The directive, contained in a circular signed by A. M. Saleem, Director, Surveillance Department, to all licensed PFAs, requires pension operators to obtain retirees’ consent at the point they execute their Programmed Withdrawal Agreement. The commission noted that the directive takes immediate effect.

According to the Commission, the PenCare Initiative was established in collaboration with Licensed Pension Fund Operators (LPFOs) to improve access to quality healthcare services for eligible retirees under the Contributory Pension Scheme (CPS).

The initiative is designed to facilitate healthcare coverage for eligible retirees in line with the eligibility criteria approved by the Commission.

PenCom explained that the standardised consent process was approved to enhance the timely identification and enrolment of eligible retirees, eliminate delays associated with obtaining consent after retirement benefits have been processed, establish a uniform industry-wide procedure and improve the quality and completeness of enrolment records.

Under the new directive, every PFA is required to obtain the informed consent of eligible retirees who elect Programmed Withdrawal at the time they execute their retirement agreement.

The Commission specified that consent must be obtained using the standard PenCare Consent Form prescribed by PenCom. The form must be completed separately and must not form part of, or alter, the Programmed Withdrawal Agreement.

However, PenCom emphasised that the execution of the Programmed Withdrawal Agreement must not be made conditional upon a retiree agreeing to participate in the PenCare Initiative.

It further stated that a retiree’s decision to decline participation in the initiative must not affect the processing or payment of his or her retirement benefits.

To ensure that retirees make informed decisions, PenCom directed PFAs to explain the purpose of the PenCare Initiative before requesting consent and ensure that participation is voluntary, without coercion or undue influence.

The pension operators are also required to obtain retirees’ signatures on the prescribed consent forms and retain the signed documents as part of their retirement benefit records.

In addition, PFAs must maintain appropriate records of retirees who consent to participate in the initiative and those who decline. They are also required to submit information on consenting retirees to the Commission in the format and at the frequency prescribed by the regulator.

On data privacy, PenCom directed PFAs to ensure that personal information collected under the circular is processed solely for determining eligibility and facilitating enrolment into the PenCare Initiative.

The Commission further stated that such information must not be disclosed to third parties except where authorised by PenCom or required by law.

It also mandated pension operators to handle all personal information in accordance with the Nigeria Data Protection Act, 2023, the General Application and Implementation Directive (GAID), 2025, and other applicable laws and regulations issued by the Nigeria Data Protection Commission.

Regarding record keeping, PFAs are required to retain all executed PenCare Consent Forms as part of retirees’ retirement benefit documentation and make the records available to PenCom during routine or special supervisory examinations or upon request.

PenCom said it would monitor compliance with the circular through its routine supervisory and examination activities.

The Commission warned that failure to comply with the provisions of the circular may attract appropriate regulatory action in accordance with the Pension Reform Act 2014 and other applicable regulatory instruments.

PenCom also directed that all inquiries regarding the circular should be forwarded to the Head, Benefits and Insurance Department.

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For workers in the formal sector—such as those in federal government agencies, teachers, parastatals, university lecturers, staffs etc.—this can be contributed as an additional fund via voluntary contributions.

While, for those in the informal sector—such as market women, barbers, traders, students, petty traders, shop owners, etc.—their contributions will go into their Personal Pension Plan account.

All of these must go through Pension Fund Administrators (PFAs) approved by the National Pension Commission, (PenCom).

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Speaking on Thursday in Lagos at the 11th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE), the panellists stressed that the success of recapitalisation should be measured by its impact on policyholders, contributors and the wider economy, rather than by the amount of capital raised.

The conference, themed “Post-Recapitalisation Market Dynamics in Insurance and Pension Sectors”, also saw the panellists stressed that, the success of recapitalisation should be measured by its impact on policyholders, contributors and the wider economy, rather than by the amount of capital raised.

Speaking on the insurance sector, Mrs Jacqueline Agweh, Managing Director, SanlamAllianz General Insurance, said the post-recapitalisation era had given insurers an opportunity to develop products that addressed customers’ specific needs.

She said, insurers must work closely with customers to understand those needs and provide tailor-made products and services.

According to her, innovation, digital transformation, user-friendly technology and self-service platforms will be critical to improving customer experience.

Agweh advised insurers to simplify onboarding processes and use technology to improve risk assessment, claims investigation and other operations.

