The Director-General of PenCom, Omolola Oloworaran, disclosed this on Tuesday at the 2026 media conference in Lagos, saying both initiatives are aimed at improving the welfare of workers and retirees.

Speaking on the president’s role, she said: “Our president is a pro-worker and pro-retiree president, and the record proves it. History will remember this as the administration that turned Nigeria’s pension promise into Nigeria’s pension reality.”

She added: “After reflecting on pension reforms from the very beginning of the system in Nigeria, the president stands out as one of the most pro-worker and pro-retiree leaders the country has had.”

On the MPG, she said it will set a baseline income for retirees under the Contributory Pension Scheme (CPS), making sure no pensioner receives less than a stipulated minimum in retirement. She said the guarantee has been in the pension law for more than a decade but never took effect.

The DG explained that the MPG will work alongside PenCare, a programme that aims to offer free health insurance to low-income retirees aged 60 and above who earn monthly pensions of ₦150,000 or less.

She added that the pilot stage will first reach roughly 30,000 retirees, after which it will be scaled up across the country.

Oloworaran noted that the reforms show retirement security should extend beyond regular pension payouts to include healthcare access and protection against poverty in old age.

“No Nigerian should retire into poverty, and no Nigerian should retire into ill health,” she said.

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Speaking at the 2026 PenCom media conference held in Lagos, the Director General of PenCom, Ms. Omolola Bridget Oloworaran, said the week is part of efforts to make retirement security a regular topic of national conversation. The event will be held yearly.

According to her, it has been designed to engage Nigerians at different stages of life across different sectors of the economy, and will also support the Commission’s advocacy work.

On the actives lined up for the five day’s activities, lashes said the “Day one is Youth Engagement Day. Pension fund administrators, pension operators and accredited pension agents will engage young people on the importance of planning for retirement early. Cash prizes and other rewards will be presented to winners of a pension literacy essay competition, whose portal opened on October 1 for secondary school students, tertiary students and National Youth Service Corps members.

“Day two is the National SME Fair, focused on entrepreneurs, business owners and the self-employed. The official said it reflects the Commission’s commitment to expanding pension coverage to all sectors of the economy.

“Day three is Senior Citizens Day, when retirees will be engaged on their benefits, issues they may not understand and what is due to them. The official said discussions will cover PenCare and the minimum pension, which will start being paid from that week. The official expressed hope that pension fund custodians are ready for the payments.

“Day four is the National Pension Summit, bringing together regulators, pension professionals, employers and other stakeholders to discuss policy innovation, service delivery, leadership, accountability and how to improve pension inclusion.

“Day five is Press Day, an opportunity to reflect on the week’s engagements and for journalists to ask questions.”

The week will have a strong digital component. Nigerians unable to attend physically can take part through live-streamed sessions, digital activities and regular programme updates.

The aim according to her is for Nigerians to better understand the pension system, appreciate the importance of early planning and recognise the opportunities available to secure their financial future.

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According to PenCom, day one of the week kicked off on a high note as staff celebrated their colleagues, customers and the commitment to going “the extra mile” in delivering exceptional customer experience.

From engaging conversations and interactive sessions to team spirit, smiles and celebrations, the opening day set the tone for a week focused on putting the customer at the heart of the Commission’s work.

This year, the Commission is reminded that great customer service is not just about meeting expectations; it is about exceeding them, creating value and making every interaction count.

The highlight of the event was the cutting of the cake by the Director-General of PenCom, Ms. Omolola Bridget Oloworaran, and her management team.

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The Director-General, PenCom, Omolola Oloworaran, disclosed this yesterday during a press briefing in Lagos following the Fourth Meeting of the Pension Industry Leadership Council (PILC), that the government has steadily cleared all outstanding accrued rights arrears to the point that contributions are now running ahead of schedule.

“This government has slashed a pension arrears backlog that once stretched back 41 months, while laying groundwork for a new long-term strategy dubbed “Pensions 2030.”

She said that the arrears crisis predated the current administration but has been steadily cleared, to the point that contributions are now running ahead of schedule.

