The Director-General (DG) of the National Pension Commission (PenCom) Ms Omolola Oloworaran, made the commitment in Abuja on Tuesday.

Oloworaran spoke during the national thanksgiving conference of the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS)

The theme of the event was, “Strengthening Contributory Pension Scheme (CPS) administration for dignity, timelines and trust”.

She said the administration was prioritising pension reforms to address challenges faced by retirees, particularly those living in hardship after years of service.

Oloworaran said that the ongoing reforms were working as senior citizens across the country had begun to acknowledge improvements in pension administration and service delivery.

According to her, the government remains committed to delivering more impactful policies for citizens, especially the elderly, who deserve comfort and stability after retirement.

“I do not take the plight of senior citizens lightly.

“When you see people who have served this nation diligently retire into penury, it is simply not acceptable,” she said.

Oloworaran said that since her assumption of office, the agency had focused on ensuring that retirees receive their benefits promptly and without unnecessary delays.

She said that the Federal Government had cleared outstanding pension liabilities, adding that retirees are now paid within weeks and in some cases, within days of retirement.

“Since last year, we have been paying retirees almost immediately after retirement.

“Pension Fund Administrators (PFAs) are even working towards processing payments within 24 hours,” she said.

Oloworaran said that the introduction of Pension Reform 2.0, had significantly overhauled the pension system since the enactment of the Pension Reform Act of 2004 (PRA2004)

She said that the initiative was designed to guarantee dignity and financial security for retirees, with a strong focus on healthcare and income stability.

The D-G said that under the reform efforts were underway to integrate healthcare support into pension benefits, recognising the critical needs of elderly citizens.

She said that there were plans to introduce a minimum pension guarantee aimed at addressing low monthly pensions received by some retirees.

“For those earning between N10,000 and N30,000 monthly, those days are coming to an end.

“We are working to establish a pension floor that ensures a more livable income for senior citizens,” she said.

Oloworaran said that actuarial assessments were ongoing to determine sustainable benchmarks for the proposed minimum pension.

The DG also emphasised the importance of improved investment strategies with higher returns on pension funds to help enhance retirees’ earnings.

She said that the commission would continue to explore innovative approaches to strengthen the pension system and improve the quality of life for retirees.

“With sustained commitment and reforms, we will continue to make life better for our senior citizens,” she said.

The National Chairman of NUPCPS, Mr Sylva Nwaiwu, said that after two decades of neglect and suffering of retirees under the CPS, the Federal Government had cleared all their outstanding.

He said that the Federal Executive Council (FEC) had regularised monthly remittance of accrued right by the Federal Government.

Nwaiwu said retirees no longer wait to receive their benefits, adding that they receive it within the month they retire.

He also said that gratuity was an exit benefit to retirees and it has been approved.

Nwaiwu also appealed to President Bola Tinubu to add the retirees who had retired before the gratuity approval.

He said that the omission of eligible retirees on the ongoing payments of pension increment arrears from the N758 billion should be added.

“The eligible retirees from organisations classified as under the first line charge and the self funded organisation were all employed under the CPS from 2004 and below.

“Retirees from the defunct Power Holding Company of Nigeria (PHCN), which legacy liabilities were taken over by the Federal Government at the privatisation were excluded.

“We appeal for their immediate and equitable inclusion,” Nwaiwu said

He also called on the Federal Government to intervene in the unnecessary delay in the implementation of pension increments arrears and unjust treatments of retirees the their PFAs.

He commended the president for his intervention and for making retiree retire with dignity and peace.

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The Secretary to the Government of the Federation (SGF), Sen. George Akume, gave the charge at the inauguration of the board in Abuja, on Monday.

He urged the members to safeguard the N28 trillion pension assets under the Contributory Pension Scheme (CPS).

Akume said that PenCom remains a critical pillar of Nigeria’s financial sector, entrusted with the retirement savings of millions of Nigerians.

He said the event demonstrates the government’s commitment to a pension system that is transparent, resilient and trusted.

Akume said that the board’s role was of national importance, and members are expected to provide strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014 (PRA) and other relevant frameworks.

He said that members should draw a firm line between governance and administration.

According to him, while the board was responsible for oversight, management must be allowed to handle the day-to-day operations.

He said that any interference in operational matters would weaken accountability and undermine institutional effectiveness.

He noted that the pension industry had grown significantly, with assets now exceeding N28 trillion and millions of contributors dependent on the CPS for financial security on retirement.

Akume called for zero tolerance for misconduct, urging the board to prioritise strong internal controls, robust risk management, and transparency in decision-making.

“The actions of the board must reinforce public confidence in the pension system and assure contributors that their savings are safe, secure, and well managed,” he said.

