The initiative, described as a major welfare milestone, is aimed at providing critical medical support for vulnerable retirees and strengthening the social safety net for senior citizens across Nigeria.

The Director-General of PenCom, Ms. Omolola Oloworaran, made this known during a press briefing held after the conclusion of the 2nd Pension Industry Leadership Council Session in Lagos.

She said the commission has concluded all necessary preparations to ensure that the healthcare needs of vulnerable retirees are given priority.

She disclosed that the payment of insurance premiums for the coverage is expected to be completed within the week, representing a major milestone in the Commission’s ongoing efforts to improve the welfare and quality of life of senior citizens.

Ms. Oloworaran emphasized that creating a support system for retirees who may face difficulties meeting medical expenses during retirement remains a key component of the Commission’s strategic focus.

While premium payments are set to commence immediately to activate coverage, she further stated that a formal launch of the initiative will take place in the near future.

According to her, this launch will serve to create greater awareness among the public and relevant stakeholders on the full scope and benefits of the scheme.

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Engaging an international audience of policymakers, investors, and academics, she highlighted the strategic direction of Nigeria’s “Pension Revolution 2.0,” underscoring key milestones, ongoing reforms, and the sector’s growing role in driving long-term economic development.

At a fireside chat hosted by the Africa Caucus, she provided a detailed perspective on Nigeria’s pension reform journey, including the strategic direction of the “Pension Revolution 2.0” agenda, the significance of the ₦758 billion pension bond that settled longstanding pension obligations and ongoing efforts to expand coverage to the informal sector through fintech-driven solutions.

She also addressed equity market readiness for increased pension fund participation and the critical issue of public trust in the system.

Earlier, the DG held an interactive Meet and Greet session with African students, where discussions focused on domestic capital mobilization, long-term investment, and the role of strong regulation in shaping Africa’s financial future.

The engagement reinforced the position of Nigeria’s pension industry as a major source of long-term capital and a key driver of sustainable economic development.

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The event, which drew over 3,000 pensioners from across the country, highlighted renewed confidence in the Contributory Pension Scheme and recognised efforts to improve the welfare, dignity, and timely payments of retirees.

The highlight of the conference was the presentation of an Award of Excellence to the Director General in recognition of her impactful leadership and commitment to pension reform.

The honour underscored her role in driving initiatives aimed at strengthening the Contributory Pension Scheme, expanding inclusion, and ensuring that retirees benefit more effectively from ongoing reforms.

At the Conference, pensioners expressed appreciation to President Bola Ahmed Tinubu’s administration for the approval and disbursement of ₦758bn to settle more than two decades of outstanding federal pension liabilities.

Oloworaran , while addressing  attendees and noted that the Contributory Pension Scheme has been revitalized after years of neglect.

She also highlighted ongoing reforms, including efforts to improve retirees’ welfare and healthcare through the “Pension Revolution 2.0” initiative.

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Speaking at the ceremony, the SGF, Senator (Dr.) George Akume, charged members to uphold strong corporate governance while maintaining a clear boundary between oversight and management.

The Board, led by Chairman Agbaje Opeyemi Olukayode, pledged to safeguard contributors’ funds and support national development, while the Director-General Omolola Oloworara reaffirmed commitment to collaboration in delivering secure and timely retirement benefits for Nigerians.

With the new board now in place, expectations are high that it will tackle persistent challenges in the sector, enhance transparency, and fast-track reforms to strengthen and expand the contributory pension scheme.

Other members of the board include PenCom DG, Omolola Oloworaran, Securities and Exchange Commission DG, Dr. Emomotimi Agama; Commissioner (Finance), Dr. Charles Sylvester Emukowhate; Commissioner Administration, Hon. Bello Abubakar Malabu; Commissioner Inspectorate, Hon. Samuel Chigozie Uwandu and  Commissioner Technical, Hon. Hafiz Muhammad Kawu Ibrahim.

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Launched in 2024, Hersurred by Leadway has grown into a dynamic platform that fosters meaningful conversations about leadership, enterprise, creativity, innovation, and impact in collaborations with exceptional women. Over time, the platform has strengthened its commitment to recognising women who are not just participating in their fields but are redefining them.

This year, the women-led initiative will make a bold, intentional shift from acknowledgment to amplification, under the theme “Show Her Off,” focusing on women who are breaking barriers, building sustainable ventures, driving policy conversations, leading in corporate spaces, transforming communities, and shaping culture. These women will be spotlighted at an event that culminates other activities celebrating this year’s International Women’s Month.

