Tuesday, September 16, 2025
25.4 C
Lagos

PenCom Targets N22tn Pension Contributions by End 2024

The National Pension Commission (PenCom) says it expects pension contributions under the Contributory Pension Scheme (CPS) to hit N22 trillion by the end of 2024.

Ms. Omolola Oloworaran, the Director-General of PenCom said at a one-day media conference in Lagos that the figure clearly suggests sustainable growth of the CPS initiative in Nigeria.

She added that the scheme also recorded a total of 10.5 million contributors as at October 2024.

On micro-pension, the PenCom DG said:

“We want to rebrand the micro-pension initiative and give it a new name. The key objective is to remodel it to encompass the large number of the target audience in the informal sector. We are looking at a target of 20 million contributors from the informal sector. We are also looking at technology to drive the process seamlessly.”

Oloworaran said a total of eight states have so far complied fully with the provisions of the CPS, adding that the Commission is engaging with the remaining states across the federation on the issue.

spot_img
spot_img

Hot this week

Designing the Future: Arc Christian Benimana, Prof Taibat Lawanson to Headline Ecobank Design and Build 2025

Ecobank Nigeria has announced that celebrated architect Arc. Christian...

Sovereign Trust Insurance Wins Enactus Catalyst Award

From L-R: Victor Akinfala, Head Partnerships & Special Projects,...

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

Universal Insurance MD/CEO, Jeff Duru, Bags CIBN Associate Membership

  Dr. Jeff Duru Managing Director/CEO Universal Insurance Plc The Managing Director/CEO of...

Sterling One Foundation CEO, Olapeju Ibekwe, Joins Board of UN Global Compact Network Nigeria Ahead of UNGA 80

    Olapeju Ibekwe, Chief Executive Officer of Sterling One Foundation,...

Topics

2bn People Without Bank Accounts: Leveraging Financial Technology for the Under-banked

More than two billion people worldwide are without bank...

Guinea Insurance Pledges Positive Reforms

The recent retirement announcement of the erstwhile Chairman and...

World Pension Summit Innovation Award 2016

The World Pension Summit and Pensions & Investments are...

GE Africa CEO Wins Princeton in Africa Award

Jay Ireland, CEO & President of GE Africa was...

Wema Bank Partners Karis and Eleos Hope Foundation to Commemorate World Malaria Day 2023

The World Health Organisation (WHO) reports that the highest...

NIGERIA: Preparing for Post-2020 Global Economic Stature

- Robert Orya Year 2020 is forty-four months away. According...

CBN: How PTA to MDAs, Estacodes Gulped $4bn in 2019

The Central Bank of Nigeria (CBN) says government officials...
spot_img

Related Articles

Popular Categories

spot_imgspot_img