The National Pension Commission (PenCom) has commenced the disbursement of the N758 billion pension bond approved by the Federal Government to settle outstanding liabilities owed to retirees, marking a major step in addressing long-standing pension arrears.

Speaking at the Pension Revolution Summit in Lagos, the Director-General, PenCom, Omola Oloworaran, said the bond, approved by President Bola Tinubu in February, has already been cashed and deployed to meet accrued obligations.

She said more than N600 billion has so far been released to beneficiaries, describing the development as a significant milestone in restoring confidence in the pension system.

Oloworaran disclosed that pension assets under management had grown to about N27 trillion, attributing the expansion to decisive policy actions and structured reforms introduced under the commission’s Pension Revolution 2.0.

Presenting her one-year scorecard, the DG said the commission had focused on rebuilding trust, expanding coverage and strengthening governance across the contributory pension scheme (CPS).

“Over a year ago, I was confirmed as Director-General with a clear mandate to rebuild trust. We expanded coverage, strengthened governance and moved the contributory pension scheme firmly into the next phase. This past year has been defined by bold decisions, structural reforms and measurable impacts,” she said.

She described Pension Revolution 2.0 as the most far-reaching reform programme in the sector since the pension overhaul of 2004, stressing that it went beyond cosmetic changes.

“This was structural reform. It introduced new regulations, stronger supervision, governance reforms, digital transformation, and industry realignment, all designed to future-proof the pension industry and position it as a pillar of national stability and long-term development,” Oloworaran added.

To improve benefit adequacy, the DG said PenCom had introduced Pension Post 1.0, which has added N2.68 billion to monthly pension payments for CPS retirees since June.

She also announced that critical pension processes had been fully automated, including the pension plan certificate, benefit processing and contribution remittance platforms, which were previously largely manual.

According to her, the commission has also inaugurated the Pension Industry Leadership Council to promote innovation, reinforce accountability and deepen collective ownership of reforms within the sector.

On coverage expansion, Oloworaran said the micro pension plan had been restructured and rebranded as the Personal Pension Plan (PPP) to accommodate workers in the informal sector.

“This was about meeting Nigerians where they are artisans, traders, market women, creatives and others in the informal economy,” she said.

Chief Operating Officer, Pension Fund Operators Association of Nigeria (PenOp), Tonia Ifeanyin-Okoro, said the release of the bond would significantly ease pressure on retirees and strengthen confidence in the CPS.

“The disbursement of the pension bond is a landmark intervention. It sends a strong signal that pension obligations are sacrosanct and reassures contributors that their retirement savings are being managed within a credible and responsive framework,” Agudah said.

Similarly, a pension consultant, Dr Oluwole Akinfesu, said the reforms under the Pension Revolution 2.0 had improved system efficiency and transparency.

“We are seeing the benefits of deeper automation, stronger compliance and clearer oversight standards. These reforms are improving service delivery and reinforcing the long-term sustainability of the pension industry,” he said.