Commenting, Chief People Experience Officer of Leadway Group, Kunbi Adeoti, said: “Hersurred by Leadway is more than a community; it is a bold expression of our commitment to inclusion and lasting societal impact. Over time, it has grown into a powerful affirmation of our belief in the strength, resilience, and transformative influence of women across every sphere of life. This year, the initiative celebrates women who are not only excelling but intentionally shaping change — within Leadway and across the wider community.”

“By intentionally highlighting women who are making an impact, Leadway aims to boost visibility that translates into opportunity, birthing influence and grit for every girl child and for woman, everywhere. This is because recognition and representation are a solid foundation for remarkable exploits,” Adeoti added.

On Saturday, March 27, leading women from sectors such as finance, technology, creative industries, entrepreneurship, public service, and social development would be celebrated at a special gathering. Attendees can expect inspiring conversations, insightful sessions, and networking opportunities to foster the depth and diversity of women’s contributions to national development.

Over the past few years, the company has continued to expand the initiative’s impact beyond the shores of the community. Leadway partnered with Heels and Tech, sponsoring women to acquire technology skills in areas such as data analysis, product management, and product design, reinforcing its belief in empowering women through access to knowledge and emerging career pathways. In addition, the initiative will host a skills-acquisition workshop to equip women with practical skills for professional and entrepreneurial growth.

Leadway remains committed to championing the growth, influence, and empowerment of women across every sector, amplifying their achievements, recognising their leadership, and celebrating the impact they continue to make in their industries and communities, while inspiring other women to pursue excellence and lead boldly.

About Leadway Group

Leadway is a financial services group with a strong market presence and expertise in insurance, pensions, asset management, trusteeship, and investment solutions. Since 1970, Leadway has grown from a traditional insurer into a broad-based platform with interests across general and life insurance, pensions, wealth management, health insurance, and hospitality. For more than five decades, the Group has been known for reliability, integrity, innovation, and strong governance. It provides solutions that help individuals and institutions protect, grow, and transfer wealth. Today, Leadway oversees a portfolio of businesses and is considered one of Nigeria’s most trusted and resilient financial services groups.

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Governor  Dapo Abiodun  stated that the reform will ensure improved and timely payments, with most retirees receiving higher benefits than under the previous system. The initiative also provides a one-off lump sum while preserving full pension contributions, leading to better monthly pensions.

The government noted that it has cleared substantial pension backlogs and continues to prioritise retirees’ welfare, with stakeholders describing the scheme as a transformative and sustainable reform for retirement security in Ogun State.

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The company maintains that the initiative plays a critical role in Nigerian economic development, given that informal employment remains extremely high. The country’s informal employment rate reached 92.7% in Q1 2024, rising from 92.3% in Q3 2023, according to the National Bureau of Statistics (NBS) Labour Force Survey. Tens of millions of economically active Nigerians operate outside employer-led pension arrangements even as they power the country’s commerce and micro-enterprise economy.

At the same time, the pension ecosystem continues to expand in scale. PenCom’s unaudited industry portfolio for December 31, 2025, records total pension fund assets at ₦27.451 trillion and counts over 11 million RSA members. These figures underscore the size of the formal pension system and highlight the opportunity to extend participation further through PPP.

Leadway Pensure PFA sees significant growth potential for PPP, along with a notable participation gap. PenCom’s Q3 2025 report reveals that, as of September 30, 2025, over 200,000 workers had registered PPP accounts, but only 7.6% funded during the quarter.

Commenting, Olusakin Labeodan, MD/CEO, Leadway Pensure PFA, said, “Small businesses are Nigeria’s economic backbone, yet many owners lack disciplined retirement security. The Personal Pension Plan allows flexible contributions that match income realities, helping entrepreneurs secure their future as they build their businesses. With strong participation, PPP can help move more Nigerians toward stability and deserved dignity in retirement.”

He added that driving adoption will require sustained education and simpler onboarding. “Our focus is to convert awareness into consistent contributions by meeting informal workers where they are and through digital access, targeted community engagement, and guidance that makes pension planning feel practical, not distant.”

Leadway Pensure PFA said its renewed PPP awareness drive will focus on helping informal sector participants understand how to enroll for PPP, make contributions that suit their cash flow, whether monthly, quarterly, or as lump sums, track savings growth through digital channels, and access advisory support to maximize retirement planning benefits. Leadway Pensure invites self-employed Nigerians and small business owners to take advantage of the Personal Pension Plan today to secure their future.