Asked for the “secret,” she said”he secret is simple: elections have consequences. When you elect someone who puts the interests of Nigeria and Nigerians at the forefront of their agenda, this is what you get. And elections lead to appointments — those, too, have consequences.

“I’m glad we have a president who has consistently put pensions at the top of the agenda. I’m not saying this because he’s my boss — I’m saying it because it’s the truth. I’ve asked colleagues at PenCom who were here before me whether they’ve seen anyone do this much for the industry since the scheme began, and frankly, the answer is no. This administration continues to put ordinary Nigerians — pensioners and contributors — at the forefront of everything.

You mentioned we were paying arrears — yes. When I gave my address in July, we were 41 months in arrears, and government funding is still being released, so it may now be more than that. But as of July, at 41 months, anyone retiring between now and the next three and a half years is already covered.

People raised concerns before, but the truth is we didn’t need to push too hard — the government renewed its agenda and made social security and pension penetration a priority, in cooperation with the president’s vision. Ultimately, it’s the person at the top of the ticket — the president — who has made this happen. That said, I’m not taking anything away from our own efforts; we’re doing a great deal of work right now, all driven by the president’s agenda. With strong leadership at the top, you achieve more than expected.

I’m genuinely pleased with what we’ve done on accrued rights and other payments retirees are now enjoying across the board. All retirees who left service before July 2024 are receiving 32,000 naira every month, and government has kept up these payments. We held a press conference at the State House in July to lay out everything we’d done, so I won’t repeat it all here — but this administration is doing everything it can for Nigerians, particularly the elderly and vulnerable: pensioners and contributors alike.

It’s worth talking about this, because if we don’t, there’s a risk people won’t appreciate what’s being done. We’ve covered accrued rights and the 32,000 naira consequential adjustment. We’ve also reintroduced gratuity payments, and the first set has already been paid to eligible retirees across government. Real people, real impact.

Take NSITF, for example — people were on 18,000 naira for years, and then were moved overnight to 206,000 naira. It looks like magic, but it reflects the work being done.

On pension increases — where do I even start? Almost 20 years of obligations that previous administrations overlooked have been cleared under this one. Administrations come and go and often leave such obligations unresolved. This president made it a priority, and it remains one, because he understands the real consequences of how Nigerians retire.

Looking ahead, she disclosed that minimum pension enhancement expected to take effect the following in October and health insurance improvements for retirees.

On Pensions 2030, she confirmed that is still in its conceptual stage, while assuring that engagement  is still ongoing in the industry and regulators, with a strategy session planned for December and a finalized, documented agenda expected by December or January.

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The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, disclosed this today during a press briefing in Lagos following the Fourth Meeting of the Pension Industry Leadership Council (PILC).

According to the DG the figure is expected to rise to nearly ₦300 billion as outstanding commitments are finalized, according to industry officials.

The initiative, first flagged earlier this year, is designed to channel long-term pension capital into the country’s infrastructure gap. Officials said actual investment deployment is expected to begin by the second quarter (Q2) of 2027, under a structured timetable now being finalized.

“This is the first step we are taking as an industry, and this is just the beginning,” a spokesperson said, describing infrastructure as a sector well suited to pension funds because of its long-term horizon and its role as a hedge against inflation.

In a related development, the industry has also approved an independent global benchmark maturity assessment, intended to measure the sector against international best practice and elevate operating standards across the board. The exercise is expected to continue and conclude in the near term.

She also announced that  Pension Week will now run from October 26 to October 30, 2026, assuring that further details of the event, including press engagements, will be released in the coming weeks

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The exercise, which started in February 2026 and was initially scheduled to end on 31 July 2026, has now been extended to 31 December 2026. The extension follows several requests from MDAs seeking additional time for employees to participate in the online enrolment process.

The extension provides all eligible employees with another opportunity to complete the exercise and ensure that their accrued pension rights are accurately determined ahead of retirement.

Deadline Extension Due to Low Participation

Low participation in the exercise has necessitated the timeline extension. As at July 2026, MDAs had uploaded 62,320 records of active employees and retirees, while only 31,099 employees had successfully completed the enrolment process.These figures fall short of an estimated 150,000 active Federal Government employees entitled to accrued pension rights.

