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Tag: PenCom

  • PenCom to launch online data recapture platform for RSA holders February 1

    PenCom to launch online data recapture platform for RSA holders February 1

    The National Pension Commission (PenCom), in partnership with Pension Fund Administrators (PFAs), is set to launch a self-service online data recapture application known as the Data Recapture Self-Service Platform (PENCAP), allowing Retirement Savings Account (RSA) holders to update their personal records remotely without visiting their PFAs.

    In a statement issued by the Commission, PenCom said PENCAP targets RSA holders who joined the Contributory Pension Scheme (CPS) on or before July 1, 2019, and have not completed the data recapture process. The platform is scheduled to go live on February 1, 2026.

    According to the Commission, the initiative represents a significant step toward strengthening data integrity, improving service delivery, and modernising pension administration through responsible digitalisation.

    PenCom explained that accurate and up-to-date contributor data is critical to the efficient management of retirement savings under the CPS. Over time, inconsistencies linked to legacy records and incomplete documentation have created challenges in verification and benefits processing.

    PENCAP is designed to address these issues by providing a secure and convenient channel for contributors to update their records. 

    By enhancing the quality and reliability of RSA data across PFAs, the platform is expected to accelerate benefit processing, streamline verification exercises, and improve overall service delivery for contributors.

    The Commission noted that the Data Recapture Exercise (DRE) began in August 2019 for both active contributors and retirees, in line with the Federal Government’s directive for data-generating organisations to harmonise their records with the National Identity Management Commission (NIMC).

    The exercise also supports the creation of a credible national database of RSA holders, using the National Identification Number (NIN) as a unique identifier.

    Read Also: PenCom okays upward review for 2,116 retirees

    To support this objective, PenCom developed and deployed an Enhanced Contributor Registration System (ECRS), integrated with the NIMC database to verify the identity of individuals registering under the CPS and existing RSA holders yet to complete recapture. Previously, contributors were required to visit PFAs physically, a process that has left many eligible RSA holders unrecaptured for more than six years.

    Under the new self-service model, the recapture process will be fully online. RSA holders will need a smartphone, computer, or similar device with a camera and internet access to enable live image capture. Contributors can access the portal at https://pensionrecap.pencom.gov.ng/ and create a secure user profile using a personal email address.

    “Contributors will then complete the online Data Recapture Form and, where applicable, upload supporting documents to validate requested updates. The process also involves biometric verification through live facial capture and the provision of a digital signature to confirm authenticity. 

    “Processing, Validation and Notifications

    Following submission, the contributor’s PFA reviews the application and takes appropriate action within the defined processing period. Throughout this stage, RSA holders receive email notifications acknowledging receipt of their request and providing updates on approval or rejection, including reasons where applicable. This ensures transparency, accountability, and continuous communication.

    “The rollout of PENCAP, aims to speed up the Data recapture process which has been ongoing since the launch of the ECRS but without significant progress. By providing the self-service option, it is expected that more RSA holders will be encouraged to participate due to its convenience.  Importance of Compliance for RSA Holders RSA holders who enrolled on or before 1 July 2019 and are yet to undergo recapture are required to take advantage of the online window to confirm and update their records. 

    “This is a necessary step to migrate their date onto the ECRS, which uniquely identifies RSA holders via their National Identification Number (NIN). Completion of the data recapture exercise is also essential for participation in the Retiree Enrolment and Verification Exercise and for accessing key pension transactions. 

    “These include processing of retirement benefits, eligibility to utilise part of RSA balances as equity contribution for residential mortgages, withdrawal temporary job loss, and the transfer of RSAs between PFAs. Eligible RSA holders who fail to complete the data recapture will not be able to access any of the aforementioned services”. 

  • PenCom urges CSOs on accountability

    PenCom urges CSOs on accountability

    The Director General, National Pension Commission, Omolola Oloworaran has called on Civil Society Organisations (CSOs) to ensure accountability and public trust through leadership with the reform going on in the pension industry under the pension revolution 2.0 agenda.

    The DG gave this advice at the 2025 PenCom, Civil Society Conference in Abuja,  with the theme, “Civil Society as a Catalyst in the Pension Revolution 2.0,” stating that the civil society is a critical partner in expanding pension coverage and safeguarding the integrity of the Contributory Pension Scheme (CPS).

    She said: “The reform agenda was deliberately designed to deliver measurable impact, rebuild confidence in the pension system, and ensure retirement security for Nigerians across all sectors of the economy.

