BY NKECHI NAECHE—ESEZOBOR—The National Pension Commission (PenCom) has reported a significant surge in the issuance of Pension Clearance Certificates (PCCs), recording about ₦233 billion in the third quarter of 2025—far above the average of previous quarters.
Director General of PenCom, Ms. Omolola Oloworaran, disclosed this on Thursday at the 2025 PenCom Media Conference in Lagos. She said that before the third quarter, PCCs were issued at a modest quarterly average of about ₦150 billion.
According to her, the sharp increase followed the issuance of a compliance circular that tied PCCs to participation across the pension industry value chain, demonstrating that “when compliance is linked to real economic consequences, behaviour changes.”
Oloworaran also revealed that total pension recoveries rose by 180 per cent to ₦4.04 billion between January and November 2025, compared to ₦1.44 billion recorded in 2024.
She described 2025 as a landmark year for pension reforms, highlighting the Presidential approval and disbursement of ₦758 billion to settle outstanding pension liabilities. The intervention, she said, reaffirmed the Federal Government’s commitment to honouring its obligations to workers and retirees.
PenCom also cleared long-standing pension increase backlogs for Federal Government treasury-funded retirees, some dating back to 2007. In addition, zero waiting time for the payment of accrued pension rights was restored from July 2025, ensuring retirees now receive their benefits as and when due.
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To enhance benefit adequacy, the Commission introduced Pension Boost 1.0, which has added ₦2.68 billion to monthly pension payments for retirees under the Contributory Pension Scheme (CPS).
On technology and operations, Oloworaran said PenCom achieved full automation of critical pension processes, including the PCC system, benefit processing, and contribution remittance platforms, leading to improved efficiency, reduced leakages, and greater transparency.
She also announced the inauguration of the Board of Trustees of the PenCare Initiative, an industry-wide programme aimed at providing free and accessible healthcare for low-income retirees.
As part of efforts to expand pension coverage, PenCom restructured and rebranded the Micro Pension Plan into the Personal Pension Plan, targeting artisans, traders, gig workers, creatives, and other informal sector participants. The new framework simplifies enrolment, expands digital access, and introduces Accredited Pension Agents, a move expected to create employment opportunities for thousands of young Nigerians.
On governance, the PenCom boss said the Commission raised capital requirements for pension operators and strengthened regulations to eliminate shadow directorships, stressing that transparency and accountability are non-negotiable in the management of pension funds.
She noted that the reforms were partly driven by concerns raised by the media over persistent non-remittance of pension contributions by employers, adding that PenCom responded with decisive compliance measures.
Oloworaran reaffirmed the Commission’s commitment to expanding coverage, deepening trust, improving investment outcomes, and protecting retirees, stressing that retirement security is a right, not a privilege.
