Status of Contributory Pension Assets as at 30 April 2026

Nigeria CPS Pension Assets Rise to ₦30.94 Trillion as at 30 April 2026

The total Asset under Management, AUM, of the Nigeria Contributory Pension Scheme (CPS), stood at ₦30.94 trillion as at 30 April 2026, compared with ₦29.52 trillion as at 31 March 2026 and ₦27.45 trillion as at 31 December 2025.

This represents a month-on-month increase of ₦1.42 trillion, or 4.81%, between March and April 2026. On a year-to-date basis, CPS assets increased by ₦3.49 trillion, or 12.70%, between December 2025 and April 2026.

Analysis of the Top 7 Asset Classes where Pension Funds were invested as at 30 April 2026

1. Total FGN Securities

FGN Securities remained the largest asset class in the pension industry, increasing from ₦17.14 trillion in March 2026 to ₦17.36 trillion in April 2026, representing a month-on-month increase of ₦215.36 billion (1.26%). On a year-to-date basis, FGN Securities grew by ₦1.02 trillion (6.26%) from ₦16.33 trillion in December 2025. Despite this increase in value, its portfolio weight declined from 59.50% in December 2025 to 56.10% in April 2026, the decline of 3.40% in FGN Securities’ portfolio weight suggests a gradual diversification of pension assets away from government securities and towards growth-oriented investments, especially listed equities, which benefitted from the strong performance of the Nigerian stock market during the first four months of 2026.

2. Domestic Ordinary Shares

Domestic Ordinary Shares recorded the strongest performance among all major asset classes. The asset class increased by ₦1.05 trillion (19.26%) month-on-month, rising from ₦5.46 trillion in March 2026 to ₦6.51 trillion in April 2026. Year-to-date, the asset class grew by an impressive ₦2.56 trillion (64.68%), up from ₦3.96 trillion in December 2025. Its share of total CPS assets increased significantly from 14.41% to 21.05% during the period. This remarkable growth reflects the strong performance of the Nigerian equities market in the first four months of 2026 and indicates that pension funds benefited substantially from capital appreciation in listed equities.

3. Money Market Instruments

Money Market Instruments increased from ₦2.55 trillion in March 2026 to ₦2.66 trillion in April 2026, representing a month-on-month increase of ₦108.21 billion (4.24%). Compared to December 2025, the asset class recorded a modest increase of ₦37.99 billion (1.45%). Although growth has been relatively slow on a year-to-date basis, the April increase suggests that pension fund managers continued to maintain liquidity buffers and short-term investment positions, possibly in response to prevailing interest rate opportunities and cash flow requirements.

4. Corporate Debt Securities

Corporate Debt Securities remained the fourth-largest asset class, increasing marginally from approximately ₦2.25 trillion in March 2026 to ₦2.25 trillion in April 2026, a month-on-month increase of only ₦629 million (0.03%). Year-to-date, the asset class grew by ₦46.83 billion (2.12%) from ₦2.20 trillion in December 2025. The relatively flat performance suggests limited new allocations into corporate bonds during April, with pension fund managers appearing to favour equities and selected alternative assets over fixed-income corporate instruments.

5. Cash and Other Assets

Cash and Other Assets increased slightly from ₦463.17 billion in March 2026 to ₦477.10 billion in April 2026, representing a month-on-month increase of ₦13.93 billion (3.01%). However, compared to ₦746.97 billion in December 2025, the asset class declined significantly by ₦269.87 billion (-36.13%). This substantial year-to-date reduction indicates that pension fund managers deployed a considerable portion of idle cash balances into investment assets such as equities, infrastructure funds and other higher-yielding instruments during the period.

6. State Government Securities

State Government Securities increased from ₦373.31 billion in March 2026 to ₦378.11 billion in April 2026, a month-on-month increase of ₦4.81 billion (1.29%). On a year-to-date basis, the asset class grew by ₦7.63 billion (2.06%) from ₦370.48 billion in December 2025. The relatively slow growth reflects the conservative approach pension fund managers continue to adopt towards state government debt instruments, with allocations remaining relatively stable over the review period.

7. Infrastructure Funds

Infrastructure Funds recorded one of the most notable movements in April 2026. The asset class increased sharply from ₦224.23 billion in March 2026 to ₦312.61 billion in April 2026, representing a significant month-on-month increase of ₦88.38 billion (39.42%). Compared to ₦282.14 billion in December 2025, Infrastructure Funds grew by ₦30.47 billion (10.80%) year-to-date. The sharp April increase may indicate new investments into infrastructure-related projects or infrastructure debt instruments and aligns with the industry’s growing interest in long-term alternative investments capable of generating stable returns while supporting economic development.

Table 1: Asset Class Comparison
All figures are in ₦ Million

Asset Class Overall Observation

The April 2026 portfolio data reveals a clear shift in pension fund asset allocation. While FGN Securities continued to dominate the portfolio, the strongest growth was recorded in Domestic Ordinary Shares, which contributed significantly to the industry’s ₦1.42 trillion month-on-month increase in AUM. The simultaneous decline in the portfolio weight of FGN Securities and reduction in Cash & Other Assets suggests that pension fund managers increasingly deployed capital into growth-oriented assets, particularly equities and infrastructure-related investments, during the first four months of 2026. This trend points to greater diversification within the CPS portfolio and improved confidence in the performance of non-government asset classes.

Analysis of Fund Performance 

Existing Schemes

Existing Schemes recorded a steady increase during the review period, rising from ₦3.43 trillion in March 2026 to ₦3.52 trillion in April 2026, representing a month-on-month increase of ₦87.35 billion (2.55%). Compared to ₦3.28 trillion in December 2025, the fund category grew by ₦234.86 billion (7.15%) year-to-date. The consistent growth reflects positive investment returns and continued asset appreciation across the legacy schemes that remain outside the CPS RSA structure. Existing Schemes accounted for 11.37% of total pension assets as at April 2026.

