The Director-General of the National Pension Commission, Ms Omolola Oloworaran, has announced that the commission has begun disbursing the N758 billion bond approved by the Federal Government.

Speaking at the Pension Revolution Summit in Abuja, Oloworaran said the bond, approved by President Bola Tinubu in February, has already been redeemed.

She explained that the funds are intended to settle outstanding pension liabilities owed to retirees.

She said pension assets in Nigeria have grown to about N27 trillion, attributing the increase to bold decisions and structured reforms under the “Pension Revolution 2.0” initiative.

She also confirmed that more than N600 billion has been disbursed to clear outstanding arrears, describing it as a major milestone in meeting pension obligations.

Highlighting her one-year scorecard, Oloworaran said the commission has rebuilt trust, expanded coverage and strengthened governance within the contributory pension scheme.

“Over a year ago, I was confirmed as the D-G with a clear mandate to rebuild trust. We expanded coverage, we strengthened governance and moved the contributory pension scheme firmly into the next phase. I am proud to say that this past year has been defined by bold decisions, structural reforms and measurable impacts,” she stated.

She described the launch of Pension Revolution 2.0 as the most comprehensive reform agenda in Nigeria’s pension industry since 2004.

“This was not a cosmetic reform, it was structural. It brought together new regulations, stronger supervision, governance reforms, digital transformation and industry realignment. All of these were designed to future-proof the pension industry and position it as a pillar of national stability and long-term development,” she added.

To improve benefit adequacy, Oloworaran disclosed that the commission introduced Pension Post 1.0, which has added N2.68 billion to monthly pension payments for CPS retirees since June.

She also noted that PenCom has achieved full automation of critical pension processes.

“Over time, we have achieved an automated pension plan certificate, which used to be a manual process. We have also automated and upgraded the benefit processing and contribution remittance platform,” she explained.

She further announced the establishment of the Pension Industry Leadership Council, a strategic platform aimed at driving innovation, strengthening accountability and fostering collective ownership of reforms across the sector.

Oloworaran revealed that one of the key reforms of the year was the restructuring and rebranding of the micro pension plan into the Personal Pension Plan.

“This was about meeting Nigerians where they are. Artisans, traders, market women, creatives, all informal sectors at large under the personal pension plan,” she said.

She added that the commission has expanded digital enrollment and introduced accredited pension agents.