PenCom Warns of Job Scams as Pension Assets Hit N29.43tn

The National Pension Commission (PenCom) has raised an alarm over a surge in recruitment fraud targeting job seekers. In a statement released on Tuesday, fraudsters are increasingly impersonating senior officials, including the Director-General, to lure victims via WhatsApp, email, and phone calls. These scammers often demand sensitive personal documents under the guise of a 48-hour application deadline. The commission has urged the public to ignore these solicitations, noting that it does not conduct recruitment through informal messaging platforms.

Fraudsters typically direct victims to submit identification details to a fake “secretary” on WhatsApp. This tactic aims to harvest data for identity theft or financial extortion. PenCom advised Nigerians to delete such messages immediately and avoid sharing them. The warning follows a broader crackdown by the Securities and Exchange Commission, which recently shuttered over 400 fraudulent investment schemes. It appears the rising cost of living has made job seekers more vulnerable to these predatory “urgent” offers.

Despite the prevalence of scams, the pension industry remains a rare bright spot in the financial sector. Total pension assets grew to N29.43 trillion as of February 2026. This growth reflects consistent contributions from the workforce and strong investment returns. PenCom maintains that while the industry’s infrastructure is secure, the public must remain the first line of defence against social engineering.

The commission’s commitment to safeguarding assets remains firm. It insists that all official communications regarding employment or pension matters will only occur through verified institutional channels. Nigerians are encouraged to verify any suspicious claims directly with the commission’s headquarters. In an era of digital impersonation, a healthy dose of scepticism is the best protection for one’s personal data.