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Just 245,315 of Nigeria's roughly 84.9 million informal workers are enrolled in a pension plan, exposing a vast retirement savings gap, PenCom data shows.

PenCom has automated penalties for employers that delay pension remittances, after cumulative recoveries from defaulters reached N36.6 billion.

Nigeria's pension fund assets have grown beyond N31 trillion and now cover more than 11 million retirement savings account holders, with the regulator pushing to channel more of the money into infrastructure and the capital market.