BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom) has commenced a comprehensive overhaul of Nigeria’s pension legislation, aiming to update the 12-year-old legal framework to address emerging challenges, enhance operational efficiency, and reinforce the country’s retirement ecosystem.
The Director-General of PenCom, Ms. Omolola Oloworaran, disclosed this on Tuesday in Abuja during the third meeting of the Pension Industry Leadership Council (PILC).
She explained that the proposed amendments are intended to align the law with macroeconomic realities, eliminate identified operational bottlenecks, and support ongoing reforms geared toward improving retirement security for millions of Nigerian workers.
According to her, the legislative review will create a more responsive statutory framework capable of navigating today’s pension landscape while ensuring that contributors and retirees benefit from a stronger, more sustainable system.
She noted that extensive consultations with key industry stakeholders, including employers and organized labor, are actively underway to ensure a well-rounded and inclusive amendment process.
Oloworaran further emphasized that every proposal under consideration is strategically designed to prioritize the welfare of pension contributors and retirees, reinforcing the commission’s steadfast commitment to building a more inclusive and resilient pension industry.