She also called for greater focus on retail insurance and micro-insurance, stressing that affordability and simplicity were key to deepening insurance penetration.

“Bulky policy documents and complicated terms often discourage people from taking insurance products.

“Insurers must make their systems seamless and develop digital platforms that would enable customers to access insurance services conveniently,” she said.

Agweh further advocated embedding insurance into everyday economic activities, so that it becomes an integral part of consumers’ daily transactions.

“Why can’t my phone be insured from the point of purchase? Why can’t you bring it in? Sometimes it is so subtle, you don’t even see that they pay for insurance,” she said.

She added that the post-recapitalisation industry should focus on making insurance a culture by creating products that are accessible, affordable and relevant to the people.

Also speaking, Mr Babalola Rufus, Executive Director, NLPC Pensions, urged operators to ensure that policyholders and Retirement Savings Account (RSA) holders had their funds secured, properly invested and paid when due.

Rufus noted that shareholders and contributors had committed funds to the insurance and pension sectors expecting value from their investments and contributions.

He said the success of recapitalisation in both sectors should ultimately be judged by the benefits delivered to customers.

According to him, recapitalisation should result in stronger institutions, better investment decisions, improved services, wider participation and greater accountability.

On his part, Mr Peters Elendu, Managing Director, Zenith Pensions Custodian Ltd., advised pension operators to invest in technology, artificial intelligence, data analytics and innovation to make pension services easier and more accessible.

Elendu, who was represented by Mr Alfred Nkuma, Head, Safekeeping and Corporate Action at the firm, also called for investment in human capital to ensure that employees had the skills required to drive technological transformation in the sector.

He said recapitalisation should not be viewed merely as a regulatory compliance exercise but as a strategic opportunity to build resilient institutions.

He added that the focus should now shift from the amount of capital raised to how effectively the additional funds were deployed to solve problems and create long-term value.

Nkuma said pension fund custodians had a responsibility to safeguard pension assets, diversify investments and ensure liquidity to meet beneficiaries’ obligations.

He noted that trust and confidence were critical to sustaining contributions to the pension system.

Nkuma assured that custodians would continue to prioritise the safety, availability and growth of pension assets belonging to Nigerian workers.

Earlier, Mrs Ebere Nwoji, Chairman of NAIPE said the conference was organised to bring together regulators, industry operators and investment experts to examine how the capital raised by insurance and pension institutions could be deployed prudently.

Nwoji said this was because effective investment of the funds would help generate sustainable returns for investors, strengthen the economy and improve the long-term financial security of Nigerians.

The NAIPE chairman commended the Commissioner for Insurance, Mr Olusegun Omosehin, for ensuring the successful completion of the insurance industry’s recapitalisation exercise after several unsuccessful attempts by previous administrations.

She said the exercise had ended years of uncertainty surrounding efforts to strengthen the industry’s capital base.

Nwoji congratulated the 50 insurance and reinsurance institutions that met the recapitalisation requirements, expressing optimism that the exercise would improve their business prospects.

She also urged the affected institutions that failed to meet the requirements to accept the outcome and avoid actions that could create uncertainty in the market.

She urged Nigerians to take advantage of their improved financial capacity by purchasing insurance policies

The chairman appealed to Omosehin not to be distracted by criticism from some industry stakeholders, stressing that the exercise was necessary to strengthen the sector.

She said the association would intensify efforts to inform Nigerians and the international community about the importance of insurance and pensions as long-term savings mechanisms and protection against unforeseen financial difficulties.

On the pension sector, Nwoji expressed confidence that the ongoing recapitalisation would strengthen pension fund administrators (PFAs) and improve retirement outcomes for Nigerian workers.

She urged PFAs to use the time available to meet the revised capital requirements ahead of the July 2027 deadline.

According to her, operators that may be unable to meet the requirements independently should begin merger discussions early to ensure business continuity.

She commended the Director-General of PenCom for her reform initiatives under the Pension Revolution 2.0 programme.

Nwoji said the reforms had the potential to improve the welfare of retirees and reduce the risk of poverty in old age.

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The regulators spoke on Thursday in Lagos at the 11th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE), held under the theme “Post-Recapitalisation Market Dynamics in Insurance and Pension Sectors.”

Mr Olusegun Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, said insurers must look beyond meeting minimum capital requirements to strengthening their balance sheets, improving risk management and enhancing claims settlement.

