The National Pension Commission (PenCom) has inaugurated the Pension Industry Leadership Council (PILC), a multi-stakeholder body designed to foster synergy between the regulator and industry operators while addressing persistent challenges in Nigeria’s pension system.
Speaking at the inauguration in Abuja, Omolola Bridget Oloworaran, Director-General of PenCom, described the Council as a “national priority” inaugurated by George Akume, Secretary to the Government of the Federation (SGF), to strengthen governance, expand coverage, and bolster public confidence in the pension sector.
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Since the launch of the Contributory Pension Scheme (CPS) in 2004, PenCom has mobilized long-term savings, restored dignity to retirees, and promoted financial stability. However, Oloworaran noted that critical gaps remain in coverage, adequacy, governance, and the sector’s broader impact on national development.
“For better synergy in the industry between operators and the Commission, the regulator, the Pension Industry Leadership Council was inaugurated by the SGF of the Federation. Since 2004, the CPS, the Contributory Pension Scheme, has mobilized long-term savings, restored retirement dignity, and bolstered financial stability.
“But that said, there are still urgent challenges. This includes coverage gaps, adequacy, governance, and impact. We must demonstrate impact and we need to do a whole lot more of that.
“And all this requires a unified and not fragmented effort. The world is changing, as we all know, on a daily basis, and we as an industry too must change. We must be innovative in products, processes, systems, and we must ensure inclusiveness and transparency,” she said
According to the DG, the PILC will focus on five core mandates; expanding pension coverage, particularly to the informal sector, which accounts for over 80 percent of Nigeria’s workforce, enforcing governance and fiduciary standards across the industry.
Channeling pension assets into national development projects while safeguarding contributors’ interests, driving innovation in pension products and processes and strengthening public confidence in the system.
Oloworaran also unveiled “Pension Revolution 2.0”, a wave of reforms championed by President Bola Ahmed Tinubu These include the introduction of a minimum pension guarantee and the provision of healthcare coverage for retirees, measures she described as unprecedented in the nation’s pension history.
She assured stakeholders that PenCom is working with government partners on new investment instruments and revised regulations to hedge against inflation and currency devaluation, ensuring that contributors’ Retirement Savings Accounts (RSAs) retain long-term value.
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The DG stressed that pension funds would increasingly be deployed into bankable infrastructure, agriculture, affordable housing, and capital markets, in ways that spur job creation and economic growth without compromising safety.
“Pensions are expected to be a pillar of social protection, inclusion, and sustainable economic growth. And we all know that. So that said, the mandate of this Council is clear.
“One, to expand coverage, especially to informal sectors, Channel assets into national development while safeguarding contributors’ interests. Drive innovation in products, processes, and systems. We can’t stress innovation enough,” she added
