The National Pension Commission (PenCom) has approved an upward review of pensions for 2,116 retirees under the Nigeria Social Insurance Trust Fund (NSITF), increasing their total monthly pension payments from N12.56 million to N159.95 million, representing an increase of 1,173%.
The NSITF pension increase is yet another milestone in President Bola Tinubu’s policy of enhancing the welfare of retirees in Nigeria.
The payments were recently approved by the Director General of PenCom, Ms. Omolola Oloworaran, who continues to champion landmark reforms that have transformed the landscape of the Contributory Pension Scheme.
This marks the first pension increase for NSITF retirees in 21 years, addressing long-standing disparities and restoring the value of benefits in line with statutory provisions and prevailing economic conditions.
Additionally, as part of the enhancement, the 2,116 NSITF retirees have received N8.70 billion in pension arrears. The average arrears payment amounted to about N3 million per retiree.
In a particular instance, an NSITF retiree’s monthly pension was enhanced from about N18,000 to a whopping N206,000. In addition, the retiree was paid over N8 million as pension arrears.
The enhancement was supported by the significant growth of the NSITF Fund, which grew from N54 billion at the point of transfer in 2005 to N195 billion as of December 2025.
This growth reflects prudent fund management under the strict supervision of PenCom and provided the financial headroom necessary to implement the long-overdue review while safeguarding the Scheme’s sustainability.
The NSITF was established in 1993 as the successor to the National Provident Fund (NPF), managing pension benefits for private sector employees prior to the introduction of the Contributory Pension Scheme (CPS) under the Pension Reform Act (PRA) 2004.
Following the reform, pension assets under the defunct NSITF Scheme were transferred to Trustfund Pensions Limited, which was mandated to manage the Scheme’s assets and administer benefits to existing and deferred pensioners.
Section 39(3) of the PRA 2014, together with Section 173(3) of the Constitution of the Federal Republic of Nigeria, mandates periodic pension reviews at least every five years or in line with Federal Civil Service salary reviews. Furthermore, the NSITF Benefits Payment Policy provides that the minimum retirement pension should not be less than 80% of the prevailing National Minimum Wage.
Despite these provisions, the last review of NSITF pensions occurred in 2005.
In response to this prolonged non-compliance, PenCom invoked Section 53 of the PRA 2014, which requires that benefits under the NSITF Scheme be administered in accordance with the Scheme’s governing terms. PenCom consequently directed Trustfund Pensions Limited to submit a comprehensive proposal for pension enhancement.
So far, payments have been made to verified NSITF retirees. To ease the burden associated with pension verification exercises, PenCom approved the deployment of the “VerifyMe” digital solution for automated revalidation of NSITF pensioners. This initiative eliminated the rigours of physical verification requirements and thereby improving service efficiency for the senior citizens.

Heirs Insurance Group (HIG) has called for applications for the maiden edition of the Heirs Insurance Hackathon, a technology-driven innovation programme designed to empower young students shape the future of insurance through Artificial Intelligence and digital solutions.
The Hackathon is open only to students in universities, polytechnics, and other tertiary institutions to build solutions for real-world challenges across the insurance value chain, from customer experience and claims processing to underwriting, distribution, data, and operational efficiency.
Registration closes on February 16, 2026, with winning teams to be announced at the Hackathon Grand Finale in April. A total prize pool of N9 million will be awarded to the top three teams.
The initiative reflects Heirs Insurance Group’s commitment to youth empowerment, digital skills development, and inclusive innovation, providing a platform for young Nigerians to apply emerging technologies to critical financial services challenges while gaining exposure to industry, mentorship, and real business problems.
The Hackathon is being delivered in partnership with Redtech, the digital payment solutions arm of Heirs Holdings, which will bring its technical expertise to support the programme and review submitted solutions, ensuring that ideas are evaluated not only for creativity but also for technical feasibility, scalability, and real-world impact.
Commenting on the launch, Peace Philips, Chief Digital Officer, Heirs Insurance Group, said: “Africa’s future will be built by young people who have the opportunity to apply their ideas, creativity, and technology skills to real economic challenges. Through the Heirs Insurance Hackathon, we are giving the next generation of innovators a platform to engage with the insurance industry, build meaningful solutions, and contribute to shaping a more efficient and inclusive financial system.”
Entries can be submitted on the Heirs Insurance Group website at www.heirsinsurancegroup.com/hackathon/

Leadway Assurance Company Limited has commenced a verification exercise for all African Alliance Annuitants, following the successful takeover of the African Alliance Insurance Annuity portfolio.
This critical validation process is the first step in the transition, designed to accurately identify all existing annuitants and update their records.
The primary objective of this exercise is to safeguard the immediate welfare of retirees and ensure that every individual’s benefits are secured for efficient and timely payment.
The verification exercise is a direct response to the regulatory measures
introduced by the National Insurance Commission (NAICOM) to protect
policyholders and strengthen confidence in the sector.
By participating in this exercise, retirees under the African Alliance portfolio can transition seamlessly
to the Leadway brand, ensuring the continuity of their payments without
disruption.
Olufunmilayo Amanwa, Executive Director, Technical & Operations at Leadway Assurance, spoke about the development, stating, “The verification of annuitants is more than just a process; it demonstrates our commitment to retirees. We want to ensure that their years of service and contributions are rewarded with financial certainty and dignity. The validation exercise establishes a solid foundation for timely benefit payments and maintaining the trust placed in us.”
This transfer follows NAICOM’s intervention in appointing an interim
management team as part of the process in settling outstanding annuity
payments. The successful transfer to Leadway not only secures the immediate
welfare of annuitants but also represents a broader step toward strengthening Nigeria’s insurance ecosystem.
How to Complete the Verification:
All African Alliance Annuitants are encouraged to utilise the following channels to validate their information quickly and seamlessly:
i.
Dedicated Leadway Customer Support Lines via: 0708 062 7050
ii.
Email: annuity@Leadway.com
iii.
Visit a Leadway Assurance Office Near You