Omolara Oloworaran
PENSION REVOLUTION SUMMIT & A 365-Day Scorecard
Protocols.
Distinguished guests, respected industry leaders, our valued media partners, ladies and gentlemen, good morning.
It is with a deep sense of purpose and pride that I welcome you to the Pension Revolution Summit and the 2025 Media Conference. Today’s theme, A 365-Day Scorecard, is not simply a reflection on time passed. It is a statement of intent. It speaks to accountability. It speaks to delivery. Above all, it speaks to the future of retirement security in Nigeria.
I begin by expressing my profound gratitude to His Excellency, President Bola Ahmed Tinubu, GCFR, for the confidence and
responsibility entrusted to me to serve Nigeria’s pensioners and active contributors. About one year ago, I was confirmed as Director General of the National Pension Commission with a clear mandate: to rebuild
trust, expand coverage, strengthen governance, and move the Contributory Pension Scheme firmly into its next phase.
I am proud to say that this past year has been defined by bold decisions, structural reforms, and measurable impact.
We formally launched Pension Revolution 2.0, the most comprehensive reform agenda in the Nigerian pension industry since
2004. This was not cosmetic reform. It was structural. It brought together new regulations, stronger supervision, governance reforms, digital transformation, and industry realignment, all designed to future-proof the pension system and position it as a pillar of national stability and long-term development.
One of the most historic milestones of the year was the Presidential approval and disbursement of ₦758 billion to settle outstanding pension liabilities. This unprecedented intervention sent a clear and powerful signal that Nigeria honours its promises to its workers and retirees.
We also cleared long-standing pension increase backlogs for Federal Government treasury-funded retirees, some dating as far back as 2007. What many believed would never be paid has now been paid.
In addition, zero waiting time for the payment of accrued pension rights was restored with effect from July 2025. Today, retirees receive their benefits when due, not months or years later.
To further enhance benefit adequacy, we introduced Pension Boost 1.0, which has already added ₦2.68 billion to monthly pension payments for CPS retirees. These are not just numbers. They are meals on tables, medicines purchased, and dignity preserved.
On the technology front, we achieved full automation of critical pension processes, including the Pension Clearance Certificate system, benefit processing, and contribution remittance platforms.
Operational efficiency has improved, leakages have reduced, and transparency has increased. We will continue to upgrade our systems and application as technology evolves.
We also inaugurated the Board of Trustees of the PenCare Initiative, a landmark industry-wide intervention to provide free and accessible healthcare for low income retirees. Retirement should be a season of peace, not a period defined by anxiety over medical bills.
To strengthen collaboration and leadership across the industry, we established the Pension Industry Leadership Council, a strategic platform that brings together industry leaders to drive innovation,
reinforce accountability, and build collective ownership of reforms.
A defining reform of the year was the restructuring and rebranding of the Micro Pension Plan into the Personal Pension Plan. This was about meeting Nigerians where they are – Artisans, Traders, Gig workers, Creatives, and Informal sector workers.
Under the Personal Pension Plan, we simplified onboarding, expanded digital enrolment, and crucially introduced Accredited Pension Agents.
Let me be clear, Accredited Pension Agents are not merely distribution channels. They are an employment strategy. Thousands of young Nigerians are expected to be trained, certified, and deployed as pension professionals, earning livelihoods while expanding pension coverage. This is inclusion with impact. Financial inclusion that creates jobs.
Let me now address governance and industry structure.
This year, we took deliberate steps to raise capital requirements for pension operators. This was not punitive. It was purposeful. Stronger capital means stronger institutions, better risk management, deeper expertise, and a greater capacity to attract and retain skilled professionals.
We also strengthened governance regulations to eliminate shadow directorships. Let me state this clearly. Pensions cannot be managed from the shadows. Transparency, accountability, and fit-and-proper leadership are non-negotiable. A system entrusted with Nigerians’ life savings must be governed by integrity and competence.
These reforms are already professionalising the industry, deepening skills, and raising standards.
Let me now speak directly to our media partners.
At my maiden media engagement, you raised a hard truth: persistent non-remittance of pension contributions by employers. You were right to raise it, and we acted.
In response, PenCom issued a decisive compliance circular in the second quarter of this year, linking Pension Clearance Certificates to participation across the pension industry value chain.
The impact was immediate and unmistakable. From January to November 2025, total pension recoveries reached ₦4.04 billion, compared to ₦1.44 billion for the whole of 2024. This represents an increase of over 180 percent. Most notably, ₦2.06 billion was recovered in the third quarter of 2025 alone, almost 150% of total recoveries recorded in the entire year 2024.
A similar shift is evident in compliance behaviour. Prior to the third quarter, Pension Clearance Certificates were issued at a modest quarterly average of about ₦150 billion. Following the circular, the third quarter recorded issuances of about ₦233 billion, far exceeding the average of preceding quarters. This clearly demonstrates that when compliance is tied to real economic consequences, behaviour changes.
Today’s summit is therefore not a celebration alone. It is a review, a reckoning, and a recommitment. Our reforms are built on dialogue, data, and discipline, not isolation.
As we move into the next phase of the Pension Revolution, our focus remains clear: to expand coverage, deepen trust, improve investment outcomes, strengthen supervision, and protect retirees.
Retirement security is not a privilege. It is a right. And PenCom will defend it firmly and fairly.
To our licensed operators, thank you for your cooperation. But let me be clear. Innovation is not optional. Compliance is not optional. Service excellence is not optional.
To the media, thank you for your partnership, your scrutiny, and yes, your headlines. You keep us accountable, and Nigeria is better for it.
Before I conclude, let me express my deep and sincere appreciation to the leadership of the Nigerian pension industry. Your engagement, your openness to reform, and your shared commitment to strengthening this system have been critical to the progress we celebrate today. I also extend my heartfelt gratitude to the entire PenCom family, our Board, our Executive Management, and every member of staff. Your professionalism, resilience, and dedication have powered this transformation. Pension Revolution 2.0 is not the work of one person.
It is the product of a committed institution working with purpose and unity.
Ladies and gentlemen, the pension revolution is no longer a promise. It is a process in motion, and it is irreversible
Together, we are building a pension system that is inclusive, resilient, transparent, and trusted by every Nigerian.
Thank you.
God bless you.
And God bless the Federal Republic of Nigeria.
