June 2025
30Jun

Nigeria. Workers’ financial insecurity deepens amid violation of Pension law

Under the Pension Reform Act, any company in Nigeria with three or more employees must participate in the Contributory Pension Scheme. While the employees contribute eight per cent of their monthly salary, the employers add 10 per cent or optionally cover full by contributing 20 per cent of the employee’s salary, with the monthly remittances routed to a Pension Fund Administrator. However, many micro and small enterprises ignore this legal requirement, which has resulted in low compliance with many...

June 30, 2025
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16Jun

Nigeria. ESG reform will reshape pension industry – PenOp

The Chief Executive Officer of the Pension Fund Operators Association of Nigeria, Oguche Agudah, has said that the standardisation of Environmental, Social, and Governance reporting would be a game-changer for the pension industry. Agudah said this at the High-Level Roundtable in Lagos, a pre-event of the 2025 Africa Impact Summit Study Tour in Nigeria, convened by the Impact Investors Foundation, Impact Investing Ghana, GSG Impact, Alitheia Capital, and Kuramo Capital. The Pension Fund Operators Association of Nigeria is the trade association...

June 16, 2025
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03Jun

Nigeria. PTAD explores health insurance expansion for pensioners

The Pension Transitional Arrangement Directorate has sought to expand the pilot phase of its collaboration with the National Health Insurance Authority to enable more pensioners to benefit from health insurance coverage. This was indicated in a statement following a recent visit by the Executive Secretary of PTAD, Tolulope Odunaiya, to the office of the Director-General of the National Health Insurance Authority, Dr. Kelechi Ohiri. In 2023, PTAD and NHIA entered into a collaboration to provide health insurance coverage for pensioners under...

June 3, 2025
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May 2025
13May

Pension Gaps and Inflation: The struggle for a secure Nigerian retirement

Across the African continent, the aspiration for a peaceful and financially secure retirement has remained a common dream for generations. For many today, particularly in Nigeria that vision is becoming increasingly difficult to attain. The harsh realities of the current economic landscape, defined by soaring inflation, a continually rising cost of living, and limited access to pension schemes for millions of workers, especially those in the informal sector, have made retirement planning more complex and uncertain than ever. In Nigeria, as...

May 13, 2025
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08May

Nigeria. PenCom DG laments negative growth in pension industry

The Director-General of the National Pension Commission, Omolola Oloworaran, has lamented the negative growth recorded in the pension industry since 2021. Oloworaran expressed this concern on Thursday at the 2025 Pension Industry Leadership Retreat organised under the theme, ‘Sustainable Retirement – Strategic Blueprint for Economic Development and Inclusion.’ The Pension Reform Act 2004 empowers PenCom to regulate, supervise and ensure the effective administration of pension matters in Nigeria. The functions of the Commission include: Regulation and supervision of the Contributory Pension...

May 8, 2025
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April 2025
29Apr

US. Benefits Cuts on the Table in House Budget Legislation

Cuts to federal employees’ benefits are being pitched in budget legislation scheduled to be marked up in the House of Representatives this week. House Committee on Oversight and Government Reform Chairman James Comer (R-KY) announced that the Committee will mark up budget legislation on Wednesday, April 30 at 10:00 AM ET as part of the Trump administration’s plan to reduce federal spending to combat the growing debt which currently stands at about $36 trillion. Items Under Consideration The items to be considered would have...

April 29, 2025
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28Apr

Nigeria. PenCom to recover unpaid pensions from power firms

The National Pension Commission has intensified efforts to recover unpaid pension contributions from electricity generation and distribution companies across the country. In a statement made available to our correspondent on Sunday, PenCom’s Director-General, Omolola Oloworaran, during a courtesy visit to the headquarters of the Nigerian Electricity Regulatory Commission recently, led a delegation to seek NERC’s intervention in enforcing compliance among erring power companies. According to Oloworaran, at least 16 power generation and distribution companies have failed to remit billions of naira...

April 28, 2025
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16Apr

FSD Africa Commits GBP 10 M In ARM-Harith To Tap Nigeria’s Pension Power For Climate Equity

FSD Africa Investments (FSDAi), a UK-backed specialist development finance investor, has announced a GBP 10 M (USD 13.2 M) commitment into Lagos-based private equity firm ARM-Harith Infrastructure Investment Limited to unlock local institutional capital—specifically local pension funds—for climate infrastructure development. The investment, directed into ARM-Harith’s Climate and Transition Infrastructure Fund (ACT Fund), isn’t just another capital injection; it’s a bold attempt to solve a problem that’s kept billions in local pension assets parked on the sidelines. For years, Nigerian pension funds have been hesitant...

April 16, 2025
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14Apr

Nigeria’s pension fund seeks to diversify with focus on infrastructure

Nigeria's pension fund regulator wants to diversify investments with more focus on infrastructure and private equity, a spokesperson said on Friday — a move that could unlock a major new source of capital in Africa's most populous nation The voluntary and privately managed Retirement Savings Account held assets of 23.26-trillion naira (R275.13bn) as of February, with 60% of that invested in government debt and less than 10% in corporate securities. Diversification would allow the fund to seek out higher-yield investments, National...

April 14, 2025
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02Apr

Nigeria’s pension assets to GDP up by 8% in 2024

Nigeria’s pension assets contribution to the country’s GDP has risen to 8 percent in 2024, from 5.6 percent in 2015. While this rise reflects a positive trend in the management of the country’s pension funds, Nigeria still lags behind the global average put at 30 percent, highlighting need for increased saving and regulatory compliance. Industry players believe that a shift towards better savings habits among Nigerians and adherence to regulatory compliance by employers at all levels would enhance contribution of the...

April 2, 2025
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