A Transformative Journey in Leadership
The vibrant city of Lagos, a dynamic confluence of commerce, culture, and creativity, recently played host to the highly anticipated 2024 PenCom Media Conference, themed “Tech-Driven Transformation: Shaping the Pension Landscape.” It was a reflective moment as Ms. Omolola Oloworaran, Director-General of the National Pension Commission (PenCom), addressed an eager audience.
“I am delighted to be here in Lagos,” Ms. Oloworaran began with warmth. “I must thank you all for the enthusiasm with which you covered my appointment as the Director-General. Although I must admit, some of the accompanying pictures gave me a good laugh—they weren’t me! But that’s the charm of the media, keeping us grounded and updating our public personas,” she quipped with a smile, setting an engaging tone for her speech.
Under her leadership, PenCom has made significant strides, steering Nigeria’s pension sector toward greater inclusivity and efficiency. With over 10.5 million contributors and pension assets surpassing ₦21.9 trillion as of October, PenCom’s journey reflects resilience and innovation.
Reflecting on the challenges, Ms. Oloworaran acknowledged the erosion of retirees’ purchasing power due to inflation and persistent delays in the payment of accrued rights. “To address this, ₦44 billion has been approved under the 2024 budget appropriation to settle accrued rights for retirees from March to September 2023,” she noted, emphasizing ongoing collaborations with the Federal Government to ensure timely payments and stress-free retirements.
Transforming Lives with Technology
Ms. Oloworaran’s tenure has been marked by groundbreaking initiatives. The e-Application Portal for Pension Clearance Certificates (PCCs), launched in October, has issued over 38,000 PCCs, simplifying processes and enhancing compliance. Similarly, the Pension Industry Shared Service Initiative is poised to digitize remittances, erasing discrepancies and improving efficiency.
Her passion for inclusivity resonated in her commitment to the micro-pension initiative. “No one should be left behind, no matter how small their earnings. Technology is our tool to scale this vision—from mobile enrollment to real-time account management,” she affirmed.
The revised withdrawal template and adjustments to en-bloc payment thresholds further demonstrate PenCom’s focus on improving contributors’ experiences and aligning with economic realities.
Media as Stakeholders in Transformation
Acknowledging the media’s vital role, Ms. Oloworaran said, “You are not just storytellers but stakeholders in our pension system’s success. Your ability to inform, educate, and hold us accountable is invaluable. So, continue asking tough questions, highlighting areas for improvement, and celebrating our wins.”
Her reflections extended beyond policies. “Every time I meet a pensioner living comfortably due to their contributions, I’m reminded why this work matters. And every young artisan who joins the micro-pension scheme strengthens my belief that we are on the right path.”
A Shared Vision for the Future
Closing her address with optimism, Ms. Oloworaran reiterated PenCom’s vision: leveraging technology to make the Contributory Pension Scheme (CPS) accessible, reliable, and sustainable for all Nigerians. “Together, we can ensure that every Nigerian, including the most vulnerable, enjoys a secure and dignified retirement.”
As the conference concluded, the audience left with a renewed understanding of PenCom’s transformative agenda and an appreciation for the leadership steering it. The festive season’s spirit lingered as Ms. Oloworaran extended her best wishes for a joyful Christmas and a prosperous New Year.
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