Upon assuming office in July, the Director General of the National Pension Commission (PenCom), Ms. Omolola Bridget Oloworaran, faced the monumental task of strengthening Nigeria’s pension scheme and expanding its reach. Addressing stakeholders at the PenCom/Media Conference in Lagos, themed Tech-Driven Transformation: Shaping the Pension Landscape, the DG highlighted her administration’s strides and future plans.
Under Oloworaran’s leadership, PenCom has increased contributors to over 10.5 million and pension assets to N21.9 trillion as of October. Emphasizing the role of technology, she stated, Technology has become the backbone of transformation across all sectors, and the pension industry is no exception.
The launch of an e-Application Portal for Pension Clearance Certificates (PCCs), which has issued over 38,000 PCCs, streamlining compliance and ease of doing business.
Enhanced micro-pension initiatives, focusing on inclusivity for the informal sector.
Ongoing Pension Industry Shared Service Initiative, addressing discrepancies in remittance details.
Despite progress, challenges persist. Inflation erodes retirees’ purchasing power, and accrued pension rights remain unsettled for over 18,000 retirees. However, Oloworaran reassured stakeholders of ongoing efforts to secure funds and improve payment timelines.
The DG also reiterated the importance of retaining the Contributory Pension Scheme (CPS), cautioning groups like the Nigeria Police against exiting. She underscored the Commission’s commitment to diversifying pension investments into inflation-protected assets and foreign currency instruments to safeguard contributors’ funds.
Oloworaran praised the media’s role as stakeholders in pension reform, urging them to continue their advocacy and accountability efforts. Together, we can ensure every Nigerian, including the most vulnerable, has access to a secure and dignified retirement, she concluded.
With an eye on 2025, PenCom’s leadership is poised to navigate economic challenges and build a resilient, inclusive pension system for all Nigerians.