    “The Pension Revolution 2.0 represents the most comprehensive overhaul of the pension industry since 2004, combining regulatory reforms, stronger supervision, digital transformation, and governance improvements to future-proof the system.”

    READ ALSO: US: How not to engage a changing continent

    Oloworaran spoke on the Presidential approval and disbursement of 758billion to clear outstanding pension liabilities as one of the most significant milestones recorded in the past year, this intervention she said sent a strong signal that the Federal Government is committed to honouring its obligations to workers and retirees.

    She explained the long-standing pension increase backlogs for treasury-funded retirees, some dating back to 2007 which have been fully settled, while zero waiting time for the payment of accrued pension rights was restored from July 2025. These represent dignity for retirees, their access to healthcare and their peace of mind after years of service.

  • N577b paid to retirees, contributors, says PenCom

    N577b paid to retirees, contributors, says PenCom

    The National Pension Commission (PenCom) has paid out over N577.26 billion to retirees and pension contributors, following the Federal Government’s unprecedented intervention to clear long-standing pension liabilities.

    The Director-General of PenCom, Ms. Omolola Oloworaran, made this known while addressing journalists at the “2025 Pension Revolution Summit – A 365 Days Scorecard,” where she presented an account of reforms, payouts and structural changes recorded by the Commission over the past year.

    Oloworaran said the Federal Government approved and released N758 billion to settle outstanding pension liabilities, describing the development as one of the most historic milestones in the pension industry.

    According to her, the funds were realised through the bond market and deployed to address pension increases, accrued rights and other legacy obligations.

    “The National Pension Commission has paid out N362,742,954,000 to about 194,000 retirees from the N758 billion realised,” she said. “The major tranche of this was N387 billion for pension increases. Out of this amount, we have paid N362,742,954,000, leaving a balance of about N24.7 billion, which we are processing.”

    She explained that the disbursement had a significant impact across the public sector, with a notable portion paid to security personnel. A director of the Commission added that “out of the N362 billion paid out, 32 per cent, amounting to N132 billion, was paid to the Nigeria Police.”

    Oloworaran further disclosed that the Commission has commenced payments under the minimum pension guarantee framework, describing it as the Federal Government’s contribution toward protecting retirees on the lower end of the income scale.

    “We are coming out with the minimum pension guarantee. This is just a share of the Federal Government in paying the subvention for the minimum pension guarantee, and this is also being disbursed,” she said.

    She added that PenCom has also remitted N107 billion to cover the Federal Government’s outstanding 2.5 per cent pension contributions for a five-year period, after noting that the government did not make those contributions between 2017 and 2021.

    Read Also: Tunji-Ojo: Nigeria’s future depends on unity, national renewal

    “This went directly to the addresses of 750,223 individual retirement savings accounts,” Oloworaran said, adding that payments to professors under approved pension enhancements were also ongoing in batches.

    According to her, the cumulative effect of all the disbursements shows that a total of N577,264,960,890.43 has been credited directly to the accounts of pension retirees and contributors, impacting more than 1.05 million retirement savings accounts nationwide.

    Speaking on the significance of the intervention, Oloworaran said the Presidential approval and release of N758 billion sent a strong message about the country’s commitment to its workforce. “This unprecedented intervention set a clear and powerful signal that Nigeria honours its promises to its workers and retirees. We have the talk and we do the precedent,” she said.

    She also said PenCom introduced Pension Post 1.0 earlier in the year to improve benefit adequacy, noting that the initiative has already added N2.6 billion to monthly pension payments for retirees under the Contributory Pension Scheme since June.

    “These are not just numbers,” she said. “They are meals on tables, medicine bought, debts settled, and dignity preserved.”

    On technology-driven reforms, Oloworaran said the Commission has automated several previously manual processes, including pension payroll certification. “The process is now automated, and there is a significant upgrade coming,” she said, adding that benefit processing and contribution maintenance platforms have also been upgraded through a system known as COBRA, which she said is now live and operational.

    She disclosed that PenCom inaugurated the Board of Trustees of the Pension Healthcare Initiative, known as PENCARE, describing it as a landmark intervention to provide affordable and accessible healthcare for low-income retirees.

    “Retirement should be a season of peace, not a period defined by anxiety over medical bills,” she said, thanking industry stakeholders for supporting the initiative.

