James Emejo in Abuja

The Director General, National Pension Commission (PenCom), Ms. Omolola Oloworaran, yesterday said the commission has intensified its crackdown on employers failing to remit workers’ pension contributions, recovering a record N36.6 billion as of July 2026.

Speaking at the 2026 media conference in Abuja, she warned that employers who deduct pension contributions from employees’ salaries without transferring the funds to their Retirement Savings Accounts (RSAs) would be held accountable.

She said, “To every employer, let me be equally clear. A deduction on a pay slip that does not reach a Retirement Savings Account is a breach of trust and a breach of the law.

“Last year, recoveries from defaulting employers broke every record in the history of the Scheme. This year, we have already surpassed that record. Cumulative recoveries stood at N36.6 billion as at July 2026.

“We will find what is owed, we will recover it, and we will hold those responsible to account.”

She said recoveries from defaulting employers had broken the previous record last year, adding that the commission had already surpassed that performance in the current year.

She urged employers to comply with remittance requirements and called on state governments and private-sector employers to widen pension coverage and fulfil their obligations to workers.

PenCom’s enforcement efforts come as pension assets expand, rising from N20.79 trillion in July 2024 to N31.48 trillion in June 2026, an increase of over N10.7 trillion in less than two years.

The commission also reported that 938,229 Nigerians joined the Contributory Pension Scheme (CPS) within the period, reflecting the continued growth of the formal retirement savings pool.

However, the challenge of ensuring that contributions are remitted promptly remains important to the credibility of the system, particularly as PenCom seeks to extend pension coverage to workers outside conventional employment.

The commission is deploying accredited pension agents to take its Personal Pension Plan to markets, motor parks, farms and workshops, targeting traders, artisans, farmers and transport workers who may not have access to employer-sponsored retirement arrangements.

Oloworaran said the initiative was intended to widen pension coverage while creating employment opportunities through the agent network.

However, she stated that the commission was seeking to expand the economic role of pension assets through a proposed $250 million Pension Industry Infrastructure Investment Consortium.

Under the plan endorsed by the Pension Industry Leadership Council on September 24, pension fund operators would contribute $200 million as anchor investors through cash calls over 10 years, while the commission seeks an additional $50 million from development finance institutions.

Discussions with the development finance institutions are ongoing, she added.

The initiative is designed to channel part of the industry’s long-term capital towards productive infrastructure, potentially creating a new source of domestic financing for projects requiring substantial upfront investment.

But PenCom said the deployment of pension assets would depend on rigorous project selection and protection of contributors’ interests, reflecting the need to balance national development priorities with the obligation to secure retirement savings and generate appropriate returns.

The proposed consortium represents a further step in the industry’s diversification of investments, although the ultimate impact will depend on the projects selected, their financial viability and the returns delivered to pension contributors.

Meanwhile, the commission announced that retirement benefits which previously took as long as 21 months to approve were now subject to a mandatory 48-hour approval service standard for Pension Fund Administrators (PFAs).

It also said its Zero Waiting Time policy was enabling federal retirees to begin receiving pensions as they retired, in line with the monthly salary cycle.

Oloworaran stated that commission was additionally preparing to introduce PenCare, a healthcare programme for eligible low-income retirees, beginning with 30,000 beneficiaries, alongside a Minimum Pension Guarantee intended to establish a floor for eligible retirees under the CPS.

Both initiatives are scheduled for launch during National Pension Week, from October 26 to 30, 2026.

PenCom also reported that the federal government had approved a ₦758 billion pension bond to settle inherited pension liabilities, with payments reaching 957,045 beneficiaries.

In another intervention, the commission said pensions for 2,116 retirees of the defunct Nigeria Social Insurance Trust Fund had been reviewed for the first time in 21 years, with monthly payments rising from ₦12.56 million to ₦159.95 million.

It added that ₦8.70 billion in arrears had been paid.

Oloworaran said the commission was developing a Pension Transformation Agenda 2030 to establish priorities and measurable milestones for the industry’s long-term development.

She acknowledged that pension coverage, compliance and benefit adequacy remained areas requiring further improvement, despite the industry’s asset growth and ongoing reforms.