PenCom Archives

PenCom, NLC begin crackdown on pension defaulters in Lagos

Peter AnayoMay 20, 2026

by Peter AnayoMay 20, 20260597

. As pensioners hail Soludo for settling N22bn outstanding gratuities The National Pension Commission (PenCom) and the Nigeria Labour Congress (NLC) Lagos Council will begin enforcement against pension defaulters under the Contributory Pension Scheme from June 1. The NLC Lagos Council Chairperson, Funmi Sesi, disclosed this after an interactive......

Business & Economy Finance Insurance digest

FG Intensifies Push for Online Verification and Enrolment Exercise for Pre-2004 Treasury-Funded Civil Servants …PenCom Deploys Digital Platform The Federal Government has intensified efforts to improve participation in the ongoing mandatory verification and enrolment exercise for civil servants with accrued pension rights, following low turnout despite the importance of the exercise. The National Pension Commission (PenCom) is conducting a one-time nationwide Online Verification and Enrolment Exercise for all active employees of treasury-funded Ministries, Departments and Agencies (MDAs) who were employed before 30 June 2004. The exercise, which commenced on 2 February 2026 and will end on 31 July 2026, is aimed at capturing accurate and complete data on eligible workers. This will support the timely payment of their accrued pension rights under the Contributory Pension Scheme (CPS). Exercise to Address Legacy Pension Liabilities The initiative is part of the Federal Government’s efforts to settle pension obligations carried over from the old Defined Benefit Scheme (DBS), which existed before the introduction of the CPS in 2004. Under Section 15(1) of the Pension Reform Act 2014 (PRA 2014), employees who moved to the CPS are entitled to accrued pension rights, representing benefits earned under the DBS. To fund these obligations, the law provides for the establishment of the Retirement Benefits Bond Redemption Fund, domiciled with the Central Bank of Nigeria (CBN). In a circular issued on 27 April 2026, Mrs. Didi Esther Walson-Jack, Head of the Civil Service of the Federation, directed all treasury-funded MDAs to support the exercise. The circular emphasised that verification is essential for determining the Federal Government’s outstanding pension liabilities and making adequate budget provisions for their settlement. Digital Transformation Drives New Approach Prior to the automation by PenCom a few years ago, the process relied on manual processes that were often affected by incomplete records and delays. The current exercise is fully digital and a significant technological improvement from the initial Online Enrolment platform. PenCom has now deployed the new Contributions and Bond Redemption Application (COBRA), a secure platform designed to support real-time data capture, validation and processing. The platform includes multiple layers of verification, such as biometric capture and cross-checking of employment records. This helps to improve data accuracy and reduce errors that could delay pension payments at retirement. Structured Rollout to Improve Efficiency To ensure smooth implementation and avoid system congestion, the exercise has been structured in phases. The first phase, which ran from 2 February to 31 March 2026, covered employees expected to retire between January 2027 and December 2029. The ongoing second phase, from 1 April to 31 July 2026, is for employees who will retire from January 2030 onwards. PenCom noted that the phased approach will improve coordination, enhance monitoring and ensure that all eligible employees are captured within the timeline. Compliance Directive Amid Low Turnout Despite these arrangements, participation has remained below expectations. This led to a directive from the Head of Service mandating full compliance by all treasury-funded MDAs. MDAs are required to upload details of eligible employees on the COBRA platform, after which affected employees are to visit their respective Pension Fund Administrators (PFAs) with the necessary documents to complete the process. Pension Desk Officers (PDOs), trained by PenCom, are responsible for coordinating the exercise within their organisations and guiding staff through the process. PenCom has assured employees that participating in the exercise will enable the computation of the employees accrued pension rights and advise the Federal Government of same for adequate provision to be made. This would further ensure seamless access to benefits immediately after a worker retires. Call for Urgent Participation With the deadline approaching, the Federal Government has urged Permanent Secretaries and heads of MDAs to widely publicise the directive and ensure full participation. Failure to take part in the exercise may complicate the processing of accrued pension rights at retirement and could lead to delays in accessing benefits. As the 31 July deadline draws closer, attention is now on how effectively MDAs mobilise their workforce to close the enrolment gap and support this important step toward securing retirement benefits for public servants.

Kelvin EgerueApril 29, 2026

by Kelvin EgerueApril 29, 20260910

The Federal Government has intensified efforts to improve participation in the ongoing mandatory verification and enrolment exercise for civil servants with accrued pension rights, following low turnout despite the importance of the exercise. The National Pension Commission (PenCom) which made this known in Abuja said that it is conducting a......

