Oloworaran Reels Out Milestones in Pension Reform, Says N4.04bn Recovered, N233bn Clearance Certificates Issued

•Vows to defend retirement security firmly, warns compliance, service excellence not optional

James Emejo in Abuja

The Director General, National Pension Commission (PenCom), Ms. Omolola Oloworaran, has rolled out the drums to celebrate tangible achievements from ongoing pension reforms in the country.

Speaking at the Pension Revolution Summit and the 2025 Media Conference, with the theme, “A 365-Day Scorecard” in Abuja, she revealed that total pension recoveries had reached N4.04 billion compared to N1.44 billion for 2024. This represented an increase of over 180 per cent.

The PenCom DG particularly noted that N2.06 billion was recovered in the third quarter of the year (Q3 2025) alone, representing about 150 per cent of total recoveries 2024.

Similarly, she said following recent reforms conveyed through a decisive compliance circular in the second quarter of the year, pension clearance certificates issuance increased to about N233 billion, far exceeding the average of preceding quarters – a modest quarterly average of about N150 billion.

She said, “This clearly demonstrates that when compliance is tied to real economic consequences, behaviour changes.”

Oloworaran also vowed that PenCom will continue to pension rights of Nigerians, noting that “Retirement security is not a privilege. It is a right. And PenCom will defend it firmly and fairly”.

She warned all licensed pension operators that while innovation is not optional, compliance to industry regulations as well as service excellence were mandatory.

She said, “Today’s summit is therefore, not a celebration alone. It is a review, a reckoning, and a recommitment. Our reforms are built on dialogue, data, and discipline, not isolation.

“As we move into the next phase of the pension revolution, our focus remains clear: to expand coverage, deepen trust, improve investment outcomes, strengthen supervision, and protect retirees.

“To our licensed operators, thank you for your cooperation. But let me be clear. Innovation is not optional. Compliance is not optional. Service excellence is not optional.”

The PenCom DG, expressed her gratitude to President Bola Tinubu, for the confidence and responsibility entrusted to her to serve Nigeria’s pensioners and active contributors.

She said, “About one year ago, I was confirmed as Director General of the National Pension Commission with a clear mandate: to rebuild trust, expand coverage, strengthen governance, and move the Contributory Pension Scheme firmly into its next phase.

“I am proud to say that this past year has been defined by bold decisions, structural reforms, and measurable impact.

“We formally launched Pension Revolution 2.0, the most comprehensive reform agenda in the Nigerian pension industry since 2004. This was not cosmetic reform. It was structural. It brought together new regulations, stronger supervision, governance reforms, digital transformation, and industry realignment, all designed to future- proof the pension system and position it as a pillar of national stability and long-term development.”

She said, “One of the most historic milestones of the year was the Presidential approval and disbursement of #758 billion to settle outstanding pension liabilities. This unprecedented intervention sent a clear and powerful signal that Nigeria honours its promises to its workers and retirees.

“We also cleared long-standing pension increase backlogs for Federal Government treasury-funded retirees, some dating as far back as 2007. What many believed would never be paid has now been paid. In addition, zero waiting time for the payment of accrued pension rights was restored with effect from July 2025.

“Today, retirees receive their benefits when due, not months or years later. To further enhance benefit adequacy, we introduced Pension Boost 1.0, which has already added N2.68 billion to monthly pension payments for CPS retirees.

“These are not just numbers. They are meals on tables, medicines purchased, and dignity preserved.”

On the technology front, she said “We achieved full automation of critical pension processes, including the Pension Clearance Certificate system, benefit processing, and contribution remittance platforms. Operational efficiency has improved, leakages have reduced, and transparency has increased. We will continue to upgrade our systems and application as technology evolves.

“We also inaugurated the Board of Trustees of the PenCare Initiative, a landmark industry-wide intervention to provide free and accessible healthcare for low-income retirees. Retirement should be a season of peace, not a period defined by anxiety over medical bills.

“To strengthen collaboration and leadership across the industry, we established the Pension Industry Leadership Council, a strategic platform that brings together industry leaders to drive innovation, reinforce accountability, and build collective ownership of reforms.”

Among other things, she said, “A defining reform of the year was the restructuring and rebranding of the Micro Pension Plan into the Personal Pension Plan. This was about meeting Nigerians where they are – artisans, traders, gig workers, creatives, and informal sector workers.”