Pension fund assets under Nigeria’s Contributory Pension Scheme (CPS) have reached N20.87 trillion, with over 10.41 million Retirement Savings Accounts (RSAs) as of July, the Acting Director General of the National Pension Commission, Omolola Oloworaran, has said.

Speaking Thursday at the Pension Correspondents Association of Nigeria (PENCAN) conference in Abuja, Ms Oloworaran highlighted the steady growth of pension assets as a major success story of the CPS, which has transformed pension administration in Nigeria over the last two decades.

Represented by the commission’s spokesperson, Ibrahim Buwai, Ms Oloworaran emphasised the positive impact of the CPS, which was introduced in 2004 to replace the inefficiencies of the Defined Benefit Scheme.

The scheme requires contributions from both employers and employees, ensuring fully funded, portable, and accessible pension savings.

“The consistent accumulation of pension fund assets since the commencement of the CPS remains a key performance indicator,” she stated, adding that the current pension fund liabilities, which stood at over N2 trillion before June 2004, have significantly been reduced.

• Read More