Speaking at the Pension Revolution Summit and 2025 Media Conference in Ikeja, Lagos, Oloworaran presented a 365-Day Performance Scorecard, describing it as a record of intent, accountability and delivery under President Bola Ahmed Tinubu’s administration.
She expressed gratitude to President Tinubu for the confidence reposed in her following her confirmation as PenCom Director-General one year ago, noting that the mandate was clear: rebuild trust, expand coverage, strengthen governance and reposition the pension system for the future.
Pension Revolution 2.0 Takes Off
According to Oloworaran, PenCom formally launched Pension Revolution 2.0, the most comprehensive reform agenda in the industry since the enactment of the Pension Reform Act in 2004.
“This was not cosmetic reform. It was structural,” she said, explaining that the initiative integrates regulatory reforms, governance restructuring, stronger supervision, digital transformation and industry realignment to future-proof Nigeria’s pension system.
₦758bn Pension Liabilities Cleared
A major highlight of the address was the Presidential approval and disbursement of ₦758 billion to clear all outstanding pension liabilities, some of which had accumulated over two decades.
Oloworaran described the intervention as the most historic milestone in the pension industry in the last 20 years, noting that pension increases owed to federal government treasury-funded retirees — dating back to 2007 — have now been fully paid.
“This unprecedented intervention sent a clear signal that Nigeria honours its promises to workers and retirees,” she said.
Zero Waiting Time for Retirement Benefits Restored
The PenCom DG announced the restoration of zero waiting time for the payment of Retirement Benefits, effective July 2025.
“Once documentation is complete, retirees are paid immediately. The era of delays in pension payments is over,” Oloworaran declared.
Pension Boost Adds ₦2.6bn Monthly to Retirees
To improve pension adequacy, PenCom introduced Pension Boost 1.0 in June 2025, which has added ₦2.6 billion monthly to pension payments for CPS retirees.
“These are not just figures. They represent food on tables, medicines purchased and dignity preserved,” she said.
Automation and Digital Upgrade Drive Efficiency
Oloworaran disclosed that PenCom has achieved full automation of key pension processes, including the Pension Clearance Certificate (PCC) system, benefit processing and contribution remittance platforms.
She revealed that further technology upgrades are imminent to ensure continuous efficiency and alignment with global best practices.
Healthcare Initiative for Retirees Begins 2026
The DG announced the inauguration of the Pension Industry Healthcare Initiative (PennCare), designed to provide free and accessible healthcare for low-income retirees.
The pilot phase, scheduled for March 2026, will enroll 30,000 retirees across Nigeria’s six geopolitical zones.
“Retirement should be a season of peace, not anxiety over medical bills,” she said.
Micro Pension Rebranded as Personal Pension Plan
In a move to expand pension coverage among informal sector workers, PenCom restructured the Micro Pension Plan into the Personal Pension Plan, targeting artisans, traders, creatives, market women and gig workers.
The reforms include simplified onboarding, expanded digital enrollment and the introduction of Accredited Pension Agents, a move Oloworaran said would also create employment opportunities for thousands of young Nigerians.
“This is financial inclusion with impact,” she stated.
Stronger Governance and Capital Base for Operators
To strengthen the pension industry, PenCom raised capital requirements for pension operators, tightened regulations to eliminate shadow directorships, and reinforced fit-and-proper leadership standards.
“A system entrusted with Nigerians’ life savings must be governed by transparency, integrity and competence,” Oloworaran said.
Non-Remittance Crackdown Yields 180% Recovery Growth
Responding to concerns raised by the media on pension non-remittance, PenCom issued a compliance circular linking the Pension Clearance Certificate to participation across the pension industry value chain.
The move delivered immediate results. Between January and November 2025, pension recoveries rose to ₦4.04 billion, compared with ₦1.44 billion for the entire 2024 — representing a 180 per cent increase.
Third-quarter 2025 alone recorded ₦2.06 billion, nearly 150 per cent of the total recoveries in the previous year.
Similarly, the value of PCCs issued jumped from a quarterly average of ₦150 billion to ₦233 billion in Q3 2025.
“When compliance is tied to real economic consequences, behaviours change,” Oloworaran noted.
Call for Innovation, Accountability and Responsible Reporting
While commending pension operators for their cooperation, the PenCom DG urged them to sustain innovation and prioritise customer service excellence.
She also thanked the media for its role in accountability, urging journalists to ensure accurate, constructive and fact-based reporting.
Concluding, Oloworaran described Pension Revolution 2.0 as an irreversible process driven by collective commitment from PenCom, industry operators and the media.
“Together, we are building a pension system that is inclusive, resilient, transparent and trusted by every Nigerian,” she said.
PenCom DG Omolola Oloworaran unveils Pension Revolution 2.0 in Lagos, announcing ₦758bn pension liability clearance, zero retirement payment delays, expanded coverage, stronger governance and a 180% surge in pension recoveries.
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