The 2025 Pension Industry Leadership Retreat concluded with resounding clarity: the future of Nigeria’s pension system lies in bold reforms, inclusive policies, and sustained collaboration between regulators, operators, and lawmakers.
Held from May 8 to 10 at the Lagos Continental Hotel, Victoria Island, the high-level retreat—jointly organized by the National Pension Commission (PenCom) and the Pension Fund Operators Association of Nigeria (PenOp)—brought together top-tier stakeholders to tackle the pressing issues shaping Nigeria’s retirement ecosystem.
Under the theme “Sustainable Retirement – Strategic Blueprint for Economic Development and Inclusion,” the retreat served as both a policy think tank and a rallying point for renewed commitment to pension growth, financial inclusion, and retiree wellbeing.
Among those who graced the forum were industry trailblazers like Muhammed K. Ahmad, the pioneer Director-General of PenCom, and Oloruntimilehin George, MD/CEO of First Pension Custodian Nigeria Limited.
A Call for Continuity and Knowledge Transfer
Delivering a powerful keynote reflection, Mr. Ahmad emphasized that the retreat should become an institutionalized annual platform for dialogue and innovation. “Reforms must be people-centric, legally sound, and driven by evolving economic realities,” he said. He also spotlighted the National Assembly’s role as a strategic ally, urging inclusive consultations to drive reform bills through both chambers.
From Oversight to Partnership
Adding legislative gravitas to the event, Senator Oluwole Fasuyi, Chairman of the Senate Committee on Establishment and Public Service, reaffirmed the lawmakers’ support for the sector.
“Legislative oversight must not be seen as intrusive; it is a necessary partnership for progress,” Fasuyi declared. He encouraged pension fund administrators (PFAs) to maintain transparency and keep lines of communication open. “We’re ready to work with you—but clarity, openness, and accountability are non-negotiable.”
He also addressed growing frustrations among contributors, especially calls to exit the Contributory Pension Scheme (CPS). His recommendation: strategic public education and responsive policy adjustment.
Funding, Flexibility, and Fair Play
Panelists tackled real-world operational concerns head-on. A former PenCom executive challenged the status quo by calling for increased funding for the Commission and operational autonomy for PFAs.
“You can’t demand innovation from a regulator you underfund,” he argued, proposing a model where PFAs charge for services based on value creation, not fixed limits. “Let’s make pensions both people-driven and commercially viable.”
Driving Inclusion Beyond the Numbers
Former Premium Pension MD Umar Mairami addressed a central dilemma: limited contributor base. “We must reach the informal sector aggressively. Offer tax incentives, deploy digital tools, and make the scheme attractive to artisans, freelancers, and SMEs,” he urged.
Building on this, Dr. Faruk Aminu, former Head of Investment at PenCom, delivered a sharp closing insight: “Pension adequacy is the new frontier. It’s not just about access—retirement benefits must be livable. That requires increased employer contributions, policy consistency, and institutional leadership.”
The Big Takeaway: Unity of Purpose
By the close of the three-day gathering, one principle had crystallized: collaboration is the foundation for progress. Whether it’s between PenCom and PenOp, or the National Assembly and the private sector, the pension industry must speak with one voice and act with a shared vision.
Senator Fasuyi’s closing charge encapsulated the retreat’s essence: “Let this forum spark a continuous cycle of innovation, accountability, and reform. Our retirees deserve dignity—and our actions must reflect that.”
Looking Forward: Building a Tradition
The 2025 retreat was more than a policy summit—it was a starting point for structural transformation. Organizers now face the critical task of making it an annual fixture, a legacy event that drives Nigeria’s pension future with measurable impact.
In a country with a young but rapidly aging population, this inaugural Pension Industry Leadership Retreat may well be remembered as the turning point—where ambition met resolve, and the road to sustainable retirement was decisively paved.
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