By Sola Alabadan

Out of the 36 states in Nigeria, the National Pension Commission (PenCom) has affirmed that only 10 states which are: Lagos, Osun, Kaduna, Ekiti, Edo, Ondo, Delta, Benue, Anambra, Jigawa and Federal Capital Territory (FCT), have started implementing the Contributory Pension Scheme in full, as at December 31, 2024.
For a state to implement the CPS in full, the state is required to enact a law on CPS, establish a Pension Bureau, register its employees with Pension Fund Administrators (PFAs) and commence remittance of pension contributions.
The state is also required to carry out Actuarial Valuation, commence funding of Accrued Pension Rights, procure Group Life Insurance for its employees, and open and fund a Retirement Benefits Bond Redemption Fund Account with the Central Bank of Nigeria (CBN) or PFA.
Section 2(1) of the Pension Reform Act (PRA) 2014 stipulates that the CPS applies to all public sector employees across the Federation, including the Federal Capital Territory, states, and local governments, as well as the private sector.
However, in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended), state governments have the constitutional right to legislate on pension matters within their jurisdictions.
Consequently, state governments are required to domesticate the CPS by enacting appropriate pension laws within their states.
In August 2006, the National Council of States adopted the CPS for all states and local governments, but many states are yet to implement the CPS in full.
To support this adoption, PenCom developed a Model State Pension Law, enabling state governments to modify it according to their unique needs.
PenCom reviews draft state pension laws and guides states throughout the implementation process.
Meanwhile,PenCom also informed that Jigawa State remits contributions under the Contributory Defined Benefits Scheme (CDBS).
The Commission stated that 20 other states that have enacted laws to adopt the CPS but have not yet made significant strides towards implementation are: Abia, Adamawa, Bauchi, Bayelsa, Ebonyi, Enugu, Gombe, Imo, Kano, Katsina, Kebbi, Kogi, Nasarawa, Niger, Ogun, Oyo, Rivers, Sokoto, Taraba, and Zamfara.
PenCom urges these states to accelerate their efforts toward full implementation of the CPS.
This includes the timely remittance of both employer and employee pension contributions. By taking decisive action, these states can align with the pacesetters in ensuring a secure and sustainable retirement scheme for their workforce.
However, PenCom lamented that these six states have yet to commence implementation of the CPS: Akwa Ibom, Borno, Kwara, Plateau, Cross River, and Yobe.
PenCom therefore encouraged these states to expedite the enactment of their CPS laws and take immediate steps toward full implementation to ensure a secure and sustainable pension system for their workforce.
The transition from the Defined Benefits Scheme (DBS) to the CPS at the state and local government levels is both a significant and inevitable step. Even states that have not transitioned will ultimately need to adopt the CPS. The scheme is designed to ensure that all retirees receive their benefits in a timely manner, providing a sustainable and secure retirement for all public sector employees.
The CPS offers a long-term solution to the pension liabilities that many states currently face. By failing to address pension arrears, states are inadvertently creating a financial burden for future generations, as these liabilities will continue to grow. Adopting the CPS now will help states avoid these escalating costs and provide a more secure financial future for both retirees and taxpayers.
Moreover, the CPS ensures fiscal discipline by accurately determining and systematically settling pension obligations while also making funds available at the point of retirement for the prompt payment of benefits. This prevents the accumulation of pension arrears, contributing to the financial stability of the public sector.
PenCom remains steadfast in its commitment to driving nationwide compliance with the CPS. The Commission will continue to engage with non-compliant states, providing necessary guidance, advisory support, and technical expertise to facilitate their transition. A pension-secure Nigeria is not just a vision but an achievable reality. However, this can only be realised when all states demonstrate commitment by fully embracing the CPS. PenCom remains fully committed to the effective regulation and supervision of the pension industry.

The National Insurance Commission (NAICOM) is excited by the passage of the Insurance Reform Bill by the Federal House of Representatives. This followed the passage of the Bill by Upper Chamber earlier in December 2024. This is a milestone achievement that marks yet another significant step towards transforming the insurance industry in Nigeria.