About Leadway Pensure PFA Limited
Leadway Pensure PFA Limited is a Pension Fund Administrator (PFA) in Nigeria providing retirement savings and pension administration services for individuals and organisations.

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BY NKECHI NAECHE-ESEZOBOR—In the bustling lanes of Mile 12 Market in Lagos, where traders begin their day long before sunrise, a new opportunity for financial security quietly arrived this week.

The National Pension Commission (PenCom) has announced a five-day “matching contribution” incentive designed to help women in the informal sector begin saving for retirement. The programme allows women who open or contribute to a Personal Pension Plan (PPP) to receive a matching contribution of up to N20,000 from the Commission.

The initiative, unveiled during the International Women’s Day Personal Pension Plan Inclusion Campaign, is aimed at women who power Nigeria’s informal economy—market traders, artisans, farmers, and small business owners—many of whom have no structured retirement plan.

For one week, from March 9 to March 13, 2026, every naira a woman saves into her PPP account will be matched by PenCom up to a set limit. A contribution of N1,000 will attract another N1,000, N5,000 will receive N5,000, and savings of N20,000 will be matched with the maximum N20,000 support.

Speaking at the campaign held at Mile 12 Market and the Lagos State Government Secretariat in Alausa, Ikeja, PenCom Director-General Ms. Omolola Oloworaran described the initiative as a direct investment in the financial future of Nigerian women.

“When you save, we also add to your savings,” she told participants. “We call this initiative ‘Give to Gain.’ It is a direct investment in the dignity and financial independence of the Nigerian woman.”

Nigeria’s pension assets have grown to over N28 trillion, with more than 11 million contributors, but most of these workers belong to the formal sector. Women in the informal sector—who make up a large portion of Nigeria’s workforce—often face old age without financial protection.

The Personal Pension Plan, which falls under the Micro Pension Scheme, was designed to change that reality.

According to PenCom, women can start saving with as little as N1,000, and contributions can be made daily, weekly, or monthly, depending on how their businesses perform. The funds are professionally managed by licensed Pension Fund Administrators, ensuring transparency and long-term growth.

“Nigerian women wake up before dawn to keep our economy moving,” Oloworaran said. “Yet many work their entire lives without financial protection. That must change. Every Nigerian woman deserves dignity and security in her senior years.”

PenCom is encouraging women across the country to take advantage of the limited five-day matching window, hoping the incentive will spark a culture of long-term savings.

For traders and entrepreneurs whose incomes fluctuate, the message behind the campaign is simple: save a little today, and build security for tomorrow.

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The scheme, which takes effect from January 1, 2026, marks a significant step in the Federal Government’s efforts to strengthen the welfare structure of the civil service and ensure that officers who have served the nation for at least 10 years retire with dignity and financial security.

According to a statement issued by the Director of Press and Public Relations in the Office of the Head of the Civil Service of the Federation, Eno Olotu, the Exit Benefit Scheme is designed as a strategic enhancement to the existing Contributory Pension Scheme.

The statement noted that the initiative will provide a substantial financial safety net for retiring civil servants, strengthening long-term income security for officers working in treasury-funded ministries, extra-ministerial departments and agencies.

The Head of the Civil Service of the Federation, Didi Esther Walson-Jack, praised the approval by the council, describing it as a watershed decision that reflects the government’s recognition of the dedication and professionalism of federal civil servants.

She said the move demonstrates the commitment of the administration of Bola Ahmed Tinubu to improving the welfare of public servants.

Walson-Jack also explained that the initiative aligns with the ongoing reform agenda aimed at building a more motivated, performance-driven and people-centred civil service.

She added that detailed guidelines for the implementation of the scheme would be communicated to relevant stakeholders in due course.

The approval comes 22 years after the introduction of the Contributory Pension Scheme in Nigeria and is seen as part of broader reforms aimed at improving welfare and strengthening the future of the federal civil service.

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BY NKECHI NAECHE-ESEZOBOR—The Director General of the National Pension Commission (PenCom), Omolola Oloworaran, on Thursday paid a courtesy visit to the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at his office in Abuja.

The meeting provided an opportunity to reaffirm the ongoing collaboration between the Ministry of Finance and PenCom, with discussions focused on strengthening Nigeria’s pension framework, boosting long-term domestic capital mobilisation, and aligning pension reforms with President Bola Tinubu’s broader economic stabilisation and growth agenda.

Both leaders emphasised the importance of a robust pension system in supporting sustainable economic development and creating opportunities for long-term investments that can drive Nigeria’s growth.

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