    Oloworaran also announced the establishment of the Pension Industry Leadership Council, a platform designed to foster collaboration, accountability and innovation across the sector.

    She said another major reform was the restructuring of the micro-pension plan into the Personal Pension Plan, aimed at expanding coverage among informal sector workers such as artisans, traders, gig workers and creatives.

    “Under the Personal Pension Plan, onboarding is completely simplified. I believe you only need your name and a verifiable identity to onboard,” she said.

    She disclosed that PenCom has expanded digital enrolment and introduced accredited pension agents, adding that approval in principle has already been granted to one agent Awabah, with another in progress. According to her, the initiative is also designed to create employment opportunities for young Nigerians.

    “Accredited pension agents are not merely a distribution channel. They are also an employment strategy,” Oloworaran said.

    On regulation, she said the Commission deliberately raised capital requirements for pension operators to strengthen the industry. “This was not punitive. It was purposeful. Stronger capital means stronger institutions,” she said.

    She added that governance rules were also tightened to eliminate shadow directorships. “Pensions cannot be managed from the shadows. Transparency, accountability, and fit-and-proper leadership are not negotiable,” she said.

    Oloworaran said a compliance circular issued in the second quarter of the year, which linked pension clearance certificates to participation in pension-related transactions, has already changed behaviour across the system.

    “If you don’t have a pension clearance certificate, you can’t do business with PFAs, custodians or even transact with the largest banks,” she said.

    According to her, pension recoveries rose sharply following the directive. “From January to November this year, total pension recoveries reached N4.04 billion, compared to N1.44 billion for the whole of 2024. That is an increase of about 180 per cent,” she said, adding that N2.06 billion was recovered in the third quarter of 2025 alone.

    She said the surge in recoveries and clearance certificate issuance shows that compliance improves when enforcement carries real economic consequences. “This clearly demonstrates that when compliance is tied to real consequences, behaviour changes,” Oloworaran said.

  • PenCom disburses N577bn to retiree, contributors

    PenCom disburses N577bn to retiree, contributors

    The National Pension Commission (PenCom) said it has paid out over N577.26 billion to retirees and pension contributors, following the Federal Government’s unprecedented intervention to clear long-standing pension liabilities.

    The Director-General of PenCom, Ms. Omolola Oloworaran, made the disclosure while addressing journalists at the “2025 Pension Revolution Summit – A 365 Days Scorecard,” where she presented an account of reforms, payouts and structural changes recorded by the Commission over the past year.

    Oloworaran said the Federal Government approved and released N758 billion to settle outstanding pension liabilities, describing the development as one of the most historic milestones in the pension industry. 

    According to her, the funds were realised through the bond market and deployed to address pension increases, accrued rights and other legacy obligations.

    “The National Pension Commission has paid out N362,742,954,000 to about 194,000 retirees from the N758 billion realised,” she said. “The major tranche of this was N387 billion for pension increases. Out of this amount, we have paid N362,742,954,000, leaving a balance of about N24.7 billion, which we are processing.”

    She explained that the disbursement had a significant impact across the public sector, with a notable portion paid to security personnel. A director of the Commission added that “out of the N362 billion paid out, 32 per cent, amounting to N132 billion, was paid to the Nigeria Police.”

    Oloworaran further disclosed that the Commission has commenced payments under the minimum pension guarantee framework, describing it as the Federal Government’s contribution toward protecting retirees on the lower end of the income scale.

    “We are coming out with the minimum pension guarantee. This is just a share of the Federal Government in paying the subvention for the minimum pension guarantee, and this is also being disbursed,” she said.

    She added that PenCom has also remitted N107 billion to cover the Federal Government’s outstanding 2.5 per cent pension contributions for a five-year period, after noting that the government did not make those contributions between 2017 and 2021.

    “This went directly to the addresses of 750,223 individual retirement savings accounts,” Oloworaran said, adding that payments to professors under approved pension enhancements were also ongoing in batches.

    According to her, the cumulative effect of all the disbursements shows that a total of N577,264,960,890.43 has been credited directly to the accounts of pension retirees and contributors, impacting more than 1.05 million retirement savings accounts nationwide.

    Speaking on the significance of the intervention, Oloworaran said the Presidential approval and release of N758 billion sent a strong message about the country’s commitment to its workforce. “This unprecedented intervention set a clear and powerful signal that Nigeria honours its promises to its workers and retirees. We have the talk and we do the precedent,” she said.

