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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The summit, which is the third edition in the series, is scheduled to hold on Wednesday, May 20, 2026, at the Nigeria Employers’ Consultative Association (NECA) House, Plot A2, Hakeem Balogun Street, Alausa, Ikeja, Lagos, starting at 9:00am prompt.

According to the Promoter of the summit, who is also the Publisher of Inspenonline, Chuks Udo Okonta, the event addresses a critical gap in Nigeria’s financial ecosystem: the vulnerability of the informal sector.
With over 90 per cent of the workforce operating outside formal structures, Okonta noted that the summit serves as a strategic roadmap to ensure that every Nigerian, regardless of their employment status, can retire with dignity and financial security.

He said the summit aims to bridge the financial inclusion gap by exploring how the Personal Pension Plan (PPP) and various Life Insurance products can be tailored to the irregular income streams of informal workers to ensure they save towards a comfortable life in retirement.

Dignitaries already lined up to brainstorm at the event include the Chairman of STI Leasing Limited, Tom Ogboi, who will preside as the Chairman of the event.

The Commissioner for Insurance, Olusegun Omosehin, and the Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, are expected as the Special Guests of Honour.

The Keynote Address will be delivered by the Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, who will provide economic perspectives on integrating the informal sector into the national financial safety net.
Other prominent industry captains confirmed for the summit are: the Director-General, Nigerian Insurers Association (NIA), Mrs. Bola Odukale; Chief Executive Officer, Pension Fund Operators Association of Nigeria (PenOp), Anthonia Ifeanyi-Okoro; President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Ekeoma Ezeibe; and the National President, Association of Registered Insurance Agents (ARIA), Mayowa Olatubosun.
A robust panel session has also been curated to dissect the practicalities of pension and insurance adoption for informal workers.

The paper discussants include: the National President, Association of Small Business Owners of Nigeria (ASBON), Dr. Femi Egbesola; Managing Director, Coronation Life Assurance Limited, Adebowale Adesona; Managing Director, Leadway Pensure Limited, Olusakin Labeodan; and the Chairperson, Nigeria Labour Congress (NLC), Lagos State Chapter, Comrade Funmi Sessi.

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The union warned that there will be “no hiding place” for non-compliant employers, threatening both legal prosecution and public shaming for those violating the Pension Reform Act.

The announcement was made by Comrade Funmi Sessi, Chairman of the NLC Lagos State Council, during a press conference in Lagos. The briefing followed an interactive session on the Contributory Pension Scheme (CPS) organized by the National Pension Commission (PenCom) for NLC executives.

Sessi revealed that the union has seen an alarming surge in complaints from frustrated workers across both the public and private sectors. In response, the NLC is deploying immediate monitoring and enforcement teams across Lagos State, working in direct partnership with PenCom and other key stakeholders.

“It is unacceptable that despite monthly deductions from workers’ salaries under the Contributory Pension Scheme, many employers have deliberately failed to remit these funds to the appropriate Pension Fund Administrators (PFAs),” Sessi stated. “This jeopardizes the future and retirement security of hardworking Nigerian “An Act of Economic Injustice”

The Lagos NLC strongly condemned the withholding of funds, categorizing it as a gross violation of national labor laws, a breach of employee trust, and an act of economic injustice against citizens who have faithfully served their employers.

The council emphasized several core realities facing the workforce today:

 A Right, Not a Favor: The NLC re-established that a pension is a fundamental right of every worker, ensuring they can retire with dignity after years of driving the national economy.

 Threat to Workplace Peace: Employers were urged to fulfill their obligations immediately to safeguard industrial harmony, social justice, and overall national development.

 Zero Tolerance for Exploitation: The union stated it will no longer fold its arms while workers are left to face severe financial uncertainty after retirement.

The NLC issued a final warning to all defaulting organizations to clear their backlogs or face severe consequences.

“Any recalcitrant employer of labor will be taken to the court of public opinion in Nigeria, and legal actions will also be taken against them,” Sessi warned, signaling that the union is fully prepared to name, shame, and prosecute any entity undercutting its workforce.

