National Pension Commission
PENCOM
About
The National Pension Commission (PenCom) is the Nigerian body charged with the security and management of pension fund assets. It oversees the Contributory Pension Scheme, under which employers and employees in both the public and private sectors contribute towards retirement savings. Omolola Oloworaran is the Director General of the commission.
History
The commission operates under the Pensions Act 2004, which introduced the Contributory Pension Scheme and made it statutory for employers and employees in both the public and private sectors to contribute towards the retirement of employees. Over the following years the commission reported steady growth in subscribers and pension assets. Subscribers rose from 7.5 million on 31 March 2017 to 7.9 million by early 2018, while net assets grew from N7.52 trillion to N7.79 trillion. By January 2019 pension assets had reached N8.45 trillion, and by January 2022 they exceeded N13 trillion, invested across various sectors of the Nigerian economy. In 2022 the commission automated the Pre-Retirement Verification Enrolment Exercise and issued 207 Pension Compliance Certificates. In January 2023 the Federal Government released N13.89 billion in pensions for 2022 retirees.
Key Facts
Established
2004
Director General
Omolola Oloworaran
Abbreviation
PenCom