    She also said PenCom introduced Pension Post 1.0 earlier in the year to improve benefit adequacy, noting that the initiative has already added N2.6 billion to monthly pension payments for retirees under the Contributory Pension Scheme since June.

    “These are not just numbers,” she said. “They are meals on tables, medicine bought, debts settled, and dignity preserved.”

    On technology-driven reforms, Oloworaran said the Commission has automated several previously manual processes, including pension payroll certification. “The process is now automated, and there is a significant upgrade coming,” she said, adding that benefit processing and contribution maintenance platforms have also been upgraded through a system known as COBRA, which she said is now live and operational.

    She disclosed that PenCom inaugurated the Board of Trustees of the Pension Healthcare Initiative, known as PENCARE, describing it as a landmark intervention to provide affordable and accessible healthcare for low-income retirees.

    “Retirement should be a season of peace, not a period defined by anxiety over medical bills,” she said, thanking industry stakeholders for supporting the initiative.

    Oloworaran also announced the establishment of the Pension Industry Leadership Council, a platform designed to foster collaboration, accountability and innovation across the sector. 

    She said another major reform was the restructuring of the micro-pension plan into the Personal Pension Plan, aimed at expanding coverage among informal sector workers such as artisans, traders, gig workers and creatives.

    “Under the Personal Pension Plan, onboarding is completely simplified. I believe you only need your name and a verifiable identity to onboard,” she said.

    Read Also: Tunji-Ojo: Nigeria’s future depends on unity, national renewal

    She disclosed that PenCom has expanded digital enrolment and introduced accredited pension agents, adding that approval in principle has already been granted to one agent Awabah, with another in progress. According to her, the initiative is also designed to create employment opportunities for young Nigerians.

    “Accredited pension agents are not merely a distribution channel. They are also an employment strategy,” Oloworaran said.

    On regulation, she said the Commission deliberately raised capital requirements for pension operators to strengthen the industry. “This was not punitive. It was purposeful. Stronger capital means stronger institutions,” she said.

    She added that governance rules were also tightened to eliminate shadow directorships. “Pensions cannot be managed from the shadows. Transparency, accountability, and fit-and-proper leadership are not negotiable,” she said.

    Oloworaran said a compliance circular issued in the second quarter of the year, which linked pension clearance certificates to participation in pension-related transactions, has already changed behaviour across the system.

    “If you don’t have a pension clearance certificate, you can’t do business with PFAs, custodians or even transact with the largest banks,” she said.

    According to her, pension recoveries rose sharply following the directive. “From January to November this year, total pension recoveries reached N4.04 billion, compared to N1.44 billion for the whole of 2024. That is an increase of about 180 per cent,” she said, adding that N2.06 billion was recovered in the third quarter of 2025 alone.

    She said the surge in recoveries and clearance certificate issuance shows that compliance improves when enforcement carries real economic consequences. “This clearly demonstrates that when compliance is tied to real consequences, behaviour changes,” Oloworaran said.

  • Commission commits to inclusive pension coverage

    Commission commits to inclusive pension coverage

    Director General, National Pension Commission (PenCom), Omolola Oloworaran has disclosed that the commission is committed to ensuring every Nigerian whether formally employed or not, has the opportunity for a secure and dignified old age through pension coverage.

    She noted that, though the formal sector is significant, it represents only a portion of the national workforce as a vast majority of Nigerians earn their livelihoods in the informal sector such as artisans, traders, market men and women, freelancers, creative professionals, agricultural workers, and participants in the gig economy.

    The Director General who was represented by the Head, Corporate Communications Department, PenCom,  Ibrahim Buwai  disclosed this at the annual conference of the Pension Correspondents Association of Nigeria, PenCan in Abuja, with the theme, “Inclusion & Innovations: Bridaing the Pension Gap for Nigeria’s Informal Sector” lamenting that for far too long, many of these individuals have had little or no access to structured pension arrangements.

    According to her, ‘Nigeria’s informal workforce is estimated at between 70 and 80 million people. Under- coverage in this segment means that the promise of retirement security remains a dream rather than a reality for many. The earlier Micro Pension Plan, launched in 2019, recorded modest uptake approximately 200,000 contributors and about one billion naira in assets, which is far below the scale of the challenge.

    “Consequently, PenCom re-engineered the Micro Pension Plan under a new name, the Personal Pension Plan (PPP), to deliver both inclusion and innovation.

