On Saturday, the event commenced with opening remarks by the CEO of the Pension Fund Operators Association of Nigeria (PenOp), Mr. Aguda Oguche, who provided highlights of the previous days’ activities. This was followed by a presentation from Mr. Bidemi Oluwaseun Ojudu, Vice President of Securities Services, West Africa at JP Morgan.
At the heart of the retreat was on Saturday when all most of the panelists agreed to the growing momentum to reform the Pension Reform Act 2014—an agenda participants unanimously agreed must evolve in line with Nigeria’s socioeconomic realities. The retreat served not just as a forum for deep industry reflection, but also as a clarion call for collaboration between operators, regulators, and lawmakers to deliver a pension ecosystem that works for all Nigerians.
A Call for Institutional Memory and Policy Continuity
Delivering a keynote reflection, Mr. Mohammed K. Ahmad, the pioneer Director-General of PenCom, emphasized the strategic importance of knowledge preservation and collaboration. “This retreat should become an annual platform for dialogue and innovation,” Ahmad urged, noting that pension reforms must be people-driven and supported by legislation that adapts to modern economic and demographic shifts.
Ahmad also acknowledged the critical role of the National Assembly in advancing reform. “The legislature is central to the transformation of the pension industry. The proposed reform bill must be shaped by inclusive consultations and sustained advocacy to sail through both chambers.”
Legislative Buy-In: From Oversight to Partnership
Senator Oluwole Fasuyi, Chairman of the Senate Committee on Establishment and Public Service, lent legislative gravitas to the retreat. He called for full engagement with all 31 members of the joint Senate and House committees overseeing pensions.
“Legislative oversight should not be viewed with suspicion. We are partners in progress,” Fasuyi affirmed. He called on PFAs to remain transparent and efficient, describing them as frontline social welfare agents. “Beyond financial returns, operators must think of their clients’ long-term wellbeing. We are willing to work with you, but the communication lines must be open.”
Fasuyi also addressed growing discontent among contributors and highlighted petitions to opt out of the Contributory Pension Scheme (CPS). His solution: deepened public enlightenment and policy responsiveness.
Reforms, Resources, and Operational Autonomy
Panel discussions unpacked the operational realities facing the pension industry. A standout intervention came from a former pension executive, who called attention to the need for more funding for the commission. “You cannot expect PenCom to grow with limited financial muscle. We need to fund the commission adequately to empower it to innovate,” he said.
He also advocated for a shift in regulatory culture that allows PFAs to charge for services based on value—akin to the banking model—rather than being restricted by arbitrary limits. “Empower operators. Let them be service-driven and revenue-sustaining. That is how we will see scale.”
From Numbers to Impact: The Inclusion Challenge
Umar Mairami, former MD of Premium Pension, highlighted the urgent need to grow the contributor base. “The sector cannot fulfill its promise if only a small fraction of the working population is covered,” he said, pushing for aggressive inclusion strategies, tax incentives for contributors, and policies that attract informal sector participation.
Meanwhile, Dr. Faruk Aminu, former Head of Investment at PenCom, closed the panel with a bold recommendation—raise employer contributions and enforce consistency in policy direction. “We need adequacy, not just access. The pensions we deliver must be livable. That means better funding, stronger policies, and stable leadership.”
The Takeaway: A New Era of Synergy
As the curtains fell on the retreat, one message stood out: collaboration is non-negotiable. Stakeholders left with renewed commitment to institutional partnerships, enhanced legislative cooperation, and policy reforms that center on people, not just portfolios.
The retreat also reinforced the idea that Nigeria’s pension future depends on synergy—between regulators like PenCom, operators under PenOp, and a legislature that listens and leads.
Indeed, as Senator Fasuyi aptly put it, “This retreat must not end here. Let it ignite a continuous cycle of accountability, innovation, and reform. Our retirees deserve no less.”
Looking Ahead
The inaugural Pension Industry Leadership Retreat has set a powerful precedent. Its organizers now face the challenge—and opportunity—of institutionalizing this platform. If made annual, it could become the very engine that drives the Nigerian pension system into a future of equity, stability, and economic impact.
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