He said the successful completion of the recapitalisation exercise marked the beginning of a new phase in the insurance industry, requiring operators to preserve and deploy their capital prudently.

Omosehin said insurers must align their assets with their liabilities to ensure that adequate, liquid and diversified investments were available to meet obligations to policyholders.

He also urged operators to adopt disciplined investment policies, strengthen corporate governance and improve risk management to protect their enhanced capital bases.

The commissioner said increased capital would provide insurers with greater capacity to expand their businesses but warned that growth without adequate risk controls could undermine the gains of recapitalisation.

He said risk-based supervision would be a key regulatory priority, urging operators to strengthen enterprise risk management, actuarial capabilities and stress-testing frameworks as the industry moved towards risk-based capital requirements.

Omosehin said the ultimate test of recapitalisation would be its impact on policyholders, particularly through prompt and efficient settlement of legitimate claims.

He emphasied that improved claims payment was essential to rebuilding public confidence and encouraging greater participation in insurance.

The NAICOM boss also urged insurers to strengthen board oversight, accountability, ethical leadership and regulatory compliance, noting that stronger capital must be supported by effective governance structures.

He identified technology, digital distribution and human capital development as important drivers of growth, urging insurers to invest in digital platforms, professional training and technical expertise.

According to him, actuarial science, investment management, technology and risk management were among the areas requiring stronger professional capabilities to manage larger balance sheets and increasingly complex risks.

Omosehin said recapitalisation should ultimately produce a more resilient, transparent, innovative and customer-focused industry capable of contributing meaningfully to Nigeria’s economic development.

Similarly, Mrs Omolola Oloworaran, Director-General of PenCom, urged pension operators yet to meet the recapitalisation requirements to comply with the directive urgently.

“I’d like to make a warning to the industry. All those who have not met the recapitalisation in the pension industry, there’s no going back. Go and meet your capital requirements with urgency,” she said.

Oloworaran said recapitalisation was necessary to strengthen regulated institutions and improve their capacity to withstand economic and financial shocks.

She said the reforms were particularly important because pension and insurance institutions managed resources critical to the livelihoods and financial security of Nigerians.

According to her, the objective of strengthening the pension industry is to ensure that contributors can retire with peace of mind and dignity.

The PenCom director-general said recapitalisation should not merely produce bigger and more resilient institutions but should also improve service delivery and retirement outcomes.

She said regulators and industry stakeholders must continually assess whether reforms were delivering tangible benefits to Nigerians.

“Beyond recapitalisation, yes, industries are bigger, more resilient and all of that. But at the end of the day, the person, the human we exist to serve, is not feeling the impact. Then what is the importance of all the reforms we put out,” she said.

Oloworaran said PenCom was shifting its focus from merely accumulating pension assets to ensuring that the funds were deliberately and effectively allocated to generate better returns for contributors.

She urged insurance and pension editors to hold regulators and operators accountable by asking critical questions about the effects of policies and reforms on Nigerians.

The PenCom boss commended NAIPE for providing a platform for dialogue among regulators, industry stakeholders and the media, pledging that the commission would continue to use available regulatory tools to strengthen the pension system and build public confidence.

Also speaking, Mr Wale Oshin, Group Managing Director/Chief Executive Officer of Custodian Investment Plc, called for stronger collaboration between insurance companies and pension operators to improve retirement security and protect retirees’ interests.

Oshin said cooperation between the two industries should extend beyond regulators to operators and other stakeholders to ensure better outcomes for retirees and annuity holders.

He said recapitalisation offered an opportunity to strengthen institutions, improve resilience, support investment in technology and enhance operators’ capacity to meet long-term obligations.

However, he stressed that raising capital alone was insufficient, noting that the real value of recapitalisation would be determined by the quality of services and benefits delivered to customers.

Oshin urged insurance companies and pension operators to focus on building sustainable businesses rather than merely meeting regulatory requirements.

He also called for greater attention to annuities and retirement income, warning that inadequate retirement benefits could undermine public confidence in the pension system.

The Custodian Investment chief executive commended regulators and industry stakeholders for efforts to build stronger institutions, urging sustained engagement to address emerging challenges in the insurance and pension sectors.