    Allow me to highlight five pillars of this initiative. Under the plan are the, Inclusive Eligibility: The PPP opens the door to self-employed persons, informal sector participants, and formal sector employees who wish to make additional voluntary contributions. The eligibility threshold is set at 18 years and above.

    Read Also: Okpebholo takes EU ambassadors to monarch

    “Flexible Contributions and Access,  Contributors may make lodgements through approved digital and banking channels. Half of each contribution may be set aside for contingent withdrawal, while the other half builds long-term retirement savings. These flexible rules ensure that informal workers can join the system without being locked out.

    “This is also by recognising the realities of informal work including mobile money, POS, USSD, and digital wallets, the guidelines allow Accredited Pension Agents (APAs) and PFAs to deploy technology-driven solutions that simplify onboarding and contributions. Digitised Administration and Transparency, the PPP emphasises end-to- end digitisation across onboarding, contributions, withdrawals, and customer support. Contributors receive instant acknowledgment of their contributions and have real-time access to their statements,measures designed to build trust and accountability”.

    Oloworaran calls on journalists to partner in the commission’s transformative journey, creating awareness about the PPP, explain it in simple and relatable terms to artisans, traders, and small business owners, and showcase success stories of those who have joined, contributed, and are steadily building retirement security.

  • PenCom embarks on customer satisfaction survey

    PenCom embarks on customer satisfaction survey

    The National Pension Commission (PenCom) has commenced the 2025 Annual Customer Satisfaction Survey for active contributors and retirees under the Contributory Pension Scheme (CPS).

    The commission made this known while calling on the public and all stakeholders to participate in the survey.

    In a statement, PenCom said the survey, which began on November 3, 2025, will run until December 17.

    Read Also: Okpebholo takes EU ambassadors to monarch

    The survey, the commission said, is designed to assess customer satisfaction, brand awareness, and pension literacy among Retirement Savings Account (RSA) holders and retirees under the scheme.

    PenCom encourages all active contributors and retirees to kindly complete the survey.

    The link for the survey can be found on the commission’s website and on social media handles.

  • Senate confirms Agbaje as PENCOM chairman, approves four national commissioners

    Senate confirms Agbaje as PENCOM chairman, approves four national commissioners

    The Senate on Tuesday confirmed the nomination of Agbaje Opeyemi Olukayode (South West), appointed by President Bola Ahmed Tinubu, as the new chairman of the National Pension Commission (PENCOM).

    Alongside Olukayode, four other nominees were also confirmed as national commissioners of the agency.

    They include Hon. Hafiz Muhammad Kawu Ibrahim, OON (Commissioner, Technical – South West); Samuel Chigizie Uwandu, CPA (Commissioner, Inspectorate – South East); Charles Efe Sylvester Emukowhate (Commissioner, Finance – South South); and Bello Abubakar Malabu (Commissioner, Administration – North East).

    The confirmation followed the Senate’s consideration and adoption of the report presented by its Committee on Establishment and Public Service.

    The report was presented by the Chairman of the Committee, Senator Oluwole Fasuyi Cyril.

    After the confirmation, Deputy Senate President, Senator Jibrin Barau, who presided over plenary, thanked President Bola Ahmed Tinubu for “nominating these outstanding Nigerians to occupy these offices.”

    “We are confident that they would add value to this agency,” he said.

  • Ex-police officers seek amendment of PENCOM Act

    Ex-police officers seek amendment of PENCOM Act

    Retired police officers, under the aegis of the Police Retired Officers’ Forum (PROF), have decried the inadequacy and delay in the payment of police gratuities and pensions. 

    They called on the National Assembly to expedite action on the amendment of the Pension Reform Act 2014, to give legal effect to the exit of police personnel from the contributory pension scheme.

    The retirees urged the Senate to introduce and pass the Police Amendment Bill 2025 (Pension Act 2014) to concur with the version already passed by the House of Representatives in October this year.

    National Coordinator of PROF, Chief Superintendent of Police Raphael Irowainu (rtd), lamented that although the 9th National Assembly passed the bill and transmitted it to then-President Muhammadu Buhari for assent, he failed to sign it into law.

    “As of today, following our agitation last month, the House of Representatives has passed the amendment bill and forwarded it to the Senate for concurrence and harmonisation.

    “But since then, the Senate has not acted. We were even at the Senate last Thursday and were alarmed to learn that the Senate Leader, Senator Opeyemi Bamidele, has not presented or listed it for discussion,” Irowainu said.