PenCom is therefore urging all eligible employees who are yet to enrol, as well as those who have started but not completed the process, to use the additional time provided by the extension to complete their enrolment.

Exercise Addresses Legacy Pension Liabilities

The initiative is part of the Federal Government’s efforts to settle pension liabilities carried over from the Defined Benefit Scheme (DBS), which existed before the introduction of the Contributory Pension Scheme (CPS) in 2004.

Under Section 15(1) of the Pension Reform Act 2014 (PRA 2014), employees who transited to the CPS are entitled to accrued pension rights, beingbenefits earned under the DBS.

These accrued rights comprise pension and gratuity benefits earned by eligible employees from their date of first appointment up to 30 June 2004. Their determination is based on an actuarial valuation process.

In a circular issued on 27 April 2026, the Head of Civil Service of the Federation had directed all treasury-funded MDAs to support the exercise and ensure that eligible employees complete the One-time Enrolment as required by PenCom. This is essential for determining the Federal Government’s outstanding pension liabilities and making adequate budgetary provisions for their settlement.

Digital Transformation Drives New Approach

The One-Time enrolment exercise is fully digital and is conducted through PenCom’s Contributions and Bond Redemption Application (COBRA).

COBRA is a secure platform designed to facilitate data capture, validation and processing.

Benefits of Early Enrolment

Early completion facilitates the determination of accrued pension rights and enables the necessary funding to be secured from the Federal Government. Subsequently, the amounts would be credited to the employees’ Retirement Savings Accounts (RSAs) well ahead of retirement, thereby earning investment returns and boosting retirement benefits.

MDAs, Pension Desk Officers and PFAs Have Key Roles

MDAs are required to upload details of eligible employees on the COBRA platform, after which affected employees are expected to visit their respective Pension Fund Administrators (PFAs) with the required documents to complete the enrolment process.

Pension Desk Officers (PDOs), who have been trained by PenCom, coordinate the exercise within their organisations and guide employees through the process.

PenCom continues to collaborate with MDAs, PFAs and other stakeholders to improve awareness, facilitate participation and ensure that eligible employees are properly captured.

PenCom Urges Eligible Employees to Act

While the extension to 31 December 2026 provides additional time, PenCom has urged eligible employees and their respective MDAs not to delay completion of the process. All active employees of Federal Government Treasury-funded MDAs who were in service as at 30 June 2004 are covered by the accrued pension rights provisions.

PenCom therefore calls on all eligible employees and Treasury-funded MDAs to take full advantage of the extension and complete the enrolment exercise before the new deadline.

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The payment is being made under the Federal Government Exit Benefit Scheme (EBS), approved by the Federal Executive Council and effective from 1 January 2026.

The Scheme provides an additional financial benefit to Federal Government employees at retirement, alongside their pension benefits under the Contributory Pension Scheme (CPS).

Under the Scheme, Federal Civil Servants who have served for at least 10 years are entitled to an Exit Benefit equivalent to 100 per cent of their total annual emolument.

The commencement of payment marks yet another watershed moment for the CPS as efforts are intensified at delivering more benefits to retirees beyond what they have accumulated in their Retirement Savings Accounts during their service period.

It is noteworthy that the FGN has led the way in offering additional benefits to its retirees, which is worthy of replication by other employers.

In ensuring the smooth implementation of the Additional Exit Benefits Scheme, the 2026 Appropriation provided the sum of ₦32.90 billion. So far, the Federal Government has released ₦12.3 billion into the dedicated Exit Benefit Scheme Account maintained with the Central Bank of Nigeria (CBN).

The National Pension Commission (PenCom) is supporting the implementation of the Scheme by working with the Office of the Head of the Civil Service of the Federation (OHCSF), the Office of the Accountant General of the Federation (OAGF), Pension Fund Administrators (PFAs) and other stakeholders to facilitate the processing and payment of the benefits.

How the Payment Process Works

The process is designed to make it easier for retirees to access their Exit Benefits while ensuring that payments are properly verified.

Retirees are required to provide the necessary documents, including their clearance letter and recent payslips, to their Pension Fund Administrators. The PFA verifies the retiree’s records and forwards the information to PenCom for further validation and approval.