Earlier in her welcome address, the Chairman of the National Association of Insurance and Pension Editors (NAIPE), Ebere Nwoji, said the recapitalisation of Nigeria’s insurance and pension sectors will strengthen their capacity to support individuals, businesses and the wider economy.

She said the huge capital raised by operators of the two sectors must now be deployed prudently to generate stronger returns for investors and contribute meaningfully to economic growth.

According to her, the recently concluded insurance recapitalisation exercise has placed insurance companies in a stronger position to underwrite bigger risks and provide greater protection to Nigerians and businesses.

She therefore urged Nigerians to take advantage of the increased financial strength of insurance companies by purchasing appropriate insurance policies, stressing that effective risk transfer would provide greater financial security for individuals, businesses and families.

Nwoji also said the ongoing recapitalisation of the pension sector, expected to be concluded by July 2027, offers an opportunity to build a stronger retirement system for Nigerian workers.

She expressed optimism that the exercise, alongside reforms in the sector, would improve the capacity of Pension Fund Administrators (PFAs) to safeguard workers’ retirement savings and generate better returns, ultimately helping Nigerians enjoy greater financial security after their years of service.

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This is even as the timing of the event scheduled to hold on Thursday, October 8, 2026, at Oriental Hotel, Victoria Island, Lagos, has been shifted from 9:00am to 12:00pm same day.

This is to allow Insurance operators, who will be attending Insurers Committee meeting earlier that day, conclude their meeting and attend the conference.

The national conference with a focus on the emerging market dynamics in Nigeria’s insurance and pension sectors, follows  the just concluded recapitalisation exercise in the insurance sector and ongoing exercise in the pension industry.

Themed: “Post-Recapitalisation and Market Dynamics in Insurance & Pension Sectors,” the Chief Executive Officer of United Capital Asset Management Limited, Dr. Odiri Oginni, will deliver the keynote address, focusing on the insurance  perspective while Mr. Oguche Aguda,
Founder and Managing Partner of HRISP Partners, will equally deliver a paper on the theme, focusing on the pension perspective.

The Group Managing Director of Custodian Investment Plc, Mr. Wole Oshin, will chair the event.

According to NAIPE, the conference is coming at a critical period for the two sectors, as insurance operators have just concluded their recapitalisation exercise, while pension operators are expected to conclude theirs in 2027.

The high level discourse will therefore examine how funds raised through recapitalisation can be strategically invested and deployed to generate stronger returns, deepen market confidence and improve service delivery to shareholders and policyholders.

Expected dignitaries include the Commissioner for Insurance & Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin; Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran; chief executives of insurance companies, broking firms, investment and securities companies and Pension Fund Administrators (PFAs), as well as regulators, labour unions, students and other stakeholders.

Speaking ahead of the conference, Chairperson of NAIPE, Mrs. Ebere Nwoji said, the annual gathering provides a platform for insurance and pension journalists to contribute to the development of both sectors by promoting greater public understanding of insurance and pension as instruments for financial security and protection against old-age poverty.

Nwoji expressed appreciation to operators and regulators in the two sectors for their continued support for the conference, stressing that, the benefits derived from the annual event outweigh the resources committed to organising it.

She described this year’s theme as timely, given the significant structural changes taking place in the insurance and pension industries through recapitalisation.

She noted that, the insurance industry concluded its recapitalisation exercise on July 31, 2026, while the pension industry is currently undergoing a similar process expected to be completed next year.

The NAIPE chairperson, particularly, commended the leadership of NAICOM for successfully concluding the insurance industry’s recapitalisation exercise, describing it as a major achievement for Omosehin.

According to her, the Commissioner ‘took the bull by the horns’ in breaking what she described as the longstanding cycle of inconclusive recapitalisation exercises in the insurance industry.

She also expressed optimism that the pension industry, under the leadership of Ms. Omolola Oloworaran, would achieve a seamless and successful recapitalisation exercise.

“The conference would provide operators with an opportunity to gain insights into prudent and judicious investment of the capital raised through the recapitalisation process.

“I am confident that speakers at the event would provide practical perspectives on how insurance and pension operators can deploy their strengthened capital bases to deliver superior investment returns while enhancing value for investors, shareholders and policyholders” she affirmed.

Meanwhile, NAICOM, PenCom, SanlamAllianz, Veritas Kapital and 24 others have offered their support and partnership towards the conference.

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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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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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