Pension Assets Hit N23trn As Pencom Intensifies States’ CPS Adoption Drive
The National Pension Commission (PenCom) has announced that pension assets under management have exceeded ₦23trn as of February this year.
Director-General of PenCom, Omolola Oloworaran, revealed this on Wednesday in Kano during the first-run 2025 consultative forum for states and the Federal Capital Territory (FCT).
Oloworaran also said that the commission used more stringent enforcement tactics to collect ₦1.58bn from employers who had defaulted.
The PenCom boss explained that 25 states and the Federal Capital Territory have approved laws to implement the CPS.
She said, “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.”
To address these gaps, Oloworaran said PenCom introduced a flexible adoption model to allow states to begin implementation with new employees or those with less than 10 years of service.
She added that the commission is providing technical assistance to help states plan for legacy liabilities and transition their entire workforce sustainably.
“With sustained dialogue, technical collaboration, and strong political will, we are confident of reaching this goal,” she stated.
Describing the forum as more than just a routine gathering, Oloworaran called it “a call to collective action” and encouraged attendees to share ideas and commit to building an inclusive pension system.
Also speaking at the event, Head of Service in Kano, Abdullahi Musa, reaffirmed the state’s commitment to pension reforms. He commended PenCom’s efforts in promoting best practices and described the forum as a vital platform for policy dialogue, peer learning, and reform development.
Musa said the administration of Governor Abba Kabir Yusuf had made notable strides in overhauling the pension structure, especially by adopting a hybrid model that blends elements of the defined benefits system and the CPS.
According to him, the state government has paid N16bn in outstanding pension entitlements covering about 40 per cent of the liabilities inherited from past administrations.
Pension Assets Hit N23trn As Pencom Intensifies States’ CPS Adoption Drive is first published on The Whistler Newspaper