He said that the administration of President Bola Tinubu remains resolute in meeting pension obligations.

According to him, steps have been taken to address outstanding liabilities and restore confidence, with a focus on ensuring that retirees receive their benefits with dignity, certainty and timeliness.

He expressed confidence that members would deliver exemplary leadership, disciplined governance, and sustained commitment to the Nigerian people.

Speaking on behalf of members of the board, Mr Agnaje Olukayode, the Chairman of the PenCom board, commended Tinubu for finding them worthy of the national assignment.

Olukayode said members were fully committed to upholding the ideals articulated by the SGF, particularly in the areas of corporate governance, integrity, strong leadership, and a clear distinction between governance and oversight.

The chairman pledged the board’s determination to advance the administration’s agenda by leveraging pension funds as a catalyst for national development.

The Director-General of PenCom, Ms Omolola Oloworaran, said that the inauguration was timely and significant, as it strengthens governance within PenCom by restoring the board’s oversight functions.

Oloworaran said that, before the inauguration, the SGF had offered strategic leadership with clarity and purpose, contributing to key achievements recorded since her assumption of office.

He reiterated her commitment to working in collaboration with the board, anchored on a shared responsibility to serve the interests of Nigerians.

She said that every decision by the PenCom board must ultimately deliver tangible benefits to contributors and retirees.

“I looked forward to a productive and collaborative working relationship with the board,” she said.

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Its Director-General, Ms Omolola Oloworaran, during the 2025 PenCom Media Conference on Thursday, in Lagos, dismissed claims that the recapitalisation exercise had been suspended.

The theme of the conference is “Pension Revolution Summit: A 365-Day Scorecard”.

The PenCom DG warned that any PFA that failed to meet the stipulated capital threshold by the deadline would have its licence revoked.

“Recapitalisation has not been suspended. We have communicated the requirements to the PFAs, and we expect every operator to be compliant by June 2027

“Anyone who is not compliant by then will lose their licence,” Oloworaran said.

According to her, engagements with industry operators indicated broad acceptance of the policy, with many PFAs already taking steps to raise additional capital or explore mergers and acquisitions.

“You may see some mergers and acquisitions in the industry, but what is clear is that the recapitalisation exercise is on track and the industry agrees with us,” Oloworaran said.

The DG also addressed broader regulatory challenges, noting that improving employer compliance with pension remittances remained a major focus for the commission.

She said PenCom had entered into a Memorandum of Understanding with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and was collaborating with labour unions to enforce compliance.

“From a regulatory standpoint, our major challenge is ensuring compliance. We are working with ICPC, labour and the TUC to ensure employers remit pension contributions for their employees,” she said.

The DG noted that the commission’s enforcement measures were already yielding results, with recoveries from defaulting employers increasing significantly.

Oloworaran, however, acknowledged that some sectors, including parts of the media industry, were yet to fully comply with pension regulations.

On operational issues, Oloworaran said PenCom had streamlined documentation requirements, particularly for public sector workers and participants in the Personal Pension Plan, to ease enrolment and benefit processing.

She also said the commission would ensure that Pension Fund Administrators resumed mandatory awareness and advocacy programmes across the six geopolitical zones.

On gratuity payments, Oloworaran said PenCom was working with the Office of the Head of Service to develop a framework for public sector workers.

She reiterated that gratuity payments in the private sector remained at the discretion of employers.

She reaffirmed PenCom’s commitment to strengthening regulation, improving compliance and safeguarding the pension rights of Nigerian workers and retirees.

Our correspondent reports that PenCom had earlier disclosed in a circular dated Sept.
26, 2025, that PFAs and pension operators with Assets Under Management (AUM) of N500 billion and above will be required to maintain a minimum of N20 billion, plus one per cent of the excess above N500 billion.

PFAs with AUM below N500 billion are to maintain a capital base of N20 billion.

Special-purpose PFAs such as NPF Pensions Ltd. would require N30 billion, while the Nigerian University Pension Management Company Ltd. would maintain N20 billion.

The minimum capital for new PFA licences was pegged at N20 billion and the capital requirement for PFCs was raised from N2 billion, set in 2004, to N25 billion plus 0.1 per cent of AUC.

New PFC licences will also attract a minimum capital requirement of N25 billion.

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Our correspondent reports that the initiative covers retirees under the Contributory Pension Scheme (CPS),

Director-General of PenCom, Ms Omolola Oloworaran, disclosed this at the 2025 PenCom Media Conference held in Lagos on Thursday.

The conference has the theme: “Pension Revolution Summit: A 365 Days Scorecard.”

