Business Money

PFAs Must Report Pension Payments above $10,000 – PenCom

Motolani Oseni 25 September 2025 0

..PenCom, TUC Deepen Ties to Bolster Workers’ Pension Welfare The National Pension Commission (PenCom) has issued fresh directives to strengthen oversight of the Contributory Pension Scheme (CPS), mandating Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to report foreign

News

PenCom DG meets NLC president, promises transparency as Labour pushes for inclusion

Ukpono Ukpong 1 September 2025 0

Omolola Oloworaran, director general of the National Pension Commission (PenCom), has opened talks with Joe Ajaero, president of the Nigeria Labour Congress (NLC), in a bid to mend relations and restore confidence in the contributory pension scheme. Oloworaran, who led PenCom’s management team to the NLC headquarters in Abuja, said the engagement was to “correct […]

Business

Pension assets hit N24.63trn in June — domestic stocks, FGN bonds drive growth

Motolani Oseni 1 August 2025 0

Nigeria’s pension fund assets rose to N24.63 trillion in June 2025, reflecting continued investor confidence and strategic shifts in portfolio allocation, according to the National Pension Commission (PenCom). The figure represents a 2.17 percent increase from N24.11 trillion in May, and a year-on-year growth of 20.24 percent. The uptrend was largely driven by increased

Business

PenCom, NERC team up to penalise DisCos, GenCos over unpaid pensions

DailyTimesNGR DailyTimesNGR 26 April 2025 0

BY MOTOLANI OSENI The National Pension Commission (PenCom) and the Nigerian Electricity Regulatory Commission (NERC) have agreed to jointly enforce sanctions against electricity Distribution Companies (DisCos) and Generation Companies (GenCos) over failure to remit pension contributions for their employees. During a courtesy visit to NERC’s headquarters on April 25, 2025,

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PenCom Recovers N1.58 billion From Defaulting Employers

DailyTimesNGR DailyTimesNGR 24 April 2025 0

By Agency Report The National Pension Commission (PenCom) has disclosed that it successfully recovered a total of N1.58 billion from defaulting employers through intensified compliance and enforcement mechanisms. This was made known by the Director General of PenCom, Ms. Omolola Oloworaran, on Wednesday in Kano during the First Run 2025 Consultative Forum for States and

News

PenCom adopts technology to Enhance regulatory compliance, efficiency in pension industry

DailyTimesNGR DailyTimesNGR 23 December 2024 0

The National Pension Commission (PenCom) has emphasised its use of technology to enhance regulatory compliance and improve efficiency within the pension industry. Speaking at the 2024 PenCom Media Conference held in Lagos, Omolola Oloworaran, Director-General, PenCom, highlighted the sector’s transformative impact of technology, focusing on the theme “Tech-Driven

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PenCom: FG to pay all outstanding pensions, liabilities

DailyTimesNGR DailyTimesNGR 18 September 2024 0

The National Pension Commission (PenCom) on Tuesday in Lagos assured that all outstanding pension liabilities would be paid soon. Ms Omolola Oloworaran, Acting Director-General, PenCom, gave the assurance at a workshop on the Online Enrolment Application for Pension Desk Officers (PDOs) of Treasury-funded Ministries, Departments and Agencies (MDA) of the Federal

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Poor pension: Retired federal directors cry out against PENCOM, PFAs

DailyTimesNGR DailyTimesNGR 17 August 2024 0

BY ANDREW OROLUA Retired Federal Directors on Contributory Pension Scheme (CPS) have cried out over the scheme saying it is a modern slavery tool fashioned to annihilate workers to death in abject poverty. The association in a statement signed by Lawrence Ojabo , media and advocacy , Technical Team Retired Federal Directors on Contributory Pension […]

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PenCom debunks N10trn loan to FG, says Commission not owing pensioners

DailyTimesNGR DailyTimesNGR 12 March 2024 0

By Motolani Oseni The Director-General of the National Pension Commission (PenCom), Mrs Aisha Dahir-Umar, has debunked the widespread reports that the Commission gave a N10 trillion loan to the Federal Government. The PenCom’s DG, also, clarified the claim that PenCom was owing Federal Government retirees arrears of pensions as well as insinuations that Pension Fund

News

PenCom will continue to protect N18trn pension assets- Dr. Aisha Dahir-Umar, DG, PenCom

