The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has charged Pension Fund Administrators (PFAs) and different business stakeholders to open three million additional funded Retirement Savings Accounts by 2027.
Oloworaran disclosed this in Abuja on Thursday on the National Pension Conference and Awards in Abuja, as a part of actions for the Pension Week 2026.
Delivering her keynote handle, Oloworaran maintained that 5 main reforms, or shifts, should happen throughout the subsequent 10 years to additional reposition Nigeria’s pension business.
She mentioned that, by way of the Personal Pension Plan (PPP), accredited pension brokers and different initiatives, the Commission would attain Nigerians the place they’re.
To obtain this, she disclosed that she had requested business gamers to decide to opening three million additional funded energetic accounts throughout the subsequent yr.
“And the good news: the owners of all our pension fund administrators have committed to that. Not registrations, 3 million funded active accounts, new accounts. Because an empty account is a statistic, but a funded account is a future and might just be the beginning of planning the security of that future,” she added.
She mentioned a part of ongoing reform is from financial savings to safety, making certain that no Nigerian who has served and labored for the nation and saved for retirement ought to develop previous.
According to her, that promise will materialise in November, 2026 when President Bola Tinubu launches the Pension Security Initiative.
She additionally known as for a shift from dedication to enforcement, including that, throughout the subsequent decade, the Commission would use each energy conferred on it by the Pension Reform Act to get better what’s owed to staff.
She suggested each employer in Nigeria to see pensions not as deductions however as a declaration that the individuals who construct their companies won’t be deserted once they can not work.
Also talking, President Bola Ahmed Tinubu, represented by the Secretary to the Government of the Federation, Senator George Akume, known as for stronger regulatory oversight, improved compliance and higher accountability throughout the pension ecosystem.
He warned in opposition to reckless funding selections, stressing that pension funds have to be managed professionally and with due regard for the pursuits of contributors and retirees.
According to the President, funding selections must be primarily based on rigorous assessments of dangers and returns.
He charged PenCom to maintain its function as a forward-looking regulator by imposing related legal guidelines and requirements with out worry or favour whereas making certain that pension fund directors and different operators remained accountable.
In the identical vein, the Head of the Civil Service of the Federation, Olumuyiwa Abel Enitan, additionally reaffirmed the Federal Government’s dedication to enhancing pensioners’ welfare below President Bola Tinubu’s Renewed Hope Agenda.
Enitan mentioned retirees deserved recognition and appreciation for his or her contributions to nationwide improvement.
“Our retirees have worked, they have toiled and have contributed to the building of this nation. So they deserve to be recognised, rewarded and appreciated,” he mentioned.
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