Business
PenCom Deploys Digital Platform to Boost Pension Verification Exercise
BY NKECHI NAECHE-ESEZOBOR—The Federal Government has intensified efforts to boost participation in the ongoing mandatory verification and enrollment exercise for civil servants with accrued pension rights, following a low turnout despite the significance of the programme.
The National Pension Commission (PenCom) is conducting a one-time nationwide online verification and enrollment exercise for all active employees of treasury-funded Ministries, Departments and Agencies (MDAs) who were employed before June 30, 2004.
The exercise, which began on February 2, 2026, and is scheduled to end on July 31, 2026, is designed to capture accurate and complete data on eligible workers. This is expected to support the timely payment of their accrued pension rights under the Contributory Pension Scheme.
The initiative forms part of the Federal Government’s broader effort to address pension obligations carried over from the old Defined Benefit Scheme, which was replaced by the Contributory Pension Scheme in 2004.
Under Section 15(1) of the Pension Reform Act 2014, employees who transitioned to the new scheme are entitled to accrued pension rights representing benefits earned under the previous system. To fund these liabilities, the law provides for a Retirement Benefits Bond Redemption Fund domiciled with the Central Bank of Nigeria.
In a circular dated April 27, 2026, the Head of the Civil Service of the Federation, Didi Esther Walson-Jack, directed all treasury-funded MDAs to support the exercise. The directive stressed that verification is critical for determining the Federal Government’s outstanding pension liabilities and making appropriate budgetary provisions.
PenCom said the current exercise reflects a shift from earlier manual processes that were often hindered by incomplete records and delays. The commission has deployed a digital platform known as the Contributions and Bond Redemption Application (COBRA), designed to enable real-time data capture, validation and processing.
The platform incorporates multiple layers of verification, including biometric capture and cross-checking of employment records, aimed at improving data accuracy and reducing errors that could delay pension payments.
To ensure efficiency, the exercise is being implemented in phases. The first phase, which ran from February 2 to March 31, 2026, covered employees expected to retire between January 2027 and December 2029.
The second phase, currently underway from April 1 to July 31, 2026, targets employees scheduled to retire from January 2030 onwards.
PenCom said the phased approach is intended to enhance coordination, improve monitoring and ensure all eligible employees are captured within the timeline.
However, participation has remained below expectations, prompting a directive mandating full compliance by all treasury-funded MDAs.
Under the directive, MDAs are required to upload details of eligible employees on the COBRA platform, after which affected staff are to visit their respective Pension Fund Administrators with the necessary documents to complete the process.
Pension Desk Officers trained by PenCom have been assigned to coordinate the exercise within their organisations and guide employees through the process.
PenCom assured workers that participation would enable the proper computation of their accrued pension rights and help the Federal Government make adequate provisions for payment, ensuring seamless access to benefits upon retirement.
With the July 31 deadline approaching, the Federal Government has urged Permanent Secretaries and heads of MDAs to publicise the directive widely and ensure full participation.
Officials warned that failure to participate could complicate the processing of accrued pension rights and lead to delays in accessing retirement benefits.
The post PenCom Deploys Digital Platform to Boost Pension Verification Exercise appeared first on Business Today NG.
BY NKECHI NAECHE-ESEZOBOR—Operatives of the National Drug Law Enforcement Agency (NDLEA) have uncovered three illicit drug warehouses hidden in a residential estate in Okota area of Lagos where Two Million Three Hundred and Sixty Thousand (2,360,000) pills of high-potency tramadol 225mg and One Million Nine Hundred and Nine Thousand Four Hundred (1,909,400) bottles of codeine syrup with a combined street value of Sixteen Billion Nine Hundred and Twenty Seven Million Two Hundred Thousand Naira (N16,927,200,000.00) only, were recovered.
The high stakes intelligence-led coordinated operations were conducted on Friday 17th April 2026 at 98 Olukayode Awofisayo Street, Park View Estate, Ago Palace, Okota where a large warehouse was uncovered and two others at 5 Charles Ndumetu Street, Park View Estate, Ago Palace, Okota, Lagos State. Recovered from the three warehouses were 19,094 cartons containing 1,909,400 bottles of codeine syrup and 2,360,000 pills of high-potency tramadol 225mg pills in another 34 cartons.
Reacting to the development, Chairman/Chief Executive Officer of NDLEA, Brig Gen Mohamed Buba Marwa (Rtd) said the successful operations have dealt a staggering blow to the heart of the pharmaceutical drug black market, leading to the dismantling of a major drug syndicate in the country.
Marwa expressed his profound pride in the operatives involved, describing the seizure as a monumental victory in the ongoing fight against substance abuse and illicit drug trafficking in Nigeria.
According to him, “The scale of this recovery, nearly 4.3 million units of lethal substances, is a testament to the fact that our officers are staying several steps ahead of these merchants of death. To find such volumes hidden within residential estates like Park View and busy hubs like Okota shows the desperation of these cartels, but it also highlights the peerless intelligence capabilities of our team.”
The NDLEA boss reiterated that there is no safe haven for drug traffickers in Nigeria, adding that whether they hide their illicit goods in elite mansions or suburban warehouses, the Agency’s reach is long and its resolve is firm.
“Let this be a clear signal to those who think they can profit from the destruction of our children’s futures: we will find you, we will dismantle your networks, and we will bring the full weight of the law upon you”, he warned.
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BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom) has reiterated the importance of effective communication in strengthening social security systems, as its Director General, Omolola Oloworaran, participated in the 2026 ISSA West Africa Technical Seminar held in Abuja.
The seminar, hosted by the Nigeria Social Insurance Trust Fund in collaboration with the International Social Security Association, focused on the theme: improving inclusivity and access to social security services through clear and effective communication. It brought together stakeholders from across West Africa to explore ways of enhancing service delivery and public engagement.
Speaking at the event, Oloworaran commended the organisers for convening the dialogue and highlighted the Federal Government’s ongoing efforts to expand social protection. She noted that President Bola Ahmed Tinubu has shown commitment to social welfare by supporting vulnerable citizens through initiatives such as cash transfers, improved healthcare access, and the settlement of outstanding pension obligations.
The PenCom DG explained that while the Contributory Pension Scheme has built a solid institutional framework over the years, achieving real inclusion requires more than just expanding coverage. According to her, trust and understanding among contributors are critical, which is why the commission continues to strengthen stakeholder engagement, promote the Personal Pension Plan, and expand digital communication channels.
She emphasised that communication plays a central role in the success of pension reforms and service delivery, noting that policies and benefits can only be effective when contributors clearly understand and are able to act on them.
The engagement, she added, reflects PenCom’s broader commitment to building a more transparent, inclusive, and responsive pension system, where clear communication helps bridge gaps in access, foster trust, and support long-term growth in the sector.
The post PenCom DG Advocates Inclusivity in Social Protection Services appeared first on Business Today NG.
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