• Recovers N36.6bn from Defaulting Employers, Unveils Pension Week with Essay Competition, MSME Fair
By| Goodluck E. Adubazi, Abuja
The National Pension Commission (PenCom) has disclosed that an additional N2.7 billion is being paid to pensioners monthly, as it highlighted the contribution of Nigeria’s informal sector, which accounts for 58.65 per cent of the country’s Gross Domestic Product (GDP).
The Commission also announced that it recovered N36.6 billion from defaulting employers as of June 2026, describing the achievement as a record in the history of the pension scheme.
The Director-General of PenCom, Omolola Oloworaran, disclosed this in her keynote address at the Commission’s 2026 Annual Media Conference held in Abuja on Tuesday, October 13, 2026.
Oloworaran said the amount recovered from employers who failed to remit pension contributions had surpassed the figure recorded in the previous year, attributing the improvement to strengthened monitoring and enforcement.
She said the Commission had recorded significant progress in the past two years, with several initiatives introduced to improve pension administration and enhance the welfare of retirees.
Among the initiatives, she listed PenCare, a free healthcare programme for low-income retirees receiving as little as N30,000, increased infrastructure investment, the minimum pension guarantee, clearance of outstanding pension arrears and an exit package introduced in January 2026.
According to her, the bottlenecks associated with delayed pension payments and employers’ failure to remit pension contributions have reduced significantly following improvements in monitoring and enforcement.
She added that the Commission had expanded pension coverage by enrolling more states and institutions, disclosing that two additional states had recently been onboarded.
The PenCom chief also highlighted the importance of the informal sector to Nigeria’s economy, noting that it contributes 58.65 per cent of the country’s GDP.
The figure, she indicated, underscores the need to expand pension coverage to workers in the informal sector and provide more Nigerians with access to retirement savings and financial security.
As part of efforts to deepen public awareness and encourage wider participation in the pension system, PenCom announced plans to hold the 2026 National Pension Week from October 26 to 30.
The event, themed “Pension for All: Building a Secure Future,” will feature activities aimed at engaging young Nigerians, supporting small businesses, promoting the welfare of senior citizens and strengthening the pension industry.
Oloworaran said the first day would be dedicated to youth engagement, targeting secondary school students, tertiary institution students and members of the National Youth Service Corps (NYSC).
The programme will feature an essay competition, with attractive prizes for winners, to encourage young people to understand the importance of pension savings and retirement planning.
The second day will feature a National Micro, Small and Medium Enterprises (MSMEs) Fair, where entrepreneurs, artisans and business owners will showcase their trades, crafts, products and services.
She said participating entrepreneurs and business owners would be provided with free exhibition booths to display their products and promote their businesses.
The third day will be dedicated to Senior Citizens Day, while the fourth day will feature a National Pension Summit for professionals and other stakeholders to discuss developments, challenges and opportunities in the pension industry.
The fifth and final day will be observed as Press Day, during which the outcomes of the week’s activities and a communiqué will be presented.
The annual media conference, themed “From Reform to Reality: Renewed Hope for Pension Security for Nigerians,” brought together pensioners, media professionals, pension fund administrators, the Pension Fund Operators Association of Nigeria (PenOp) and other stakeholders.
The conference provided an opportunity to review the progress of pension reforms, examine challenges affecting the industry and discuss strategies for improving retirement security for Nigerian workers.
PenCom’s latest disclosures reflect its continuing efforts to strengthen compliance among employers, improve pension administration, expand coverage and ensure that retirees receive their benefits.
The planned National Pension Week is also expected to promote greater awareness of pension savings, particularly among young people, entrepreneurs and workers in the informal sector.
