Pension

A Nigerian worker can qualify to withdraw ₦5 million from a pension account for a house and still be unable to afford it. Finding the deposit solves one problem. Financing the remaining purchase price can create a much larger one.

At the commission’s 2026 annual media conference in Lagos recently, PenCom’s director-general, Ms Omolola Oloworaran, presented a catalogue of reforms and performance indicators showing a pension industry that has expanded significantly in assets, membership, compliance and investment reach.

With approximately 90 percent of Nigeria’s workforce operating outside the formal economy, pension coverage for informal workers is almost non-existent.

According to data from the National Pension Commission’s first-quarter 2026 pension industry report, 219,316 Personal Pension Plan RSAs had been registered as of March 2026.

July 8 (THEWILL) — Premium Pension Limited and Trustfund Pensions Limited have proposed a merger that would create Nigeria's third-largest Pension Fund Administrator (PFA), subject to regulatory approvals. The proposed transaction was disclosed in a merger notification published on Tuesday...

July 3 (THEWILL) — The Federal Government has settled ₦39.6 billion in longstanding pension arrears owed to thousands of retirees under the Defined Benefit Scheme (DBS), clearing all inherited pension liabilities and bringing long-awaited relief to affected pensioners. The government...

June 7 (THEWILL) — In my country Nigeria, the word "pension" evokes different reactions. For many civil servants and corporate workers, it symbolizes hope for a near comfortable retirement. However, for the majority of Nigerians working in the informal...

June 3 (THEWILL) — Public sector pension contributions surged by 234.85 per cent to ₦550.96 billion in the fourth quarter of 2025, highlighting stronger compliance with Nigeria’s Contributory Pension Scheme (CPS) and the settlement of outstanding pension arrears. This was...

April 17, (THEWILL) — Nearly N30 billion in pension contributions remains uncredited to workers’ Retirement Savings Accounts (RSAs), highlighting persistent inefficiencies in Nigeria’s Contributory Pension Scheme (CPS). Data from the National Pension Commission (PenCom) shows that N29.84 billion is currently...

April 12, (THEWILL) — Nigeria’s pension industry has entered what analysts are increasingly describing as a “super-cycle,” marked by rapid asset growth, record-breaking returns, and a structural shift in how retirement savings are invested. As of March 31, 2026,...