The Kenyan delegation, led by John Keah, Director of Market Conduct and Industry Development at the RBA, is visiting Nigeria from June 8 to 11, 2026, to understudy PenCom’s regulatory and supervisory frameworks.

Keah noted that the engagement highlights the critical role of cross-border learning among African regulators aiming to optimize retirement systems and improve pension outcomes for citizens. He added that structural similarities between the two nations’ pension landscapes make Nigeria’s journey highly relevant to Kenya’s ongoing domestic reforms.

The RBA delegation is focusing its study on PenCom’s Environmental, Social, and Governance (ESG) initiatives, its risk-based supervision framework, and its strategies for expanding pension coverage to both the informal sector and the diaspora.

Keah particularly lauded the governance safeguards within Nigeria’s pension system and described the Diaspora Pension Arrangement as an innovative milestone capable of reducing old-age poverty and enhancing long-term retirement security.

Welcoming the delegation, the Director General of PenCom, Ms. Omolola Oloworaran, reiterated Nigeria’s dedication to regional collaboration and knowledge exchange. Represented by the Director of the Surveillance Department, Abdulrahaman Muhammad Saleem, the Director General revealed that pension assets under management in Nigeria have grown to over ₦32 trillion, representing approximately 10.4 percent of the nation’s Gross Domestic Product (GDP).

This growth, she noted, stems from continuous regulatory reforms, heightened governance standards, and rigorous supervisory mechanisms established since the inception of the Contributory Pension Scheme (CPS) in 2004.

Ms. Oloworaran also highlighted the Federal Government’s recent settlement of outstanding accrued pension rights liabilities as a historic turning point for the CPS.

The intervention, executed through the issuance of a Federal Government bond, effectively resolved a prolonged funding backlog that had previously delayed retirement benefits for public sector employees within Treasury-Funded Ministries, Departments, and Agencies (MDAs).

Under the new framework, accrued rights are transferred directly into retirees’ Retirement Savings Accounts (RSAs), granting immediate access to investment returns and eliminating lengthy waiting periods.

The technical visit, anchored on the theme “Risk-Based Supervision and ESG Integration in Pension Funds,” includes interactive departmental presentations, study tours to selected Pension Fund Administrators (PFAs), and collaborative sessions on emerging risks.

Both regulatory bodies expect the engagement to deepen bilateral cooperation and foster resilient, inclusive, and sustainable pension architectures across East and West Africa.

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He made the statement on Friday while hosting state governors who visited him to celebrate Eid-el-Kabir and the third anniversary of his administration.

Tinubu acknowledged that the policy brought hardship to many Nigerians but insisted it was required to restore stability to the country’s finances.

According to him, the subsidy system consumed huge public resources for years while limiting investments in critical sectors needed for national development.

The President noted that despite public criticism and legal challenges, the country successfully navigated the difficult transition and avoided economic collapse.

He stated that the economy is showing signs of improvement, with growth returning and agricultural activities expanding across the country.

Tinubu also pointed to ongoing infrastructure projects, including developments along the Sokoto-Badagry corridor, as evidence of progress under his administration.

He thanked state governors for encouraging citizens to remain patient and supportive during the period of economic reforms.

The President assured Nigerians that reforms in infrastructure, agriculture, social investments, foreign exchange management and fiscal discipline were beginning to produce positive outcomes.

He commended the partnership between the federal and state governments, saying it had played a crucial role in stabilising the economy.

Tinubu observed that many states are now financially stronger and less dependent on federal government interventions to meet their obligations.

He further expressed confidence that ongoing investments in housing, roads and agriculture would boost economic prosperity and strengthen food security.

Vice President Kashim Shettima praised Tinubu for taking bold decisions, describing the subsidy removal as a courageous move to address long-standing challenges in the oil sector.

Speaking on behalf of the Nigeria Governors’ Forum, Kwara State Governor AbdulRahman AbdulRazaq said the reforms had increased state revenues, enabling governments to clear debts and execute development projects.

Imo State Governor Hope Uzodinma and Lagos State Governor Babajide Sanwo-Olu also commended the President’s leadership and economic reforms, while pledging continued support for his administration.

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