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The approval, contained in a circular dated May 13, 2026, temporarily suspends key investment restrictions and signals a major policy shift by PenCom regarding pension fund participation in equity offerings.

The circular, signed by A.M. Saleem, Director of Surveillance at the commission, stated that the waiver was granted in recognition of the refinery’s strategic importance to Nigeria’s economy, strong fundamentals, and growth potential.

Under the special dispensation, PFAs will be permitted to participate in the IPO without complying with the usual requirements relating to years of existence, profitability records, and dividend payment history prescribed under the Revised Regulation on Investment of Pension Fund Assets.

According to PenCom, the commission carefully evaluated the investment opportunity and the broader economic impact of the proposed IPO on both the pension industry and the Nigerian economy before approving the concession.

“In reaching its decision, the Commission considered DPRP’s strategic importance, strong fundamentals, wide-ranging economic benefits, and growth potential. The Commission also took into account the record of Dangote Industries Limited, DPRP’s majority shareholder,” the circular stated.

PenCom said it granted a special dispensation from Section 6.2.7.1 (iii) of the Revised Regulation on Investment of Pension Fund Assets, specifically waiving the applicable existence, profitability, and dividend requirements, while maintaining other regulatory safeguards.

The commission, however, directed PFAs to ensure that any investments made under the waiver align with their internal investment policies, risk management frameworks, and fiduciary responsibilities to contributors and retirees.

PenCom further clarified that the regulatory forbearance is exceptional, strictly one-off, and applies only to the IPO of Dangote Petroleum Refinery & Petrochemicals FZE.

“It shall not constitute an automatic precedent for future Initial Public Offerings or other investment transactions,” the commission stated.

The circular takes immediate effect.

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BY NKECHI NAECHE-ESEZOBOR—National Pension Commission (PenCom) has intensified efforts to drive the nationwide implementation of the Contributory Pension Scheme (CPS) with the hosting of the maiden edition of its Bi-Annual Consultative Session for Heads of Service of states yet to fully adopt or implement the scheme.

The consultative session brought together key stakeholders to discuss strategies for strengthening pension reform implementation at the sub-national level and addressing challenges hindering full adoption across various states.

Speaking at the event, the Director General of PenCom, Omolola Oloworaran, stated that although 26 states have enacted pension reform laws, only seven states alongside the Federal Capital Territory (FCT) are currently fully implementing the Contributory Pension Scheme.

She emphasized the need for stronger commitment by state governments to ensure workers enjoy sustainable and secure retirement benefits under the CPS framework.

The event also featured the Head of the Civil Service of the Federation, Didi Esther Walson-Jack, as a special guest, underscoring the importance of collaboration between federal and state institutions in deepening pension reforms nationwide.

According to PenCom, the session served as a platform for meaningful engagement, knowledge sharing and collaboration among stakeholders, while also providing practical guidance and support to states yet to fully implement the scheme.

Discussions during the meeting focused on the benefits of pension reforms, operational challenges affecting implementation, and measures required to accelerate compliance at the state level.

The initiative forms part of PenCom’s broader commitment to promoting a sustainable pension system and expanding the reach of pension reforms across Nigeria.

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The National Pension Commission (PenCom) is conducting a one-time nationwide online verification and enrollment exercise for all active employees of treasury-funded Ministries, Departments and Agencies (MDAs) who were employed before June 30, 2004.

The exercise, which began on February 2, 2026, and is scheduled to end on July 31, 2026, is designed to capture accurate and complete data on eligible workers. This is expected to support the timely payment of their accrued pension rights under the Contributory Pension Scheme.

The initiative forms part of the Federal Government’s broader effort to address pension obligations carried over from the old Defined Benefit Scheme, which was replaced by the Contributory Pension Scheme in 2004.

Under Section 15(1) of the Pension Reform Act 2014, employees who transitioned to the new scheme are entitled to accrued pension rights representing benefits earned under the previous system. To fund these liabilities, the law provides for a Retirement Benefits Bond Redemption Fund domiciled with the Central Bank of Nigeria.

