Business
Nigeria’s Pension Assets Top ₦32tn as Kenyan Regulator Understudies Reforms
BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom) has received a four-member delegation from Kenya’s Retirement Benefits Authority (RBA) for a four-day technical study visit in Abuja, solidifying Nigeria’s position as a leading reference point for pension reform and regulatory innovation across the African continent.
The Kenyan delegation, led by John Keah, Director of Market Conduct and Industry Development at the RBA, is visiting Nigeria from June 8 to 11, 2026, to understudy PenCom’s regulatory and supervisory frameworks.
Keah noted that the engagement highlights the critical role of cross-border learning among African regulators aiming to optimize retirement systems and improve pension outcomes for citizens. He added that structural similarities between the two nations’ pension landscapes make Nigeria’s journey highly relevant to Kenya’s ongoing domestic reforms.
The RBA delegation is focusing its study on PenCom’s Environmental, Social, and Governance (ESG) initiatives, its risk-based supervision framework, and its strategies for expanding pension coverage to both the informal sector and the diaspora.
Keah particularly lauded the governance safeguards within Nigeria’s pension system and described the Diaspora Pension Arrangement as an innovative milestone capable of reducing old-age poverty and enhancing long-term retirement security.
Welcoming the delegation, the Director General of PenCom, Ms. Omolola Oloworaran, reiterated Nigeria’s dedication to regional collaboration and knowledge exchange. Represented by the Director of the Surveillance Department, Abdulrahaman Muhammad Saleem, the Director General revealed that pension assets under management in Nigeria have grown to over ₦32 trillion, representing approximately 10.4 percent of the nation’s Gross Domestic Product (GDP).
This growth, she noted, stems from continuous regulatory reforms, heightened governance standards, and rigorous supervisory mechanisms established since the inception of the Contributory Pension Scheme (CPS) in 2004.
Ms. Oloworaran also highlighted the Federal Government’s recent settlement of outstanding accrued pension rights liabilities as a historic turning point for the CPS.
The intervention, executed through the issuance of a Federal Government bond, effectively resolved a prolonged funding backlog that had previously delayed retirement benefits for public sector employees within Treasury-Funded Ministries, Departments, and Agencies (MDAs).
Under the new framework, accrued rights are transferred directly into retirees’ Retirement Savings Accounts (RSAs), granting immediate access to investment returns and eliminating lengthy waiting periods.
The technical visit, anchored on the theme “Risk-Based Supervision and ESG Integration in Pension Funds,” includes interactive departmental presentations, study tours to selected Pension Fund Administrators (PFAs), and collaborative sessions on emerging risks.
Both regulatory bodies expect the engagement to deepen bilateral cooperation and foster resilient, inclusive, and sustainable pension architectures across East and West Africa.
The post Nigeria’s Pension Assets Top ₦32tn as Kenyan Regulator Understudies Reforms appeared first on Business Today NG.
The Central Bank of The Gambia ordered all commercial banks operating in the country to dismiss non-Gambian employees.
In a letter dated 19 September, the central bank asked commercial banks to phase out non-citizens who are not on approved expatriate quotas by the end of the year.
The letter, signed by the bank’s Second Deputy Governor, Ousman Mendy, was addressed to managing directors of all banks operating in the country, including Nigerian subsidiaries such as First Bank, Zenith, Access, Eco, and the Guaranty Trust Bank.
The regulator also directed that the non-citizens dismissed should be replaced with qualified Gambians.
It directed banks to put clear succession plans in place quickly and transfer skills. It also asked banks to keep operations running smoothly during the transition.
According to the letter, the decision followed a meeting between the central bank and bank managing directors in August, during which they discussed concerns about the employment of non-Gambian workers in the banking sector.
The CBG said a recent industry study it conducted found that banks employ a large number of foreigners.
It added that, in addition to recruiting expatriate workers, some banks allegedly violated provisions of The Gambia’s Labour Act 2023 and Guideline 9 on expatriate staff.
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These provisions identify the circumstances under which expatriate workers can be employed and the quotas permissible.
“A recent industry study conducted by the Bank revealed that a relatively high number of non-Gambians are employed by banks, in addition to recognised expatriate staff.
“This is in violation of the provisions of the Labour Act 2023 and also not in line with guideline 9 on expatriate staff,” the letter read.
The regulator further urged banks to adhere to the country’s laws and strictly follow the central bank’s guidelines.
“You are hereby directed to ensure full compliance with the law and strict compliance with CBG’s guidelines,” it stated.
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