peer learning, and policy refinement.
The HoS, who restated the state government’s commitment to pension reforms, maintained that Kano State had made significant progress in restructuring its pension system through the adoption of a hybrid model that combined elements of the defined benefits and the CPS.
He disclosed that as a demonstration of the state government’s commitment to efficiency in pensions management, Governor Abba Kabir, had settled huge pension backlogs and improved the management of retirement benefits for workers in the state
Specifically, Musa confirmed that the state government had paid over N16 billion in outstanding entitlements to workers, representing about 40% of the liabilities inherited from previous administrations in the state.
