From right: Director-General, National Pension Commission (PenCom), Omolola Oloworaran and President of Trade Union Congress of Nigeria (TUC), Comrade Festus Osifo, at the event held today in Lagos.
BY NKECHI NAECHE-ESEZOBOR—The President of the Trade Union Congress of Nigeria (TUC), Comrade Festus Osifo, has applauded the ongoing reforms by the National Pension Commission (PenCom), saying the measures have renewed workers’ confidence in the nation’s pension system and strengthened hopes of a dignified retirement for Nigerian workers.
Osifo gave the commendation during a bi-annual roundtable meeting with PenCom leadership, where he reaffirmed the Congress’ support for the commission’s reform agenda under Director-General Omolola Oloworaran.
From left: President Trade Union Congress, Festus Osijo; Director General National Pension Commission, Ms. Omolola Oloworaran; General Secretary Dr. Nuhu Toro and Commissioner Technical, Hafiz Kawa at the event
Osifo said the Congress stands firmly behind the reforms introduced by PenCom since Oloworaran assumed office as Director-General.
According to him, the commission has continued to demonstrate exceptional transparency and institutional credibility.
“We have watched the evolution of this Commission, and we can boldly say that PenCom stands as the finest institution in Nigeria today,” Osifo said.
Representatives of PenCom at the event
“The transparency we see here gives the Nigerian worker hope that their sunset years will be dignified.”
The engagement organized by PenCom is part of the commission’s stakeholder engagement framework aimed at strengthening transparency, trust, and collaboration in the administration of Nigeria’s pension system.
Speaking on the achievements and ongoing reforms within the pension industry, Oloworaran said PenCom had successfully built a stable pension system since the introduction of the Contributory Pension Scheme in 2004.
She noted that pension funds have remained secure over the years.
“Since 2004 till today, we have not had any incident with pension funds, and we will not have any incidents because of the controls we have put in place,” she said.
The DG explained that the commission is now shifting focus from stability to visible impact through a wide range of reforms tagged Pension Revolution 2.0, described as the most significant reform package since the Pension Reform Act of 2004.
According to her, the reforms are designed to ensure that Nigerian workers retire with dignity and enjoy improved financial security.
A key component of the initiative, she disclosed, is the planned rollout of health insurance coverage for pension contributors, particularly low-income earners.
“We believe that wellbeing is very important for every Nigerian worker. What better way to ensure the wellbeing of workers than providing healthcare?” she said.
She added that PenCom would also soon begin implementation of the Pension Protection Fund, which will establish a minimum pension threshold for retirees, starting with the public sector.
Oloworaran said the move follows the clearance of outstanding pension obligations by the Federal Government and fresh contributions into the fund.
On pension coverage, Oloworaran expressed concern over low compliance among states, revealing that only eight out of the 36 states are fully compliant with the contributory pension scheme.
She said PenCom is intensifying engagement with state governments, labour unions, and relevant agencies to improve compliance.
The DG also highlighted efforts to expand pension participation beyond the formal sector through the newly rebranded Personal Pension Plan, formerly known as micro pensions.
The scheme, she explained, is designed to attract workers in the informal sector, small business owners, and even parents seeking to save for their children’s future.
To drive deeper inclusion, she said PenCom introduced Accredited Pension Agents to take pension services directly to markets, rural communities, and underserved groups.
According to her, the agents will work closely with Pension Fund Administrators (PFAs) and earn a share of management fees, creating new business opportunities, especially for fintech operators.
She expressed optimism that the reforms would significantly improve pension penetration and secure brighter prospects for the industry.
“I see brighter days ahead in the pension industry,” Oloworaran said.