“The National Insurance Commission (NAICOM) is enthusiastic about the prospects of the bill receiving assent from President, which will pave the way for the implementation of its provisions.

“As the apex regulator of the insurance industry, NAICOM is committed to ensuring that the sector contributes positively to Nigeria’s financial landscape. We believe that by the time the Insurance Reform Bill is signed into Law, it will have a profound impact on the industry, leading to improved penetration, increased public confidence, and enhanced competitiveness.

“We salute the leadership of the National Assembly for their efforts in passing the bill and look forward to its assent by Mr. President. We are confident that the Reform Bill will usher in a new era of growth and development for the insurance industry in Nigeria,” the Commission stated.

Leadway Group has reaffirmed its commitment to honouring and empowering women by celebrating the first anniversary of its women’s community, Hersurred.
Since the launch of this women-focused initiative in 2024, Hersurred has been dedicated to equipping women with the essential information, tools, and networks needed to thrive.
The anniversary theme, “Here for Her,” celebrates the achievements of every woman and provides an opportunity for women to connect, access mentorship, gather information, and take the necessary steps to accelerate efforts toward closing existing gaps in women’s empowerment.
Building on the inaugural event’s success, which featured a keynote speaker from the Leadway Group, the 2025 edition emphasises the organisation’s strong commitment to women’s empowerment and inclusion.
The event featured distinguished women from various sectors, including government, finance, oil and gas, and insurance, who shared their expertise and experiences in diversity, equity, inclusion, and women’s empowerment.
The feature aligns with Hersurred’s aim to comprehensively strengthen advocacy for women and outline strategic action plans to amplify female voices.
This year’s discussion was divided into two parts. The first was a fireside chat focused on solidifying the gains of women’s advocacy through policy formulation. It featured Tejumola Abisoye, a renowned development expert, and Yemisi Rotimi, the Chief Finance Officer of Leadway Group, who anchored the discussion.
The second session featured a roundtable discussion with leading women leaders to speak on the theme, “Beyond the Manifesto: Turning Advocacy into Action”.
The speakers include Mrs. Kunbi Adeoti, Leadway’s Chief People Experience Officer; Engr. Chichi Emenike, the Managing Director and Gas Asset Manager of Neconde Energy; ⁠Oluwatosin Olaseinde, the Founder/ CEO of Money Africa; with Rahinatu Omolamai, Team Lead, Relationship Management, High Networth Individuals, Leadway Pensure, moderating the session.
Speaking at the event, Kunbi Adeoti, Chief People Experience Officer, Leadway Group, stated, “At Leadway Group, we are dedicated to cultivating a dynamic and inclusive community where diversity is valued, and everyone has the opportunity to flourish. Our mission is to nurture a culture of belonging, empowerment, and growth, enabling individuals to reach their full potential.”
She added, “Through Hersurred, we aspire to reach women from various industries and walks of life, sharing their inspiring journeys, the challenges they have overcome, and the triumphs that have defined their paths. Our goal is to spark meaningful dialogue and empower women to succeed. This year’s edition will emphasise the importance of building communities of shared interest, collaborating for opportunities, networking, and celebrating achievements.”
Yemisi Rotimi, Chief Finance Officer of Leadway Assurance, also shared her thoughts on the initiative: “Empowering women is about creating an environment where they have equal access to opportunities, leadership roles, and platforms to make a meaningful impact. Hersurred is a movement that ensures women are seen, heard, and equipped with the resources to shatter glass ceilings, thrive, and shape the future they envision. We are proud to champion this initiative and are fully committed to elevating it to even greater heights.”
Hersurred is an initiative by the Leadway Group to empower women in Nigeria through mentorship, networking, collaboration and educational opportunities. This initiative aims to nurture a community that allows women to develop, learn, and excel personally and professionally.
Leadway Hersurred is an initiative launched by Leadway Group in 2024 to address the specific needs of women. This initiative provides a community where women can learn new skills, share experiences, and access resources to support their personal and professional development.