Nigeria's pension fund is said to exceed N25trn by August 2025. It is said to be one of the largest pension funds in Africa and many countries now come to Nigeria to learn how it is done.
This was disclosed at the 3rd Quarterly Luncheon of the Institute of Chartered Accountants of Nigeria (ICAN), Obio/Akpo District and Society in Port Harcourt, Rivers State on Saturday, November 15, 2025.
Guest lecturer, Omaka Odim Omaka, who is the Chief Financial Officer (CFO) at Spur Panarotis Nigeria, said the informal sector has not yet joined the fund, leading to speculation that joining this group could double the fund in the coming years.
He said 26 states have either done nothing about National Contributory Pension or have only partially complied. Only 10 states, led by Lagos, have fully complied.
Omaka spoke on: 'Pension and Housing Funds as Catalysts for Financial Inclusion and Economic Growth: The Nigeria Experience'.
He said that financial inclusion means more than having a bank account, but it also includes access to pension, housing, credit etc. He spoke on how pension/housing schemes create a pool of long-term funds, saying it is important to focus on pension and housing funds as big catalysts.
However, he said the pension fund has fraud issues, as has been widely reported in the press, posing a major challenge. He further said that this appears to discourage participation.
The expert who commended Chioma Ojukwu, the Chairman of the host district, also cited non-remittances and collusion by officials as more challenges to the pension fund. “Efforts should be made on how to bring the informal sector forward.”
Omaka disclosed the current development and told the financial giants that N8Bn has been provided by the Presidency to ensure prompt payment to retired civil servants and not that they have to wait for a year to be paid as is the case at the moment. He said this discourages more people from coming into the scheme.
Agreeing with Omaka, an expert, Adebad Oyedepo, said the devaluation of the Naira and high inflationary trend were reasons why people in the private sector were avoiding pension funds. That said, they want to invest in foreign currencies to preserve their funds rather than looking towards pension funds. He urged operators to find a way to boost the value of the Naira to attract investors.
Also read: Pension funds, migrant remittances offer untapped impact capital – stakeholders
On the housing scheme, Omaka referred to the Federal Housing Fund managed by the Federal Mortgage Bank, but observed that Nigerians do not trust the scheme and are therefore unwilling to contribute, and are not eager to apply for loans.
He revealed that Nigeria has a housing shortage of up to 28 million, adding that 700,000 new houses must be built every year over the next 20 years to bridge the housing deficit.
He said that corruption is so prevalent in the system that even the whistleblower system is not able to help.
Omaka said: “In the face of such a huge housing deficit, houses everywhere continue to be demolished instead of adopting methods to improve and regularize housing issues.” He wondered if two wrongs would ever make a right.
He added: “In addition, the houses built through the schemes are too expensive for those in need. Insecurity is driving rural people to urban areas, putting pressure on demand for houses in cities. There is a need to understand the housing crisis due to slow and cumbersome approval processes.”
Introducing the guest speaker, the Technical Adviser to the President on Economic and Financial Inclusion, Nurudeen Abubakar Zauro, noted the groups and factors that he said suffered greatly in the absence of financial inclusion, adding that they were women, youth, rural people and small businesses.
He said regional imbalance also played a role as some regions lagged behind. He said that a target of 94% inclusion was set in 2024. He mentioned the work being done by the President to promote financial inclusion.
The chief host was the 61st President of ICAN, Haruna Nama-Yahya, while the Accountant General of Abia State, Njum Uma-Onyemenam, who is a member of the ICAN Council, was the guest of honour. George Peters and Anita Amiye (ICAN Fellows) moderated the top-level webinar.
In his welcome address, the host District Chairman, Chioma Obianuju Ojukwu, who is also a Uniport lecturer, said that the ICAN Obio/Akpo and District Lecturer Series has emerged as a highly sought-after intellectual exercise attracting some of the brightest financial minds around Nigeria.
He said the series, now in its third phase, attracts credit loads to members on a continuous assessment scheme and financial sector professionals have found it to be a strong offering for updating knowledge and building a credible body of knowledge.
