National Pension Commission


National Pension Commission is the Nigerian body charged with the security and management of pension fund assets. Omolola Oloworaran is the Director General.

Establishment

Following the introduction of the Pensions Act 2004 which introduced the Contributory Pension Scheme, it became statutory for employers and employees in both the public and private sectors to contribute towards the retirement of employees.

History

  • In May 2018, 2019 the National Pension Commission announced that its subscribers had risen from 7.5 million on March 31, 2017, to 7.9 million and the net asset of the fund also increased from N7.52 trillion to N7.79 trillion as of February 28, 2018.
  • The operational report released by National Pension Commission in January 2019 stated that the country's pension assets under the Contributory Pension Scheme had reached N8.45 trillion.
  • In January 2022, the National Pension Commission reported that it had accumulated pension assets in excess of N13 trillion and invested in various sectors of the Nigerian economy.
  • In 2022, the National Pension Commission announced it had automated the Pre-Retirement Verification Enrolment Exercise and issued 207 Pension Compliance Certificates to organizations in the given year.
  • In January 2023, the National Pension Commission announced a release of N13.89 billion pension for 2022 retirees by the Federal Government.

Controversy