PenCom: Employers Shutting Out 73 Million Workers From Pension Scheme
By AMINA USMAN ABDULRAHMAN
DESPITE the growth of Nigeria’s pension industry, more than 73 million workers remain unenrolled in the Contributory Pension Scheme (CPS), according to fresh figures from PenCom. Only 10.92 million workers have RSAs opened by their employers, far below the country’s employed population of over 84 million.
Regulators say the exclusion stems largely from employers avoiding pension costs or failing to remit mandatory monthly contributions. PenCom has already recovered and penalised defaulters to the tune of ₦15 billion, but millions of workers in both public and private sectors still lack retirement protection promised under the Pension Reform Act 2014.
Despite these gaps, the pension fund continues to expand, rising by ₦194 billion in September 2025 to ₦26.089 trillion, lifted by investment gains, fixed-income returns and fresh contributions. Industry leaders warn that enrolment must increase if Nigerians are to enjoy dignified retirement.
PenCom DG Omolola Oloworaran says reforms are underway, including revised investment rules allowing PFAs to invest in infrastructure and private equity, as well as a rebranded Personal Pension Plan meant to attract entrepreneurs and informal-sector workers. Operators and advocates are calling for aggressive financial literacy efforts to change perceptions about pension savings and boost compliance nationwide.
