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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Cross Section of representatives of PCRS and PSSP during the event.

Other participants

Other participants

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The Director-General of PenCom, Ms. Omolola Oloworaran, disclosed this during the 2026 Consultative Forum for States, the Federal Capital Territory (FCT), and Licensed Pension Fund Operators (LPFOs).

She warned that while states technically have the legislative autonomy to pass their own laws, withholding monthly employee pension contributions into state coffers creates a dangerous risk for future retirees.

“You cannot be deducting funds from employees and putting them in a state account.”

“Any other governor can come on board who doesn’t even know what the point of the funds are, and then people’s monies are used for something else. That then results in pension obligations skyrocketing and a broken system in the future.”

She urged state governments to urgently adopt and execute the Contributory Pension Scheme (CPS), warning that delaying pension reforms poses a grave danger to public finances and the future security of public service workers.

While assuring that she will engage the governors and let them see the need to do the right thing by enacting their own laws and commencing their own scheme.

On the review of Pension Reform Act, she said “Right now, it is still at the engagement stage with all the necessary parties, which includes Labour, NECA, House of Representatives and the Senates are doing a whole lot of work. “Certainly , the rates of contribution will go up, but we have to make sure that all stakeholders are carried along before final implementation.’

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The Director-General of PenCom, Ms. Omolola Oloworaran, disclosed this today during the 2026 Consultative Forum for States, the Federal Capital Territory (FCT), and Licensed Pension Fund Operators (LPFOs).

This gathering helps the main agency work closely with the commission so everyone handles retirement funds the same way across the country.

Addressing the concerns raised by the state representatives, she said “You know, it’s not something I can tell you. This is what we will do. What I can tell you is that we’ve listened to them. I think that there’s a good point in what they are saying. We would explore ways to create income streams for state pension bureaus, which is what I told them. So we’ll certainly look into it. Might not be in the form in which they are prescribing, but we will do something.”

Expressing strong disappointment over the poor adoption rate across the country, the Director-General stated that she was not satisfied with the current performance of state pension boards, noting that only eight out of 36 states are presently implementing the Contributory Pension Scheme (CPS).

“No, I’m not satisfied. We still have eight states out of 36 states, so I’m not satisfied. I think there has to be more political will. Governors have to prioritize their workers more, their future, the future of the workers when they retire. You know, not just worry about what you need to do today, but what happens to your workers when they retire. I think a whole lot needs to be done. So I am not satisfied at all where we are. We should not be on eight states. All 36 states should be under the contributory membership, She stressed.

She noted that the scheme is not merely another pension model; “it is a governance framework, one that brings structure, discipline, transparency, long-term sustainability to retirement administration, and critically for the states represented in this room, it provides the framework within which every legacy-defined benefit obligation can be managed responsibly while building a pension system that remains financially sustainable for generations to come.

“The question before every state is no longer whether pension reform is necessary. I believe that debate is settled. The question is whether we have the courage and foresight to build a pension system that will be protecting workers 20, 30, 50 years from today-a system that would outlast every single one of us in this room. That is not a technical question, by the way. It is the test of leadership. That is the test of leadership.

Drawing global comparisons, she warned that “Jurisdictions that have delayed pension reform now confront overwhelming liabilities, widening fiscal pressures, and broken promises to the very retirees they swore to protect. Jurisdictions that acted early built resilient systems, systems that protected workers, strengthened public finances, and deepened citizens’ confidence in the government itself.

She added that “Two paths, two destinations, and every Nigerian state now stands at the fork of the road, I would just say more like at the end of the road. Should you go right or do you go left? You need to choose the right path. So let me say this plainly: every state will ultimately be remembered for the pension system it leaves behind.

“The true measure of how a government values its worker is not how it treats them today, whilst they serve. It is whether it honors them after they have served. Pension reform, therefore, is not about balancing today’s books. It’s nothing about today, but it’s about keeping tomorrow’s promise when. our day workers vote. This is why we are gathered here today, and this is why this forum matters a great deal. We are not here just to review process or progress. We are here to accelerate it, to remove obstacles, to agree on solutions, and live with clear commitments that move every state measurably closer to a pension system that is sustainable, inclusive, and leaves no worker behind.

She reassured them that the commission ambition is straightforward: a Nigeria where every worker retires with dignity, every end benefit is paid on time, and no one in any state, in any sector, at any income level is left behind. In pursuit of that ambition. We have delivered practical tools for this journey, or some of some practical tools for this journey.”

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She described the project as a landmark achievement in promoting the welfare and dignity of retirees across the country.

Oloworaran who chaired the commissioning of the Legacy House in Abuja, said the building

The facility was officially commissioned by the Governor of Kano State, Abba Kabir Yusuf, who reaffirmed his administration’s commitment to improving the welfare of retirees. He also announced a donation of ₦100 million to support the activities of the Nigeria Union of Pensioners.

In her remarks, the PenCom Director-General described the Legacy House as a lasting symbol of the invaluable contributions of Nigerian pensioners and underscored the need to continue strengthening institutions dedicated to protecting retirees’ welfare.

She also highlighted the Federal Government’s ongoing pension reforms under the administration of President Bola Ahmed Tinubu, noting that significant progress has been made in addressing longstanding challenges in the pension sector.

According to her, the reforms include the settlement of long-standing pension liabilities, increased monthly pension payments, improved administration of retirement benefits, stronger enforcement of pension compliance, as well as initiatives aimed at expanding pension coverage and enhancing retirement security for Nigerians.

Oloworaran reaffirmed PenCom’s commitment to collaborating with stakeholders to build a sustainable pension system that guarantees financial security and dignity for retirees.

