Customs pays N7.61bn retirement benefits to 4,237 pensioners

The Nigeria Customs Service (NCS) has disbursed N7.61 billion in retirement benefits to 4,237 retired officers, reinforcing efforts to improve pension administration and welfare as Nigeria’s pension assets continue to hit record levels.

The payment, made through nine Pension Fund Administrators (PFAs), comes as the country’s pension industry expands, with total pension assets rising to N31.32 trillion in May 2026, reflecting growing confidence in the retirement savings system.

The Comptroller-General of Customs, Mr Bashir Adeniyi, disclosed the development during a dialogue with retired personnel in Abuja, saying the funds had been released to the PFAs for onward credit into the individual Retirement Savings Accounts of beneficiaries.

According to the Nigeria Customs Service, the payment underscores its commitment to the welfare of retired officers who devoted decades of service to the organisation.

Adeniyi said the dialogue was convened to strengthen communication between the service and its retired personnel while addressing concerns affecting pension administration.

“I acknowledged your concerns and suggestions raised, and it is in view of this that we called for this dialogue,” he said.

“This is to promote better understanding and reduce the effect of rumours and unofficial information on the relationship between the service and its retired personnel.”

The latest disbursement follows the Federal Government’s review of statutory provisions governing pensions under Section 15(4) of the Pension Reform Act 2014, in line with Section 173(3) of the 1999 Constitution (as amended).

A breakdown of the beneficiaries showed that Premium Pension accounted for the largest number with 2,268 retirees, followed by Access-ARM Pension Managers with 1,223, Leadway Pensions with 403, TrustFund Pensions with 156, FCMB Pensions with 144, Veritas Glanvills Pensions with 28, Norrenberger Pensions with 11, and Fidelity Pension Managers with four beneficiaries

Retired officers who participated in the engagement commended the Customs management for creating a platform for direct interaction and appealed for the initiative to be sustained to strengthen ties between serving and retired personnel.

The payment comes amid sustained expansion in Nigeria’s pension industry. According to the National Pension Commission (PenCom), total pension assets rose by N384.98 billion, or 1.23 per cent, to N31.32 trillion in May 2026 from N30.94 trillion in April. On a year-on-year basis, pension assets increased by 29.5 per cent from N24.18 trillion recorded in May 2025, driven by higher pension contributions and investment returns.