Nigeria’s landmark 2004 pension reforms had a mandate as clear as it is undisputable - induce long-term savings, invest the savings prudently and protect retirees from the biting effects of inflation and policy risk. Two decades after, managers in the pensions industry are superintending over ₦26trn in pension assets as of September 2025. On paper, this is a boom for the industry. But a closer peek reveals that rigid investment rules from industry regulator, the National Pension Commission (PenCom), may just be shambling returns.  The bulk of the funds are trapped in low-yield domestic assets, locked out of the world’s best-performing assets as severe investment rules undermine the very goal the industry set out to attain. As a result, the long-term purchasing power of the retirees’ funds is threatened.