In a circular dated April 27, 2026, the Head of the Civil Service of the Federation, Didi Esther Walson-Jack, directed all treasury-funded MDAs to support the exercise. The directive stressed that verification is critical for determining the Federal Government’s outstanding pension liabilities and making appropriate budgetary provisions.

PenCom said the current exercise reflects a shift from earlier manual processes that were often hindered by incomplete records and delays. The commission has deployed a digital platform known as the Contributions and Bond Redemption Application (COBRA), designed to enable real-time data capture, validation and processing.

The platform incorporates multiple layers of verification, including biometric capture and cross-checking of employment records, aimed at improving data accuracy and reducing errors that could delay pension payments.

To ensure efficiency, the exercise is being implemented in phases. The first phase, which ran from February 2 to March 31, 2026, covered employees expected to retire between January 2027 and December 2029.

The second phase, currently underway from April 1 to July 31, 2026, targets employees scheduled to retire from January 2030 onwards.

PenCom said the phased approach is intended to enhance coordination, improve monitoring and ensure all eligible employees are captured within the timeline.

However, participation has remained below expectations, prompting a directive mandating full compliance by all treasury-funded MDAs.

Under the directive, MDAs are required to upload details of eligible employees on the COBRA platform, after which affected staff are to visit their respective Pension Fund Administrators with the necessary documents to complete the process.

Pension Desk Officers trained by PenCom have been assigned to coordinate the exercise within their organisations and guide employees through the process.

PenCom assured workers that participation would enable the proper computation of their accrued pension rights and help the Federal Government make adequate provisions for payment, ensuring seamless access to benefits upon retirement.

With the July 31 deadline approaching, the Federal Government has urged Permanent Secretaries and heads of MDAs to publicise the directive widely and ensure full participation.

Officials warned that failure to participate could complicate the processing of accrued pension rights and lead to delays in accessing retirement benefits.

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The seminar, hosted by the Nigeria Social Insurance Trust Fund in collaboration with the International Social Security Association, focused on the theme: improving inclusivity and access to social security services through clear and effective communication. It brought together stakeholders from across West Africa to explore ways of enhancing service delivery and public engagement.

Speaking at the event, Oloworaran commended the organisers for convening the dialogue and highlighted the Federal Government’s ongoing efforts to expand social protection. She noted that President Bola Ahmed Tinubu has shown commitment to social welfare by supporting vulnerable citizens through initiatives such as cash transfers, improved healthcare access, and the settlement of outstanding pension obligations.

The PenCom DG explained that while the Contributory Pension Scheme has built a solid institutional framework over the years, achieving real inclusion requires more than just expanding coverage. According to her, trust and understanding among contributors are critical, which is why the commission continues to strengthen stakeholder engagement, promote the Personal Pension Plan, and expand digital communication channels.

She emphasised that communication plays a central role in the success of pension reforms and service delivery, noting that policies and benefits can only be effective when contributors clearly understand and are able to act on them.

The engagement, she added, reflects PenCom’s broader commitment to building a more transparent, inclusive, and responsive pension system, where clear communication helps bridge gaps in access, foster trust, and support long-term growth in the sector.

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Speaking at a press conference convened by the Head of Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, in Abuja yesterday, Oloworaran described the recently approved exit benefits as a significant step toward ensuring a more structured and dignified transition into retirement for public servants.

She emphasized that the new measures are designed to strengthen the pension system while addressing longstanding challenges faced by retirees. According to her, the reforms will enhance financial security and promote better post-service living conditions.

The PenCom DG also highlighted the ongoing one-off enrolment exercise, which is expected to improve the efficiency of accrued pension rights payments. The initiative aims to streamline processes and enable retirees to access their benefits more quickly and seamlessly.

In addition, Oloworaran unveiled new retiree-focused programs, including the PenCare Health Initiative. The scheme, a corporate social responsibility effort by the pension industry, is designed to provide healthcare access to low-income retirees under the Contributory Pension Scheme. Through a structured health insurance arrangement, the initiative seeks to improve access to affordable and quality healthcare in retirement.

