PenCom Assets Hit N29.4trn, Adds 90,000 Contributors In 2 Months

The National Pension Commission (PenCom) has announced that pension assets under management rose to N29.4 trillion, even as the Contributory Pension Scheme (CPS) recorded an influx of about 90,000 new contributors in the first two months of 2026.
According to the pension regulator, the new entrants, drawn from both the public and private sectors, joined the scheme in January and February 2026, reflecting growing participation in the CPS.
The director general of PenCom, Omolola Oloworaran, disclosed that about 50,000 workers were enrolled in February alone, while 40,000 joined in January.

She described the development as a sign of improving acceptance of the CPS among employers.
Oloworaran noted that the additional contributors pushed the total number of Retirement Savings Account (RSA) holders to 11.13 million as of February 2026.
PenCom’s monthly industry report for February showed that total CPS membership increased from 11.08 million in January to 11.13 million in February, up from 11.04 million recorded in December 2025.
The Commission attributed the steady rise in enrolment to increasing compliance by employers, as mandated under the Pension Reform Act 2014, which requires organisations to register their employees under the scheme.
However, stakeholders say challenges remain, particularly within the informal and organised private sectors.
The general secretary of the Federation of Informal Workers of Nigeria (FIWON), Gbenga Komolafe, noted that many workers are still reluctant to embrace the scheme due to economic pressures.

“Most workers under the organised private sector are still dragging their feet on joining the scheme because companies are trying to cut costs and will prioritise salaries over pension and insurance packages,” he said.

He further highlighted the impact of inflation on pension savings, stating that persistently high inflation rates, averaging close to 25 per cent in recent years, have eroded the real value of contributions.

“Returns on pension savings do not match inflation, making the scheme less attractive, especially for informal sector workers.

This is why the Micro Pension Plan and CPS may take time to gain wider acceptance unless there is government intervention,” Komolafe added.