DailyTimesNGR DailyTimesNGR 28 February 2024 0

The Director General of National Pension Commission (PenCom), Dr. Aisha Dahir-Umar, says the Commission will do everything within its mandate to protect pension assets. In a media parley with business journalists in Abuja, Dahir-Aisha, who was represented by Head, Corporate Communications Department of PenCom, Ibrahim Garba Buwai, also revealed that a total of N12.9

Business

‘How PenCom recovered N25.45bn from defaulting employers’

DailyTimesNGR DailyTimesNGR 21 February 2024 0

By Mathew Brangyet The National Pension Commission (PenCom) said it has successfully recovered a total sum of N25.45 billion in unremitted pension contributions from defaulting employers between the years 2012 and 2023. According to the pension commission, substantial amount encompasses the principal contributions of N12.93 billion and penalties totalling N12.52 billion in

News

PenCom recovers N24.5bn pension contributions in 11 years

Ihesiulo Grace 21 May 2023 0

By Joy Obakeye The National Pension Commission PenCom says it has recovered 24.5-billion-naira pension contributions owed workers by defaulting employers from June 2012 to 31 March 2023. Further breakdown shows that the sum comprises contributions of 12.4 billion naira and penalties of 12.1 billion naira. Aisha Dahir-Umar, the Director-General of Pencom in her welcome

Business

How employees can use retirement savings to obtain residential mortgage

Ihesiulo Grace 30 April 2023 0

By Godwin Anyebe The National Pension Commission (PenCom) has explained how workers can use their retirement savings to obtain a residential mortgage. A mortgage is a type of loan used to purchase or maintain a home, land, or other types of real estate. Last year, PenCom issued guidelines on accessing retirement savings account (RSA) balance […]

News

73% of workers under contributory pension scheme below 40 years- PenCom

Ihesiulo Grace 17 May 2022 0

The National Pension Commission (PenCom) says most contributors under the Contributory Pension Scheme (CPS) are below 40 years. The commission said the figure represents 73 per cent of the total contributors to the scheme. PenCom said this in its 2021 fourth-quarter report — Age and Gender Distribution. According to the report, the number of male […]

News

PenCom introduces non-interest fund, issues operational framework

Ihesiulo Grace 28 October 2021 0

The National Pension Commission (PenCom) has introduced a Non-Interest Fund (Fund VI) and issued an operational framework on it to pension contributors and retirees. Head, Corporate Communications of PenCom, Mr Peter Aghahowa, made the disclosure in a statement made available to newsmen on Thursday in Lagos. He said that the initiative was in furtherance of […]

News

EDITORIAL: States’ non-remittance of contributions to PENCOM

Ihesiulo Grace 24 January 2021 0

Recent reports indicate that 25 states of the federation are yet to remit the pension contributions of their respective workers under the Contributory Pension Scheme (CPS). Sadly, most of them are now battling to pay a backlog of pension arrears amounting to four hundred billion naira (N400 billion). The reports also reveal that while seventeen […]

Editorial

EDITORIAL: States’ non-remittance of contributions to PENCOM

Ihesiulo Grace 22 December 2020 0

Recent reports indicate that 25 states of the federation are yet to remit the pension contributions of their respective workers under the Contributory Pension Scheme (CPS). Sadly, most of them are now battling to pay a backlog of pension arrears amounting to four hundred billion naira (N400 billion). The reports also reveal that while seventeen […]

Editorial

EDITORIAL: States’ non-remittance of contributions to PENCOM

Ihesiulo Grace 10 December 2020 0

Recent reports indicate that 25 states of the federation are yet to remit the pension contributions of their respective workers under the Contributory Pension Scheme (CPS). Sadly, most of them are now battling to pay a backlog of pension arrears amounting to four hundred billion naira (N400 billion). The reports also reveal that while seventeen […]

Business

Why borrowing N17 trillion pension fund by governors should be stopped – PENCOM

Ihesiulo Grace 8 December 2020 0

By Philip Clement Following the fresh move by state governors to borrow from Nigeria’s pension funds, stakeholders and experts in the pension industry have described the move as unpatriotic and urge the necessary authorities not to approve the request. Daily Times reports that the governors had last week reportedly proposed to borrow from the the […]

Editorial

EDITORIAL: States’ non-remittance of contributions to PENCOM

Ihesiulo Grace 23 November 2020 0

Recent reports indicate that 25 states of the federation are yet to remit the pension contributions of their respective workers under the Contributory Pension Scheme (CPS). Sadly, most of them are now battling to pay a backlog of pension arrears amounting to four hundred billion naira (N400 billion). The reports also reveal that while seventeen […]