News
PenCom moves to enforce pension reforms
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
The National Pension Commission (PenCom) has intensified efforts to enforce compliance with Nigeria’s pension reform laws amid growing concerns over retirement uncertainties facing thousands of civil servants across the country.
The commission said it is considering stronger enforcement mechanisms and regulatory tools to compel defaulting states and employers to fully implement the Contributory Pension Scheme (CPS), warning that failure to comply continues to expose workers to financial hardship after retirement.
Despite years of pension reforms under the Pension Reform Act, only a limited number of states have fully implemented the CPS, while several others remain at various stages of adoption or partial compliance.
Industry stakeholders say the slow implementation of pension reforms at the state level has created uncertainty for many civil servants, particularly retirees who continue to face delays in accessing pension payments and gratuities.
Under the contributory pension system, both employers and employees are expected to make monthly contributions into Retirement Savings Accounts managed by licensed Pension Fund Administrators (PFAs). The scheme was introduced to replace the old defined benefits system, which was plagued by unpaid pensions, huge liabilities, and administrative inefficiencies.
However, analysts note that many state governments have struggled to meet their obligations under the scheme due to weak finances, rising debt burdens, and inconsistent remittances.
PenCom said it is now exploring legal and administrative measures to improve compliance and ensure that pension contributions deducted from workers’ salaries are promptly remitted.
The commission also expressed concerns over the welfare of workers in states yet to fully domesticate the pension reform law, warning that many employees risk facing severe financial challenges upon retirement if urgent action is not taken.
According to pension experts, inconsistent implementation has widened the gap between federal and state pension administration, leaving many retirees uncertain about their financial future.
Labour unions and pension rights groups have repeatedly called on state governments to prioritise pension reforms, arguing that delayed implementation undermines workers’ confidence in the retirement system.
They also stressed that pension payments are critical to the welfare of retired civil servants, many of whom depend solely on retirement benefits for survival amid rising inflation and increasing living costs.
PenCom maintained that the contributory pension system remains one of the most sustainable frameworks for managing retirement benefits in Nigeria, noting that the scheme has helped grow pension assets significantly over the years.
The pension industry has continued to witness steady expansion, with pension assets running into trillions of naira and investments spread across government securities, infrastructure projects, and other sectors of the economy.
Financial analysts say broader compliance with pension reforms could deepen long-term domestic investments and strengthen financial stability within Nigeria’s economy.
However, experts warn that unless enforcement improves, many workers at the state and local government levels may continue to face uncertainty regarding retirement benefits despite years of service.
Stakeholders are therefore urging stronger collaboration between PenCom, state governments, labour unions, and financial institutions to ensure full implementation of pension reforms and protect the future of Nigerian workers.
PRESS STATEMENT
The All Progressives Congress (APC) has announced the rescheduling of its Governorship Primary Elections in Bauchi State and Kwara State to Friday, May 22, 2026.
In the same vein, the party has approved a new date for the State House of Assembly Primary Elections in Maradun I and Maradun II constituencies of Zamfara State, which will now hold on Sunday, May 24, 2026.
The decision was ratified by the National Working Committee (NWC) after consultations with critical stakeholders as part of efforts to guarantee a transparent, peaceful, orderly, and credible primary election process.
The party reiterated its commitment to upholding internal democracy and ensuring the successful conduct of all primary elections ahead of the forthcoming polls.
Signed:
Felix Morka
National Publicity Secretary
All Progressives Congress (APC)
The Governor of Abia State has reaffirmed his administration’s commitment to achieving energy independence and expanding access to reliable electricity across the state following a high-level meeting with the leadership of the Niger Delta Power Holding Company (NDPHC).
The governor disclosed this after receiving the Managing Director and Chief Executive Officer of NDPHC, Jennifer Adighije, alongside members of her management team during a courtesy visit to his office.
During the meeting, the governor praised the successful revival of the Alaoji Power Plant in Aba, describing the development as a major breakthrough in ongoing efforts to guarantee stable and uninterrupted electricity supply in the state.
According to him, the restoration of operations at the plant represents a critical milestone in strengthening power generation and supporting industrial growth, particularly within the Aba economic corridor.
He revealed that the Alaoji Power Plant currently dispatches approximately 375 megawatts of electricity to the national grid, while expansion plans are already underway to increase output capacity to nearly 800 megawatts, with long-term projections targeting up to 1,100 megawatts.
The governor noted that electricity remains central to his administration’s broader economic transformation agenda, stressing that sustainable power supply is essential for industrialization, job creation, healthcare delivery, education, and overall social development.
He explained that since assuming office, his government has implemented strategic reforms aimed at repositioning the power sector within the state. These reforms include the ring-fencing of the Aba industrial cluster to ensure more efficient electricity management and the ongoing process to acquire the Umuahia electricity axis of the Enugu Electricity Distribution Company (EEDC).
According to the governor, the measures are designed to place electricity generation, regulation, and distribution substantially under the control of the state government, thereby enabling faster decision-making and improved service delivery.
He expressed optimism that deeper collaboration between Abia State and NDPHC would make it possible to wheel electricity directly from the Alaoji facility to the remaining eight local government areas outside the Aba corridor.
The planned expansion, he said, would ensure that homes, schools, hospitals, and industries across the state gain access to reliable and affordable power supply.
The governor further emphasized that improved electricity infrastructure would significantly boost economic productivity, attract investors, strengthen small and medium-scale enterprises, and enhance the quality of life for residents.
Reaffirming his administration’s vision, he declared that Abia State is prepared to lead Nigeria’s push toward subnational energy independence through strategic partnerships, infrastructure investments, and sector reforms.
He added that the state government remains committed to building a power ecosystem capable of driving industrial production, supporting innovation, and sustaining long-term prosperity for the people of Abia.
NGX sustains bullish momentum as All-Share index nears 250,000 points
Dangote refinery draws massive investor interest ahead of IPO
Nigeria government seeks to deepen economic diversification and reduce oil dependency
-
News9 years agoThese ’90s fashion trends are making a comeback in 2017
-
Entertainment9 years ago
The final 6 ‘Game of Thrones’ episodes might feel like a full season
-
News9 years ago
According to Dior Couture, this taboo fashion accessory is back
-
Business9 years ago
The 9 worst mistakes you can ever make at work
-
Sports9 years ago
Phillies’ Aaron Altherr makes mind-boggling barehanded play
-
Entertainment9 years ago
The old and New Edition cast comes together to perform
-
Business9 years ago
Uber and Lyft are finally available in all of New York State
-
Entertainment9 years ago
Mod turns ‘Counter-Strike’ into a ‘Tekken’ clone with fighting chickens