    He appealed to Nigerians to prevail on the Senate and the President to expedite action on the bill, saying:

    “Without fixing the police, the problem of internal security in Nigeria cannot be solved. We are the lead agency in internal security, and it is imperative that the government does the needful before things get out of hand.”

    Irowainu condemned what he described as the government’s neglect of police officers who die in the line of duty.

    “People complain about insecurity, yet they refuse to care for those sent to fight it. When five policemen were killed in the U.S. during Barack Obama’s presidency, the entire country stood still. In Nigeria, when a policeman is killed, nobody cares,” he said.

    Read Also: Religion not Nigeria’s crisis, says Soyinka

    He recalled that in 2013, about 50 policemen and 10 DSS operatives were killed in Nasarawa State while attempting to arrest a criminal gang leader.

    “The DSS  families were compensated with N10 million and a house each, while the families of the policemen received N2.5 million each. Even getting that payment was a problem. The government has abandoned the police,” he lamented.

    Irowainu described the pension paid to retired police officers as “grossly inadequate.

    “An Assistant Superintendent of Police (ASP) receives about N1.5 million as total retirement benefit and about N24,000 monthly pension.

    “A Deputy Superintendent (DSP) gets N2 million and N25,000 monthly; a Superintendent (SP), N2.5 million and N30,000; a Chief Superintendent (CSP), N3 million and N50,000; an Assistant Commissioner (ACP), between N6 million and N7 million and N60,000 monthly; while a Deputy Commissioner (DCP) gets about N8 million and N65,000 to N70,000 monthly. Even a retired Commissioner of Police received about N75,000 monthly before our agitation began.”

    He compared this with the military, saying: “A retired Warrant Officer 2 (WO2), equivalent to a police inspector, gets about N30 million as take-home pay. This disparity is shameful.”

    Irowainu added that many police retirees who left service in 2024 have not been paid their gratuities.

    “Even if they pay now, the money has lost value. Many of our colleagues have died; many live in poverty and have become beggars. Some cannot fund their children’s education, and some of those children have turned to crime,” he said.

    He warned that the neglect of retired police officers poses a serious national security threat.

    “Serving and retired officers are part of the system. We are trained in intelligence and weapon handling. When denied basic needs, some may resort to crime or form criminal gangs, which will be difficult to control,” he cautioned.

    He added that many retirees, disillusioned by poor treatment, may withhold intelligence or even sabotage crime prevention efforts.

    “It is not in the government’s interest to ignore serving and retired officers. Failing to remove the police from the contributory pension scheme is a deliberate act that undermines national security. Those still in service are demoralised. When officers see what retirees face, they lose motivation to serve professionally,” he said.

    Irowainu also accused the Police Management Team of neglect, alleging that senior officers had already exited the contributory scheme.

    “Officers from the rank of AIG to IGP are no longer part of PENCOM. They are our generals, yet they abandoned us. If the government fails to remove the rest of us, the current insecurity in Nigeria will be child’s play,” he warned.

    He further said the government’s actions showed disinterest in police welfare.

    “Any government that values national security will care for its police. Policemen are dying daily. Even the debarment allowance introduced by President Buhari for security personnel who retire after 25 years or die in service has not been paid to policemen. It’s the result of unresponsive leadership,” he added.

    He noted that while the military pays the families of deceased officers at least N5 million, police families receive far less.

    “We demand justice, fairness, and dignity for the men and women who dedicated their lives to protecting Nigeria,” he said.

  • PenCom to judiciary: participate in PPP for enhanced retirement security

    PenCom to judiciary: participate in PPP for enhanced retirement security

    The Director General of the National Pension Commission (PenCom), Omolola Oloworaran, has urged justices, judges of all Superior Courts in Nigeria who are exempted from the Contributory Pension Scheme (CPS) to key into the Personal Pension Plan (PPP) to enhance their retirement security and that of their dependents.

    The PenCom DG noted that as custodians of justice, the judicial officers’ welfare should be given paramount consideration.

    She said the commission remained committed to working with them to realise this objective.

    According to her, the commission is pursuing the Pension Reform Act (PRA) to address emerging issues, improve operational efficiency, and ensure that the CPS responds to the evolving needs of all stakeholders, including judicial officers.

    Oloworaran spoke yesterday in Abuja at a sensitisation workshop on the CPSfor honourable judges of the National Industrial Court of Nigeria (NICN).