CPFAs (Closed Pension Fund Administrators)

Assets managed by CPFAs increased from ₦2.74 trillion in March 2026 to ₦2.76 trillion in April 2026, representing a modest month-on-month increase of ₦22.39 billion (0.82%). Compared to ₦2.69 trillion in December 2025, CPFA assets increased by ₦67.77 billion (2.52%) year-to-date. The relatively slow growth rate reflects the mature nature of many CPFA-managed schemes, where investment returns rather than significant new contributions are the primary drivers of asset growth. CPFAs represented approximately 8.93% of total CPS assets as at April 2026.

Fund I

Fund I continued to deliver strong growth during the first four months of 2026. Assets increased from ₦560.18 billion in March 2026 to ₦619.49 billion in April 2026, representing a month-on-month increase of ₦59.31 billion (10.59%). Compared to ₦448.09 billion in December 2025, Fund I recorded a year-to-date increase of ₦171.40 billion (38.25%), making it one of the fastest-growing RSA fund categories. The strong growth likely reflects a combination of positive equity market performance and increased allocations to the fund by contributors seeking higher long-term returns. Fund I share of total pension assets increased from 1.63% in December 2025 to 2.00% in April 2026.

Fund II

Fund II remained the largest fund type within the CPS and was the biggest contributor to overall industry growth. Assets increased from ₦12.59 trillion in March 2026 to ₦13.36 trillion in April 2026, representing a substantial month-on-month increase of ₦764.92 billion (6.07%). Year-to-date, Fund II grew by ₦1.84 trillion (15.98%), rising from ₦11.52 trillion in December 2025. The fund accounted for approximately 43.18% of total industry assets as at April 2026. The strong growth was largely driven by the exceptional performance of domestic equities and continued contribution inflows, given that Fund II remains the default fund for active contributors under the Multi-Fund Structure.

Fund III

Fund III also recorded significant growth, increasing from ₦7.53 trillion in March 2026 to ₦7.81 trillion in April 2026, representing a month-on-month increase of ₦286.63 billion (3.81%). Compared to ₦7.02 trillion in December 2025, the fund grew by ₦794.75 billion (11.33%) year-to-date. As the second-largest RSA fund category, Fund III benefited from both investment gains and contribution inflows because it is the default Fund for RSA holders who are 50 years and above but not retired. The fund represented 25.25% of total pension assets as at April 2026, meaning that together, Funds II and III controlled over two-thirds of all CPS assets.

Fund IV

Fund IV assets increased from ₦2.34 trillion in March 2026 to ₦2.37 trillion in April 2026, representing a month-on-month increase of ₦27.47 billion (1.17%). Compared to ₦2.25 trillion in December 2025, the fund recorded a year-to-date increase of ₦125.50 billion (5.59%). Growth in Fund IV was more moderate than that of Funds I, II and III, reflecting its relatively conservative asset allocation profile designed for older contributors who typically have a lower risk tolerance.

Fund V

Fund V recorded the most dramatic movement among all fund categories. Assets surged from ₦6.70 billion in March 2026 to ₦125.87 billion in April 2026, representing an extraordinary month-on-month increase of ₦119.17 billion, equivalent to 1,779.27% growth. Compared to ₦1.76 billion in December 2025, Fund V expanded by ₦124.12 billion (7,071.84%) year-to-date. This is by far the most significant outlier in the April 2026 report. Such a sharp increase is most likely due to a major transfer of assets and we are certain about this because the new Guidelines on Personal Pension Plan (PPP) mandated that all existing Voluntary Contributions (VCs) under the Contributory Pension Scheme (CPS) are hereby deemed to form part of the Personal Pension Plan (PPP). Sequel to this we are sure this sudden increase in Fund V is due to PFAs moving Voluntary Contributions (VCs) from other Funds to Fund V. We expect Fund V to continue to see sharp increases until all PFAs move all VCs in other Funds into Fund V.

Fund VI

Fund VI continued its strong upward trajectory, rising from ₦290.81 billion in March 2026 to ₦342.86 billion in April 2026, representing a month-on-month increase of ₦52.06 billion (17.90%). Compared to ₦218.84 billion in December 2025, assets grew by ₦124.03 billion (56.68%) year-to-date. This made Fund VI the second-fastest-growing fund category after Fund V. The strong growth suggests increasing adoption of the Non Interest Fund as PFAs advices Retirement Savings Account (RSA) holders to move from other Funds to the Non Interest Fund.

Fund VI Retiree

Fund VI Retiree assets increased from ₦25.58 billion in March 2026 to ₦26.75 billion in April 2026, representing a month-on-month increase of ₦1.17 billion (4.57%). Compared to ₦23.18 billion in December 2025, the fund grew by ₦3.57 billion (15.41%) year-to-date. Although relatively small in size, the fund recorded healthy growth, indicating increased participation by eligible retirees opting to move to the Non Interest Retiree Fund and positive investment returns during the period.

Table 2: Fund Type Comparison
All figures are in ₦ Million

Funds Overall Observation

The broad-based growth across virtually all fund categories confirms that the ₦3.49 trillion increase in total CPS assets between December 2025 and April 2026 was not driven by a single fund alone, but by positive investment performance and continued contribution inflows across the pension industry.

Conclusion

April 2026 report shows a pension industry benefiting from strong market performance, particularly in domestic equities, while maintaining healthy growth across nearly all fund categories. The CPS pension industry remained on a strong growth path, with total assets increasing by ₦3.49 trillion in the first four months of 2026, crossing the ₦30 trillion mark by the end of April 2026.

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