Following Federal Government’s decision to clear all forms of benefits owed to retirees under the Defined Benefit Scheme (DBS), the Central Bank of Nigeria (CBN) has disbursed a total of N17.35 billion to 4,467 beneficiaries including active retirees and families of deceased employees.
According to reports posted on the website of the National Pension Commission (PenCom), the apex bank remitted the amount into the Retirement Savings Accounts (RSAs) of the beneficiaries in the first quarter of the year.
The report said: “In the first quarter of 2025, the sum of N17.35 billion was paid as Accrued Pension Rights to 4,467 active retirees and deceased employees. These rights represent benefits earned before the introduction of the CPS in 2004 and are funded by the Federal Government.
“The Central Bank of Nigeria (CBN) remits the funds into the RSAS of eligible beneficiaries, alongside their accumulated contributions, as part of their retirement benefits.” Under the Contributory Pension Scheme (CPS), the report also highlighted that a total of N389.17 billion was remitted into individual Retirement Savings Accounts (RSAs), reflecting strong compliance with statutory pension contributions across both public and private sectors.
“The public sector contributed N185.93 billion (52.22%), while the private sector accounted for N203.24 billion (47.78%), signaling ongoing growth in private sector participation. “This steady inflow strengthens the financial foundation of the CPS, supporting long-term sustainability, investment capacity, and the delivery of future retirement benefits,” the Commission noted.
The pension industry regulator, while reassuring on its unwavering commitment to enforce compliance and protect the retirement benefits of employees, also revealed that during the period under review, it issued 7,389 Pension Clearance Certificates (PCCs) to private sector organizations that met the compliance requirements, adding that during the same period, N153.81 billion was remitted into the RSAs of 245,774 employees linked to these organizations.
“This marks a 192.06 per cent increase in PCCs issued compared to 2,530 in Q4 2024. The significant rise aligns with historical patterns, as most employers seek PCCs at the start of the year, as this explains the lower volume in Q2 2024,” it said.
On recovery of outstanding pension contributions from defaulting employees and attendant penalties, the report said the Commission sustained its enforcement efforts to recover outstanding pension contributions from noncompliant employers.
It added that in this regard, it continued its collaboration with 41 Recovery Agents engaged to recover unremitted pension contributions and the corresponding penalties.