Once the payment is approved, the Exit Benefit is credited to the retiree’s Retirement Savings Account (RSA) through the PFA, after which the PFA transfers the entire amount to the retiree’s designated salary bank account. It should be emphasized that this an additional payment, existing alongside the usual benefits drawn by the retirees from their RSA balances.

An Additional Benefit at Retirement

The Federal Government’s decision to introduce the Scheme provides retiring Federal Civil Servants with additional financial support at a significant point in their lives and reinforces the importance of ensuring that workers have adequate resources when they leave active service.

The maiden payment of ₦1.1 billion to 175 retireesdemonstrates that the Additional Exit Benefits Scheme for FGN retirees has officially commenced. Consequently, all subsequent FGN retirees of Treasury-Funded MDAs are eligible to paid the additional exit benefit of 100 percent of total annual emolumentat retirement. Undoubtedly, this will go a long way in enhancing the financial status of public service retirees who have given their best in service to the nation.

The National Pension Commission,  (PenCom), committed to working with all relevant stakeholders to ensure the smooth implementation of the Scheme and the prompt payment of Exit Benefits to retirees under the Federal Government.

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The meeting focused on evaluating key progress and strategic milestones towards the full implementation of the Contributory Pension Scheme (CPS) across the state.

The Director General who was  represented by her Commissioner of Finance Dr. Charles Efe Sylvester Emukowhate,  emphasised the importance of fully implementing the CPS in Bayelsa State to enhance workers’ retirement security, strengthen fiscal sustainability and promote transparency in pension administration.
He commended the State’s progress and assured the Government of PenCom’s technical support towards achieving full implementation.

He said “Bayelsa State has established a legal framework for CPS implementation and set up an administrative structure to drive the Scheme.

Responding, the Governor assured PenCom of the State’s commitment to completing all outstanding milestones required to achieve full compliance

He further disclosed that his administration has paid up to ₦20 billion to settle outstanding pension and gratuity liabilities owed to State retirees since 2007, while pension and gratuity liabilities of the Local Governments have been fully settled.

PenCom commends the Bayelsa State Government for its commitment to pension reform and looks forward to supporting the State in achieving full CPS compliance.

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This announcement marks the final milestone in the consolidation process, retiring the legacy entity names and introducing a bold new identity built for the future of wealth creation in Nigeria.

Operating with a combined Asset Under Management (AuM) of over ₦3 trillion, the newly established brand, Leadway PFA emerges as a formidable institution in the Nigerian pension landscape.

The unified brand now operates on a fully harmonized and upgraded technological infrastructure, ensuring that its 1.2 million Retirement Savings Account (RSA) holders benefit from a seamless, highly secure, and optimized customer experience.

The transition to Leadway PFA represents more than a name change, it is a renewed commitment to exceptional financial security.

By bringing together the rich heritage, specialized talent, and robust risk frameworks of both legacy firms, the new brand leverages expanded market reach and deeper investment capacity to drive sustained, long-term value for contributors.

Commenting on the brand unveil, Olusakin Labeodan, MD/CEO of Leadway PFA, emphasized the institution’s readiness for the future.“Today, we are thrilled to formally introduce Leadway PFA to the world,” Labeodan stated.

“Over the past few months, we have executed a meticulous integration of our systems, processes, and people. Leadway PFA is the result of that dedication, resulting into a stronger, more agile institution built to protect and exponentially grow our contributors’ wealth. Our unified brand identity reflects our singular, unwavering purpose to be the ultimate, most trusted partner in our customers’ retirement journeys”.

The organisation reassures all contributors that the brand transition requires zero action on their part. All RSA balances, unique PINs, and historical financial records remain perfectly intact and rigorously protected by the institution’s enhanced safeguards. Customers can seamlessly continue to monitor their accounts and engage with the brand through existing digital platforms and service centers, which have now been updated to reflect the Leadway PFA identity.

With the brand unification complete, Leadway PFA steps forward entirely focused on setting new industry benchmarks in prudent fund administration, proactive customer service, and innovative pension solutions.