According to her, the initiative is designed to ease the healthcare burden of low income retirees, and ensure that they live their retirement years with dignity.

According to her, PenCom had inaugurated the Board of Trustees of PenCare to drive the industry-wide intervention, which will provide free and accessible healthcare services to eligible retirees.

“Retirement should be a season of peace, not a period defined by anxiety over medical bills.

“I am happy to announce that the pilot will be launched in March next year, and we hope to enrol about 30,000 retirees across the six geopolitical zones of the country,” she said.

The PenCom boss described PenCare as a landmark reform that underscores government’s commitment to improving the welfare of pensioners, particularly those with limited income.

She said that the programme aligns with the Federal Government’s Renewed Hope Agenda.

She noted that the pension industry is increasingly being positioned to respond to the social needs of retirees beyond monthly benefits.

Oloworaran assured that the commission will work with stakeholders to ensure transparency, sustainability and equitable access in implementating the initiative.

“We are building a pension system that protects not just income, but also the wellbeing of those who have given their productive years to the nation,” she said.

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Oloworaran said this while giving her one-year scorecard at the Pension Revolution Summit in Abuja on Monday.

She said that the N758 billion bond approved by President Bola Tinubu in February, had been cashed.

She said that over N600 billion had been disbursed to clear the outstanding liabilities.

According to her, the pension assets in the country has grown to about N27 trillion, as a result of the bold decision and structured reforms (Pension Revolution 2.0.).

Oloworaran said that a lot had been achieved in the industry in the last one year.

She said that the commission had rebuilt the trust, expanded coverage, strengthened governance and moved the contributory pension scheme firmly into the next phase.

“Over a year ago, I was confirmed as the D-G with a clear mandate to rebuild trust.

“We expanded coverage, we strengthened governance and moved the contributory pension scheme firmly into the next phase.

“I am proud to say that this past year has been defined by bold decisions, structural refunds and measurable impacts,” she said.

She said that there was also a formal launch pension revolution 2.0.

“That was the most comprehensive reform agenda in the Nigerian pension industry since 2004. This was not a cosmetic reform, it was structural.

“It brought together new regulations, stronger supervision, governance reforms, digital transformation and industry realignment.

“All of these were designed to “future proof” the pension industry and position it as a pillar of national stability and long-term development,” she said.

The D-G said that to enhance benefit adequacy, the commission introduced the pension post 1.0 which has already added N2.68 billion to monthly pension payments for CPS retirees since June.

She said that the commission still had a lot to do, adding that it had achieved full automation of critical pension processes.

“Over time, we have achieved an automated pension plan certificate, which used to be a manual process. We have also automated and upgraded the benefit processing and contribution remittance platform.

“To strengthen collaboration and leadership across the industry, we established the pension industry leadership council.

“It is a strategic platform that brings together industry leaders to drive innovation, reinforce accountability and build collective ownership of reforms,” she said.

She said that the reform of the year was to restructure and rebrand the micro pension plan into the Personal Pension Plan (PPP).

“This was about meeting Nigerians where they are. Artisans, traders, market women, creatives, all informal sectors at large under the personal pension plan,” she said.

The D-G said that the commission had expanded digital enrollment and introduced accredited pension agents.

She said that the accredited pension agents were not merely a distribution channel, but also an employment strategy.

“We believe that with this initiative, thousands of young Nigerians will be recruited and trained across board to participate in expanding pension coverage.

“It is also a medium for any meaningful livelihoods and impactful financial inclusion, and I dare say that this is enabling financial inclusion that creates jobs,” she said.

Oloworaran said that a total of N32.27 billion had been recovered by the recovery agents, comprising N15.87 billion recovered as principal contributions and N16.40 billion as penalties from defaulting employers between June 2012 and September 2025.

She said that PenCom had recorded significant compliance gains in the third quarter of 2025 alone.

According to her, this led to the recovery of N2.06 billion (N775 million principal and N1.27 billion penalties) from 49 defaulting employers. This reflects a sustained surge in enforcement activities.

Oloworaran said that on compliance with the CPS, only eight out of 36 states had complied, adding that the commission was also partnering with all states to ensure full compliance.

She also said that the Nigeria Police Force is yet to exit the CPS, adding that the commission was working round the clock to ensure that their plight is adequately address instead of exiting.

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The insurance firm clinched the award ahead of two other nominees.

In a statement on Friday, Mr Andrew Ikekhua, Managing Director of NEM Insurance, expressed appreciation to the organisers and dedicated the honour to the company’s board, team and customers.

“We thank God Almighty for this award and the organisers, PEARL.