    The PenCom DG stated that the transition from the Defined Benefits (DB) Scheme to the CPS has faced some challenges, including accrued pension rights, untimely remittance of pension contributions, and non-payment of other entitlements of public sector employees, as well as some judges who moved to the CPS before their elevation to the Bench.

    She said: “The commission has worked tirelessly to surmount these and many other challenges. Through these interventions, President Bola Ahmed Tinubu had earlier directed that retirement benefits of retirees of Treasury-funded MDAs of the government are paid when due.

    “Again, as part of the commission’s efforts towards resolving the issues relating to the accrued benefits of some judicial officers under CPS, the commission has opened discussions with the National Judicial Council (NJC) and is committed to ensuring that the issues are addressed in a fair and transparent manner for the benefi of the affected persons.

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    “As the final arbiters in matters brought before the courts, your decisions have far-reaching implications for the interpretation and enforcement of pension laws and regulations. The commission deeply values the objectivity, rigour, and fairness that the judiciary brings to these matters. It is, therefore, imperative that judicial officers are well acquainted with the legal and regulatory framework governing the CPS, including the provisions of the PRA, relevant regulations, guidelines and the operational procedures of the CPS.”

    Oloworaran stressed that continuous judicial education in pension laws and policy is essential, as it not only enhances the quality of adjudication but also contributes meaningfully to the development of jurisprudence in this important area.

    The workshop, the PenCom DG said, was intended to provide clarity on the context, nature, and structure of retirement benefits administration under the CPS.

    She added that it would also address specific concerns, provide updates on ongoing reforms in the pension industry, and foster a better understanding of the commission’s role in safeguarding pension assets and ensuring the welfare of contributors under the CPS.

    “We believe that your feedback and insights will be invaluable in shaping future reforms and ensuring that the pension system continues to serve its purpose effectively, which, ultimately, is the financial security of Nigerian workers in retirement,” Oloworaran said.

  • PenCom recapitalises to protect contributors’ funds

    PenCom recapitalises to protect contributors’ funds

    The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has reaffirmed that the ongoing recapitalisation exercise remains central to the Commission’s reform strategy aimed at strengthening the pension sector against financial shocks, enhancing efficiency, and safeguarding contributors’ funds.

    Speaking at the Commission’s 2025 Customer Service Week Seminar in Abuja, themed “Mission Possible,” Oloworaran described the recapitalisation drive as a crucial step toward bolstering the financial resilience and long-term sustainability of Nigeria’s pension industry.

    According to her, the exercise is designed to ensure that Pension Fund Administrators (PFAs) are adequately capitalised to secure pension assets, promote fair competition, and maintain public confidence in the system.

    “With the continuous growth of pension assets and the expanding participation base of the Contributory Pension Scheme (CPS), recapitalisation has become critical to align the industry’s capital structure with its operational and investment realities,” she said.

    Oloworaran noted that the initiative forms part of the Commission’s new reform framework, Pension 2.0, which focuses on innovation, inclusion, and integrity as the next phase of Nigeria’s pension development.

    Under this framework, PenCom has introduced landmark reforms such as the Guideline on the Administration of Retirement Savings Accounts in Foreign Currency, which allows Nigerians in the diaspora and those in foreign employment to participate in the CPS, and the *Personal Pension Plan (PPP) designed to integrate self-employed and informal sector workers into the pension system.

    To further drive inclusion, the Commission has developed a Framework for the Engagement of Accredited Pension Agents to promote the Personal Pension Plan in rural and underserved areas. Additionally, PenCom has issued Revised Guidelines for Corporate Governance for Licensed Pension Fund Operators (LPFOs) to strengthen ethical conduct, accountability, and transparency across the industry — key complements to the recapitalisation policy.

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    “Recapitalisation, combined with strong governance standards, ensures that operators remain financially sound and accountable to contributors and retirees. Our mission is to build a sustainable and customer-focused pension system that Nigerians can trust,” Oloworaran stated.

    She added that under the Pension 2.0 agenda, PenCom would continue to modernise pension operations through digital innovation, improved service delivery, and stronger stakeholder collaboration.

    Speaking at the event, Mrs. Ngozi Akinbodewa, Head of Operations at SERVICOM, represented by Duruba Sesugh, urged PenCom to ensure that retirees receive their benefits promptly. She commended the Commission for celebrating its employees’ dedication to improving customer service and ensuring positive user experiences within the pension sector.