About Leadway PFA

Leadway PFA is a licensed Pension Fund Administrator formed from the integration of Leadway Pensure and PAL Pensions.

The unified institution administers retirement savings and pension funds on behalf of individuals and organisations across Nigeria, operating under a consolidated governance and operational framework. Leadway PFA is committed to strong regulatory compliance, disciplined fund management and long-term security for contributors.

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Omolola Oloworaran, Director General, PenCom, disclosed this at the first anniversary of the Pension Contribution Remittance System (PCRS) and Payment Solution Service Provider (PSSP) Framework,  held today in Lagos.

The DG was represented by the Director, Information & Communication Technology at the Commission, Mr.Micheal Popoola, stated that the progress recorded since the implementation of the initiative demonstrates the power of collective efforts and partnerships in achieving institutional transformation.

She noted that the successful implementation of the PCRS required extensive collaboration across stakeholder engagement, system development, testing, integration, and capacity building. According to her, the achievement was not the result of any single organisation, but a reflection of the commitment of the entire pension ecosystem, including PenCom, the Pension Fund Operators Association of Nigeria (PenOp), Pension Fund Administrators (PFAs), Pension Fund Custodians (PFCs), the 11 PSSP partners, employers, and other supporting organisations.

The DG emphasised that collaboration would remain critical as the industry continues its digital transformation journey. She affirmed that PenCom would continue to work with stakeholders to improve operational efficiency, strengthen pension administration, and enhance service delivery through technology, while ensuring that the industry responds effectively to the changing expectations of contributors and employers.

She also identified cybersecurity, data protection, and data integrity as key priorities, stressing that the increasing reliance on digital platforms makes it essential to protect contributors’ information and maintain the integrity of pension systems. Consequently, she urged stakeholders to uphold robust cybersecurity standards and risk management practices.

Looking ahead, she called for deeper adoption and compliance with the PCRS framework, continuous innovation, and stronger cooperation across the pension ecosystem. She added that improved remittance infrastructure would also support the Commission’s broader objective of expanding pension coverage and making participation in the Contributory Pension Scheme easier, more transparent, and attractive to more Nigerians.

Describing the PCRS and PSSP Framework as important milestones in the modernisation of Nigeria’s pension industry, she urged stakeholders to build on the achievements of the first year. She stated that the future of the industry would depend on the ability of all stakeholders to remain united in pursuing innovation, integrity, excellence, and improved retirement security for Nigerian workers.

She commended PenOp, PSSPs, PFAs, PFCs, employers, and all stakeholders whose commitment, innovation, and collaboration contributed to the celebrated milestones, noting that these achievements demonstrate what is possible when regulatory leadership, industry expertise, and technology-driven solutions converge around a shared vision.

Earlier, in his welcome address, the President of PenOp, Donald Onuoha, stated that one year after the introduction of PCRS, the initiative has recorded measurable progress. This includes the integration of Payment Solution Service Providers under a regulatory and operational framework, industry-wide audits, and ongoing efforts to identify and close gaps in the remittance process.

He acknowledged, however, that the implementation has faced challenges, including settlement failures, delays in transferring funds, incorrect payment details, and issues with contribution schedule formats.

He applauded PenCom for its oversight and support, while also appreciating employers, the Nigeria Employers’ Consultative Association (NECA), and Payment Solution Service Providers for their roles in the new system.

On the way forward, Onuoha urged PCRS stakeholders to focus on consolidation, stronger accountability, increased coverage, and expanding the system to reach more employers and contributors. He highlighted that managing over ₦30 trillion in assets for millions of Nigerians carries a significant public trust, making efficient service delivery and the protection of contributors’ funds a shared responsibility.

Also speaking, the Chief Executive Officer of PenOp, Anthonia Ifeanyi Okoro, stated that the event served to celebrate the success story of the PCRS and recognise the contributions of key stakeholders who helped make the system operational.

She explained that the occasion offered an opportunity to celebrate achievements, share success stories, discuss challenges encountered and overcome during the first year, and set a clear direction for the future.

She emphasised that the continued collaboration of all stakeholders will remain crucial in leveraging the system to transform and strengthen Nigeria’s pension industry.

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