“We dedicate this award to our great Group Chairman, Mr Tope Smart, the entire NEM team, and our loyal customers and partners. This recognition will further inspire us to push boundaries and innovate,” he said.

Earlier at the award event, Tayo Orekoya, President and Chief Executive Officer of Pearl Awards Nigeria, highlighted the organisation’s commitment to honouring corporate excellence.

He said, “This year’s edition, which had the theme, ‘Celebrating a Legacy of Corporate Excellence’, is a tribute to companies whose resilience continues to shape Nigeria’s corporate landscape.

“It is also a reaffirmation of the values that guided the Pearl Awards from inception.”

Orekoya said that the 2025 Awards Night was the result of months of rigorous research, meticulous evaluation, and distinguished oversight.

He noted that each competitive category from the Sectoral Leadership Awards to the Market Excellence Awards and the premier Overall Awards, was determined through an objective, data-driven ranking process.

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The Council has also made provision for the supply and installation of additional furniture at the Government House Theatre and the Multi-purpose Hall of the Light House, Awka.

The State’s Commissioner for Information, Law Mefor, stated that the agreement was reached at the 23rd ANSEC meeting held at the Light House, Awka, on Monday, 17th November 2025.

Mefor said the Council also approved the modification and completion of the abandoned court building, as well as the renovation and upgrade of associated structures within the Court of Appeal Complex, Awka, the state capital.

Additionally, Governor Soludo’s ANSEC has agreed to the rehabilitation of failed portions of Court Road and Obunagu Road within the Awka Metropolis.

Recently, the governor approved the contract for the upgrade and facelift of the State High Court in Awka, and the furnishing of judges’ residences at the judge’s quarters in Onitsha, as part of his regeneration project.

Also at the meeting, ANSEC called for university autonomy in choosing vice chancellors. The Council also welcomed the recently appointed Vice Chancellor of Nnamdi Azikiwe University, Professor Ugochukwu Anyaehie, wishing him an eventful term.

It further deliberated on making the Christmas season exciting and memorable for the people of the state, with a fiesta themed “Onwa Dezemba.”

The magnificent festivities would be held at the Solution Fun City, Awka, the reconstructed and remodeled Ekwueme Square, among other recreational facilities in the state.

“This is to make the Christmas celebration unlike any other,” Mefor said.

According to the Commissioner, plans to make the yuletide period electrifying will include masquerade festivals, Christmas Carols, masquerade festival, and musical fiestas, with well-known Nigerian musicians, among others.

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Ms Omolola Oloworaran, Director-General of PenCom, made the call on Wednesday in Benin at the Second Run of the 2025 Consultative Forum for States and the FCT.

Represented by Mr Samuel Uwandu, Commissioner for Inspectorate, Oloworaran noted that the CPS had transformed retirement security in Nigeria, but gaps in state-level implementation continued to undermine financial dignity for millions of workers.

She said that only 17 of 36 states had fully implemented the scheme, 12 had yet to start, and seven were at various stages of establishing pension bureaus.

Oloworaran highlighted key reforms undertaken in her first year, including the timely payment of Accrued Pension Rights and the launch of Pension Boost 1.0.

She also noted the re-introduction of gratuity payments for federal civil servants.

Additionally, she introduced a new Pension Contribution Remittance System, designed to reduce errors and delays in pension remittances.

She also noted the approval of a N758 billion bond to settle legacy pension liabilities and the launch of Pension Revolution 2.0 to expand coverage to the informal sector.

While commending compliant states, she urged others to engage actively, emphasising that pension reform was a national imperative.

Opening the forum, Gov. Monday Okpebholo, represented by Edo State Secretary Musa Ikhilor, lauded PenCom for hosting the event in Edo, calling it an opportunity for states to harmonise pension implementation.

He underscored the importance of guaranteeing dignity for workers and retirees, stating that consistent reforms and administrative discipline were essential for a secure and comfortable retirement for all Nigerians.

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She spoke at the annual conference of the Pension Correspondents Association of Nigeria held on Thursday in Abuja.

The conference was with the theme ‘Inclusion and Innovations: Bridging the Pension Gap for Nigeria’s Informal Sector.’

Represented by Head of Corporate Communications, Mr Ibrahim Buwai, she said the plan would ensure every Nigerian, whether employed or self-employed, enjoyed a secure and dignified retirement.

She noted that Nigeria’s informal workforce, estimated at up to 80 million people, remained largely uncovered under the existing pension scheme.

According to her, this gap deprives artisans, traders, freelancers, and gig workers of the benefits of structured retirement savings.

She said under-coverage meant the promise of retirement security remained a distant dream for many Nigerians.

Oloworaran said the Micro Pension Plan launched in 2019 attracted about 200,000 contributors and assets worth N1 billion.