She further disclosed plans for the implementation of the Minimum Pension Guarantee (MPG), describing it as a landmark policy that will ensure pensioners receive a guaranteed minimum income. The initiative is expected to address the issue of low pensions and strengthen Nigeria’s social protection framework.

Oloworaran also commended the Federal Government for releasing funds to clear outstanding pension liabilities, noting that the move underscores the administration’s commitment to the welfare, dignity, and financial security of Nigerian workers in retirement.

The latest developments signal a renewed push by stakeholders to reform Nigeria’s pension system and improve the overall well-being of retirees.

President Bola Ahmed Tinubu had in  Friday approved an upward review of welfare and incentive packages for civil servants, in a move aimed at improving staff motivation and enhancing earnings both in active service and after retirement.

According to the Head of the Civil Service of the Federation, Didi Walson-Jack, measures, which received the backing of the Federal Executive Council, will cover employees under the Consolidated Public Service Salary Structure (CONPSS) and the Consolidated Research and Allied Institutions Salary Structure (CONRAISS).

Walson-Jack, added that the updated special allowances will cut across all grade levels, ensuring that both junior and senior personnel benefit from the initiative. She added that nearly all entitlements captured in the Public Service Rules have been adjusted, including duty tour allowances, estacode, and book grants.

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Operating under the umbrella of the Police Retired Officers Forum of Nigeria, the former officers held a peaceful march calling for their withdrawal from the Contributory Pension Scheme (CPS), which they labelled as exploitative and harsh.

They are also urging President Bola Ahmed Tinubu to give approval to the Police Exit Bill already passed by the National Assembly, which seeks to exempt police personnel from the existing pension arrangement.

According to them, other uniformed services such as the armed forces and intelligence agencies have been removed from the scheme, while police retirees continue to face what they described as financial hardship after years of service to the nation.

A spokesperson for the group said the demonstration was not politically driven but intended to highlight their conditions and push for improved welfare and respect for retired officers.

Security operatives were deployed across strategic locations in the capital during the protest, although the procession remained calm and orderly.

The retirees maintained that they would sustain their advocacy until their demands are addressed, insisting that the current pension framework is no longer workable or fair to former officers who served on the front lines of law enforcement.

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The Director-General of PenCom, Omolola Oloworaran, disclosed this during her welcome remarks at the first bi-annual roundtable discussion between PenCom and  the leadership of the Trade Union Congress of Nigeria (TUC).

According to Oloworaran, the achievement reflects the impact of ongoing reforms under Pension Revolution 2.0, a strategic initiative aimed at enhancing investment performance and safeguarding retirement savings against inflationary and currency risks.

As part of the reform agenda, the pension industry recently conducted a comprehensive review of its investment guidelines to strengthen long-term returns and preserve contributors’ wealth. The revised framework significantly expands the range of allowable asset classes, with increased exposure to real assets such as infrastructure investments, which serve as a natural hedge against inflation.

In addition, PenCom has introduced new investment instruments, including securities lending, repurchase agreements, and treasury bills, to deepen market participation, improve liquidity, and enhance portfolio yields.

The review acknowledged that rising inflation and exchange-rate volatility had previously eroded real pension returns, underscoring the need for a more diversified and resilient investment strategy. The updated framework is therefore designed to optimize returns while positioning pension assets to better withstand macroeconomic shocks.

“These reforms are already yielding results,” Oloworaran said, noting that pension fund returns are now approaching — and in some cases exceeding — inflation, representing a major turnaround after years of real value erosion.

PenCom is also working towards establishing a minimum pension guarantee through the Pension Protection Fund, supported by federal government contributions following the clearance of outstanding pension liabilities.

“This will enable us to establish a minimum pension for Nigerians, a critical step towards ensuring dignified retirement,” she stated.

Currently funded by PenCom, Pension Fund Administrators (PFAs), and Pension Fund Custodians (PFCs), the scheme will initially be implemented within the public sector before extending to private-sector workers as the funding base expands.

The regulator is also advocating for eventual mandatory contributions to strengthen the sustainability of the fund, a move that may require labour support amid anticipated resistance from employers.

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