From right: Chief Executive Officer Pension Fund Operators Association of Nigeria (PenOp), Anthonia Ifeanyi-Okoro, receiving appreciation award plague from Dr Julius Odede, Head of Lagos Operations at National Insurance Commission,( NAICOM), at the just concluded 2026 BusinessToday Annual Conference and Exhibition on Insurance and Pensions held in Lagos , with the Convener of the conference, Mrs. Nkechi Naeche-Esezobor.
BY NKECHI NAECHE-ESEZOBOR—In a bid to ensure that more Nigerians are brought under the contributory pension scheme, the National Pension Commission (PenCom) and Pension Fund Operators Association of Nigeria (PenOp), have introduced new initiatives aimed at expanding pension coverage and improving retirement security.
The Chief Executive Officer of PenOp, Anthonia Ifeanyi-Okoro, disclosed this at the 2026 BusinessToday Annual Conference & Exhibition on Insurance and Pension, held recently in Lagos.
The conference was themed: “Youth Advantage: Redefining Insurance and Pensions for a New Era.”
From left: Chief Executive Officer Pension Fund Operators Association of Nigeria (PenOp), Anthonia Ifeanyi-Okoro; Managing Director/Chief Executive Officer of Unitrust Insurance Company Limited, Adedayo Arowojolu and the keynote Speaker at the conference, Chief Strategist of MelvinAfrica, Chiamaka Ugo-Obidike, at the just concluded 2026 BusinessToday Annual Conference and Exhibition on Insurance and Pensions held recently in Lagos.
Speaking at the event, Ifeanyi-Okoro noted that a significant proportion of Nigeria’s working-age population is employed in the informal sector, a reality that continues to affect pension participation levels.
According to her, many Nigerians do not work for formally registered employers under the Corporate Affairs Commission (CAC) and, as such, are not covered by the mandatory pension law.
“A vast percentage of our working-age population is informally engaged. They do not necessarily have formal employers registered with the Corporate Affairs Commission, and therefore such employers are not bound by the regulations applicable to licensed companies in Nigeria,” she explained.
She further stated that this reality is reflected in the relatively low percentage of the workforce making pension contributions.
“As we know, the mandatory pension law in Nigeria applies only to formal workers. It covers employees and employers, and by law, employers are required to provide pensions for their staff,” she said.
However, she stressed that a substantial share of the Nigerian workforce remains outside this structure because pension contributions are not compulsory in the informal sector.
“We recognise the broader social benefits of pensions, from retirement security to financial support during periods of unemployment or health challenges. For instance, contributors can access up to 25 percent of their pension savings under certain conditions,” she noted.
She revealed that PenOp and the regulator have revamped the Personal Pension Plan (PPP) to drive inclusion, especially among young people and workers in the informal sector.
According to her, the product had existed previously but suffered from low awareness.
“We realised that awareness was low, and over the past two years, we have deliberately focused on creating awareness and communicating the benefits of this plan,” she said.
She explained that the renewed plan evolved from what was previously known as the Micro Pension Plan.
Addressing students and young participants at the conference, she described them as the key target audience for the product.
“I encourage every student here today—you are the target audience for the Personal Pension Plan product,” she said.
Highlighting its benefits, Ifeanyi-Okoro said subscribers gain access to health insurance and several other perks in addition to retirement savings.
She added that the plan is designed to be fully technology-driven and accessible through mobile devices.
“You choose how much you want to contribute, and you can easily monitor your pension balance from your mobile phone. There is no need to visit a branch or speak to anyone physically,” she explained.
She noted that contributions, withdrawals, and account management can all be done seamlessly via mobile devices.
According to her, the Know Your Customer (KYC) process has also been fully digitised and integrated with national identity systems.
“The KYC process is fully integrated. It is now linked with NIMC, where NIN registration takes place, and to some extent with BVN as well,” she said.
She explained that once an individual’s personal data is correctly captured on the NIMC database, registration can be completed within minutes from the comfort of one’s home.
“As long as your data is accurate, in just a few minutes from the comfort of your home and on your phone, you can sign up for the Personal Pension Plan and begin enjoying all the benefits,” she added.
She concluded by stressing that the plan does not require contributors to be formally employed.
“There is no requirement to be an employee or to have an employer. Anyone can start leveraging technology and APIs to access these benefits and enjoy the role pensions play in Nigeria,” she said.
She also emphasised that pension operators are duty-bound to provide a minimum standard of service to contributors.
According to her, operators remain committed to resolving customer concerns promptly to prevent issues from escalating to the regulator.
“Pension operators are duty-bound to provide a minimum level of service. Similarly, operators do not want issues escalated to the regulator, and that is something we pride ourselves on—ensuring there is no need for such escalation. In fact, many of our customers attest to this,” she said.
