PenCom Clears ₦758bn Pension Liabilities, Says Retirees Now Paid Within 48 Hours
The Federal Government has cleared inherited pension liabilities dating back to 2007 through a ₦758 billion intervention bond, providing financial relief to 957,045 beneficiaries across the country.
Oloworaran
The Director-General of the National Pension Commission (PenCom), Ms Omolola Oloworaran, disclosed this at the 2026 PenCom Media Conference in Lagos.
Speaking on the theme, “From Reform to Reality: Renewed Hope, Pension Security for All Nigerians,” Oloworaran said the development marked a significant shift in the country’s pension administration, with accrued pension rights now being paid as and when due and, in some cases, ahead of schedule.
She explained that under PenCom’s Zero Waiting Time Policy, federal retirees now begin receiving their pensions as they retire, in line with the monthly salary cycle.
According to her, retirement benefits that previously took as long as 21 months to approve are now being processed within 48 hours.
Oloworaran stressed that the 48-hour processing period is not merely a target but a mandatory service standard binding on every Pension Fund Administrator.
“The era of retiring into a queue is ending. I urge every eligible employee and every Ministry, Department and Agency to complete enrolment before the exercise closes in December 2026,” she said.
The PenCom boss also disclosed that, during the one-time verification and enrolment exercise, accrued pension rights had already been credited to the Retirement Savings Accounts of enrolled federal employees due to retire up to December 2029.
She further said that, from January 1, 2026, eligible employees of Treasury-funded federal Ministries, Departments and Agencies with at least 10 years of qualifying service would receive an additional benefit equivalent to 100 percent of their total annual emolument, on top of their normal pension.
Oloworaran added that the first 175 retirees received approximately ₦1.1 billion in August, representing a full year’s pay.
Beyond the formal workforce, PenCom is also expanding pension coverage to workers in the informal sector through its Accredited Pension Agents.
“For the first time, the pension system has a national distribution network built to reach the informal sector. Our Accredited Pension Agents are taking the Personal Pension Plan into markets, motor parks, farms and workshops: to the trader, the artisan, the farmer and the transport worker,” she said.
Stakeholders at the event applauded PenCom for what they described as progress in strengthening Nigeria’s pension industry and improving the experience of retirees.
Highlights of the conference included the launch of the PenCom Chronicle Magazine, the PenCom Media Merit Excellence 2026 Award, and the announcement of PenCom Week.
By Ebere Obike