The event also featured remarks by the President of the Nigeria Labour Congress (NLC), Joe Ajaero, and the President of the Nigeria Union of Pensioners (NUP), Comrade Godwin Abumisi, who expressed appreciation to the Governor of Kano State, the PenCom Director General, and other stakeholders for their continued support of pensioners.

The occasion reaffirmed the collective commitment of government, organised labour, and pension stakeholders to advancing pension reforms, strengthening retirement security, and improving the welfare and quality of life of retirees across Nigeria.

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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.

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The recovered funds, obtained from employers in the electricity sector who failed to remit pension deductions, have been fully credited into the respective Retirement Savings Accounts (RSAs) of affected employees in line with the provisions of the Pension Reform Act (PRA) 2014.

The recovery was achieved through a joint enforcement initiative by ICPC and PenCom aimed at tackling pension contribution defaults and ensuring employers comply with their statutory obligations under the Contributory Pension Scheme.

According to PenCom, the successful recovery highlights the effectiveness of its partnership with the anti-corruption agency in enforcing compliance with the Pension Reform Act and safeguarding workers’ retirement benefits.

To strengthen collaboration, PenCom and ICPC signed a Memorandum of Understanding (MoU) in October 2025, establishing a framework for the recovery of outstanding pension contributions, investigation of pension-related infractions, and enforcement of compliance with the Pension Reform Act 2014.

PenCom disclosed that ICPC is currently investigating several other private sector employers referred by the Commission for non-compliance with the pension law, noting that additional recoveries are expected as the investigations progress.

Under the Pension Reform Act 2014, employers are required to deduct and remit pension contributions into employees’ Retirement Savings Accounts within seven working days after the payment of salaries. Failure to comply constitutes a violation of the law and attracts sanctions, including the recovery of outstanding contributions, penalties, and, where necessary, prosecution.

The Commission urged all employers, particularly those in the private sector, to regularise outstanding pension remittances and ensure full compliance with the provisions of the Act to avoid regulatory and enforcement actions.

PenCom reaffirmed its commitment to protecting the retirement savings of Nigerian workers, promoting compliance with the Contributory Pension Scheme, and ensuring that pension contributions deducted from employees are promptly remitted into their Retirement Savings Accounts.

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Held on June 24 and 25, 2026, the initiative brought together contributors, retirees, Pension Fund Administrators (PFAs) and industry stakeholders in an interactive setting where complaints were resolved, enquiries addressed and guidance provided on pension-related issues.

Demonstrating the Commission’s commitment to improving customer experience, Director General Omolola Oloworaran personally visited the various PFA service points, interacting with contributors and operators while identifying issues requiring immediate attention and long-term resolution.

The engagement highlighted PenCom’s drive to make pension services more accessible, transparent and responsive by encouraging direct dialogue between contributors and service providers.

According to the Commission, the Customer Clinic reaffirmed the importance of listening to contributors, resolving concerns promptly and placing customer satisfaction at the heart of pension administration in Nigeria.

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In a statement signed by its Chairman, retired Commissioner of Police (CP) John D. Amadi, the platform said retired Chief Superintendent of Police (CSP) Raphael Irowainu and his group, the Police Retired Officers Forum of Nigeria (PROF), do not represent the majority of retired police officers under the Contributory Pension Scheme (CPS).

The platform, which comprises retired Assistant Commissioners of Police, Deputy Commissioners of Police and Commissioners of Police, said it was compelled to clarify its position following media reports in which PROF reportedly gave President Bola Ahmed Tinubu an 11-day ultimatum to sign the Police Exit Bill or face nationwide protests.

According to the statement, the recognized body that has consistently engaged successive administrations and relevant institutions on the welfare of retired police officers remains the platform led by CP Amadi in collaboration with retired senior officers, including Alhaji Lawal Manir.

The group noted that Irowainu, who retired from service in March 2025, was previously part of the existing retirees’ structure before breaking away to establish a parallel organization.

“The actions and public pronouncements of the group are capable of undermining ongoing constructive engagements with government and relevant stakeholders,” the statement said.

While acknowledging the welfare challenges confronting police retirees under the CPS, the platform stressed that such concerns should be addressed through dialogue, institutional engagement and lawful negotiations rather than ultimatums, threats or inflammatory rhetoric.

The platform disclosed that following President Tinubu’s withholding of assent to the Police Exit Bill, reportedly passed by the National Assembly on December 4, 2025, the Director-General of the National Pension Commission (PenCom) initiated consultations with the leadership of the Nigeria Police Force and representatives of retirees to explore reforms within the CPS framework.

It added that, in collaboration with the Lawal Manir-led group, it had since commenced structured negotiations with PenCom and other relevant authorities, submitting proposals aimed at addressing the welfare concerns of retired police officers.

“Our proposals and demands have been formally submitted and are currently receiving due consideration,” the statement said.

The platform emphasized that its approach aligns with established principles of labour relations and conflict resolution, which prioritize negotiation and institutional procedures over confrontation.

Consequently, it dissociated itself from any protest threat, ultimatum or claims of “non-negotiable” positions attributed to Irowainu and his associates.

The group urged the public, media organizations, government institutions and security agencies to disregard any representations made by PROF as the collective position of retired police officers under the CPS.

It also called on retired police officers across the country to remain calm, law-abiding and supportive of ongoing engagements aimed at securing sustainable pension reforms and improved welfare packages.

The platform reaffirmed its commitment to continued engagement with the Presidency, the National Assembly, PenCom and the leadership of the Nigeria Police Force in pursuit of lasting solutions to the pension concerns of retired police officers.

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