She added that more innovative and inclusive measures were needed to expand pension participation across the country.

She said PenCom had redesigned the Micro Pension Plan into the new Personal Pension Plan under the Pension Revolution 2.0 initiative.

The PenCom DG outlined key PPP features, including broad eligibility for informal and self-employed workers and voluntary contributors in formal employment.

She said contributions would be flexible, with savers allowed to access half of each payment for urgent needs.

Oloworaran added that the plan would use mobile money, POS, USSD, and digital wallets through accredited agents and pension administrators.

She said the scheme offered transparency, with instant payment acknowledgment and real-time access to contribution statements.

Oloworaran said the plan was created to address low awareness, irregular earnings, and complex registration processes in the informal sector.

She said the new approach was expected to boost pension coverage, strengthen financial inclusion, and improve retirement security.

She urged journalists to support PenCom by raising awareness and simplifying the message for grassroots communities.

Acting PenOp Chief Executive, Ms Anthonia Ifeanyi-Okoro, also called for increased inclusion and innovation in the pension system.

She described pensions as a social contract that transforms long years of labour into dignity and independence in old age.

Ifeanyi-Okoro said the PPP offered flexibility, simple onboarding, and digital channels tailored to informal sector realities.

She said technology, education, and trusted agents would help millions of informal workers join the pension system.

She highlighted progress under the Contributory Pension Scheme introduced by the Pension Reform Act of 2004.

In her remarks, PenCAN President, Mrs Nana Musa, said the association viewed itself as a partner in national development.

She said PenCAN aimed to amplify stakeholder voices, highlight progress, and ensure accountability in the pension sector.

She commended all stakeholders for supporting efforts to strengthen Nigeria’s pension system.

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The Director-General of PenCom, Ms Omolola Oloworaran, stated this on Friday in Kano during a sensitisation workshop on the workings of the Contributory Pension Scheme for pensioners across the geo-political zones.

The event was jointly organised by the commission and the National Salaries, Incomes and Wages Commission (NSIWC).

She said the commission remained committed to ensuring that contributors and retirees under the scheme receive their benefits promptly and in full compliance with the provisions of the Pension Reform Act 2014.

Represented by the Commissioner Technical, Alhaji Hafizu Kawu, Oloworaran explained that the CPS had continued to demonstrate sustainability and resilience since its inception, adding that pension assets had grown to over N25 trillion as of September 2025.

According to her, the funds are being deployed in strategic sectors of the economy to promote national development while ensuring the safety and growth of contributors’ savings.

She disclosed that the CPS now covers over 10 million Nigerians, including public sector employees, private sector workers, artisans and self-employed individuals under the Personal Pension Plan.

Oloworaran said pension assets had grown to over N25 trillion, fueling national development through strategic investments and providing regular monthly pensions to over 552,000 retirees, in addition to lump-sum benefits for 291,735 others.

“In total, more than 844,000 retirees across both public and private sectors now enjoy steady, reliable and transparent retirement benefits,” she added.

Oloworaran added that in addition to monthly pensions, lump-sum benefits had also been paid to hundreds of thousands of retirees who exited the scheme in line with regulations.

The director-general highlighted recent interventions by PenCom under the Pension Revolution 2.0 initiative aimed at improving retirees’ welfare.

“They include Pension Boost 1.0, which raised monthly pensions for over 241,000 retirees representing 80 per cent of those under the programmed withdrawal option with total payments increasing from N12.15 billion to N14.83 billion effective June 2025,” she said.

She also announced the approval of N758 billion Federal Government Bonds by President Bola Tinubu to clear outstanding pension liabilities, including arrears of pension increases since 2007.

Oloworaran commended the president for the approval, describing it as a bold and compassionate step that would bring relief to vulnerable pensioners and restore confidence in the system.

The Director, Compensation, National Salaries and Wages Commission (NSWC) Mr Akin Abe, l reaffirmed its commitment to ensuring fair and regular pension adjustments in line with government policies and prevailing economic realities.

Abe said the commission had issued several circulars to address complaints from retirees and stakeholders, while working with the Budget Office to ensure prompt and full payment of entitlements.

He added that efforts were ongoing to harmonise pensions and address disparities among different categories of retirees.

Also speaking, the National Chairman, National Union of Contributory Pensioners, Mr Sylva Nwaiwu, called for greater public awareness and understanding of the Contributory Pension Scheme (CPS).

He said the CPS, introduced in 2004, had continued to ensure the safety of pension funds and improve retirees’ welfare, adding that the ongoing zonal workshops were aimed at correcting misconceptions and promoting transparency in pension administration.

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