Business & Economy Insurance digest Metro news

PenOp Elects Donald Onuoha as president, unveils new executive committee

Kelvin EgerueApril 18, 2026

by Kelvin EgerueApril 18, 20260977

The Pension Fund Operators Association of Nigeria (PenOp) has announced the election of Mr. Donald Onuoha as its new President and the Chairman of its Executive Committee. Donald Onuoha is currently the Managing Director/Chief Executive Officer, Fidelity Pension Managers Limited. Hewas elected by members of the Association to lead its......

Business & Economy Finance Insurance digest

Leadway Pensure explores Personal Pension Plan to change fortunes of small businesses, eliminate old age poverty

Kelvin EgerueMarch 17, 2026

by Kelvin EgerueMarch 17, 202601508

Leadway Pensure PFA Limited, one of Nigeria’s leading pension fund administrators, says Nigeria’s Personal Pension Plan (PPP) will reshape small business owners’ retirement savings, making them more flexible and accessible and ultimately reducing the risk of old-age poverty. The company maintains that the initiative plays a critical role in Nigerian......

Finance Insurance digest Metro news

PenCom increases NSITF pensions by 1,173%, pays ₦8.70bn arrears to 2,116 retirees

Kelvin EgerueJanuary 29, 2026

by Kelvin EgerueJanuary 29, 202601040

The National Pension Commission (PenCom) has approved an upward review of pensions for2,116 retirees under the Nigeria Social Insurance Trust Fund (NSITF), increasing their total monthly pension payments from ₦12.56 million to ₦159.95 million. The upward review translated to an unprecedented 1,173% enhancement in the total monthly payout. The NSITF......

Insurance digest Latest news Metro news

PenCom goes tough on defaulters of CPS regulations, unveils era of zero tolerance

Kelvin EgerueDecember 5, 2025

by Kelvin EgerueDecember 5, 20250724

…Trains agents on recovering pension liabilities from employers Determined to improve on the welfare of retirees in the country, National Pension Commission (PenCom) said that it will no longer tolerate companies which fail to comply with the rules and regulations guiding the administration of the Contributory Pension Scheme (CPS) The......

Business & Economy Insurance digest

Amolegbe urges insurance, Pension managers to initiate more effective strategies to cover informal sector ‎

Kelvin EgerueSeptember 23, 2025

by Kelvin EgerueSeptember 23, 20250945

The Managing Director/Chief Executive Officer, Arthur Stevens Asset Management Limited, Mr. Olatunde Amolegbe, has challenged operators in the insurance and pension sectors to come up with strategies that will bring the full informal sector under insurance and pension coverage. ‎Amolegbe who gave the challenge at the 10th Annual Conference of......

Insurance digest Latest news

PenCom set to redesign micro pension plan to deepen financial inclusion

Kelvin EgerueSeptember 18, 2025

by Kelvin EgerueSeptember 18, 202501244

The National Pension Commission has reiterated that it will redesign the Micro Pension Plan to boost financial inclusion especially in the informal sector. This was disclosed at the 2025 Annual Conference of the Nigerian Association of Insurance and Pension Editors, with the theme, “Strengthening Insurance and Pension Frameworks for Better......

Business & Economy Insurance digest Latest news

Leadway Holdings confirms acquisition of PAL Pensions

Kelvin EgerueSeptember 9, 2025September 9, 2025

by Kelvin EgerueSeptember 9, 2025September 9, 202502325

…Strengthens footprint in the pension sector Leadway Holdings Limited (“Leadway”), one of Nigeria’s foremost and most diversified financial services groups, has confirmeded that it has reached an agreement to acquire 100% equity interest in Pensions Alliance Limited (“PAL”), a leading Pension Fund Administrator (PFA). The transaction, which includes the transfer......

Health Insurance digest Metro news

PenOp hosts session on liver damage prevention and management

Kelvin EgerueAugust 29, 2025August 29, 2025

by Kelvin EgerueAugust 29, 2025August 29, 202502630

The Pension Fund Operators Association of Nigeria (PenOp) recently hosted an insightful knowledge-sharing session on liver damage, its prevention, and management. The virtual session, which was introduced by Adaobi Okoye, Head of Human Resources at PenOp, featured Dr. Akinkumi Ilori, a seasoned medical doctor and public health expert. The session......