Hot Source•Oloworaran: Bold reforms underway to unlock benefits for retirees, declares no outstanding liabilities to pensioners under CPS
•Akume, Edun, Cardoso hail initiative to enhance transparency, accountability, growth
James Emejo in Abuja
Secretary to the Government of the Federation (SGF), Senator George Akume, yesterday, inaugurated the Pension Industry Leadership Council (PILC), opening a new chapter in the country’s drive towards “financial security, economic transformation, and generational stability for our teeming, hardworking, dedicated and loyal workers”.
The council will serve as a permanent multi-stakeholder advisory council designed to unify voices across the pension ecosystem and accelerate growth.
The body seeks to facilitate strategic dialogue, foster innovation, and mobilise collective action to strengthen and sustain a sound, inclusive, and sustainable pension system.
Speaking at the inaugural meeting of the council in Abuja, Akume stated that the establishment of the council symbolised foresight and testified to the huge benefits derivable from synergy among key industry players, including the operators, government, and social partners.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the federal government will sustain fiscal discipline and supportive policies to ensure the pension system remained robust, transparent, and impactful.
Equally speaking at the occasion, Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, said the initiative will provide transparency for enhanced regulatory compliance, as well as trust and integrity of the pension system.
Director General/Chief Executive, National Pension Commission (PenCom), Ms Omolola Oloworaran, who also chaired the PILC, said bold reforms in the pension industry were underway in the coming days.
Oloworaran also declared that there were currently no outstanding benefits to retirees under the Contributory Pension Scheme (CPS), adding that all accrued rights have been settled up till September 2025.
The PenCom DG said delays in pension payment were now a thing of the past, stating that no Pension Fund Administrator (PFA) currently owes any pensioner under CPS.
Akume said, “Most importantly, it (PILC) affirms our shared commitment to ensuring that every Nigerian who labours in hope today must be guaranteed dignity and security tomorrow.”
In practice, the council will provide a strategic forum where PenCom and licensed pension operators can consult every quarter on policy and operational issues, aligning pension growth with national development goals.
Akume stressed that despite the progress so far achieved with the implementation of the Contributory Pension Scheme (CPS), the pension system, like any other policy initiative, continued to encounter challenges, including rising inflation that continued to erode retirement savings.
According to him, other challenges included that of inclusivity, as large segments of the informal sector remain uncovered, and erosion of public trust that must be arrested by industry players, among others.
The SGF added, “This makes it imperative that the leadership of the industry must remain ready to evolve new methods of navigating them.”
The SGF stated that the CPS had become one of the most enduring institutional reforms of democracy, leading to reinforced governance, accountability, and transparency in financial management, and safeguarded contributors’ funds. He said it had also built huge investment reserves and instilled new confidence among Nigerian workers.
He said, “Millions of our citizens, once anxious about life after work, now look forward with greater assurance.”
Akume said the federal government had continued to focus on fine-tuning the legal, regulatory, policy and institutional frameworks in order to ensure that workers enjoyed the best bargains comparable with what obtained in advanced jurisdictions.
While inaugurating the council, chaired by Oloworaran, the SGF charged the members to strengthen trust through accountability and transparency by enforcing strict governance standards for industry players and ensuring regular public reporting of returns, compliance status, and investment portfolios.
He said the council must aim to expand the coverage to the informal sector by scaling up the Micro Pension Plan (MPP), designing incentives, such as digital platforms, mobile payment integration, and tax reliefs to attract artisans, traders, and SMEs.
The council is also expected to lead the charge in mobilising pension assets for national development by strengthening the framework for safe, transparent investment of pension funds into infrastructure bonds, housing finance, renewable energy, and SMEs, among others.
Akume assured all stakeholders in the industry that the government of Tinubu, under the Renewed Hope Agenda, remained committed to building a strong pensions industry and the mission of PILC.
He said, “Pensions remain recognised not only as an instrument for social protection but also as the cornerstone of inclusive economic growth. The government remains deeply committed to ensuring that workers’ savings are not only secure and prudently managed but also harnessed to accelerate our nation’s progress.
“For this reason. Government will continue to provide the enabling environment, strong policy backing, and the political will to ensure that the pension industry thrives as both a guarantor of retirement security and a catalyst for national development.”
Edun, who was represented by Director, Home Finance, Dr. Ali Mohamed, commended the leadership of PenCom, pension fund operators, and all stakeholders for their dedication and contributions to the sector.
He said the inauguration of the council marked an important milestone in strengthening collaboration between PenCom, operators in the pension industry, and other key stakeholders, as well as providing a platform for dialogue, partnership, and innovation, which were essential for expanding the role of the pension sector in supporting economic development.
The minister pointed out that over the past two decades, Nigeria’s pension industry had evolved into a major source of long-term investable funds, growing significantly in assets under management and improved governance standards, positioning itself among the country’s most trusted financial institutions.
He said, “Today, our nation faces enormous challenges, particularly in critical infrastructure—roads, housing, railways, power, and other essential sectors.
“Mobilising long-term private capital is therefore urgent. Pension funds are uniquely positioned to play an even greater role in financing national development.
“Already, the industry has provided significant support through investments in federal government bonds, treasury instruments, and other secure financial assets.
“These investments have deepened the domestic debt market while also supplying the government with reliable financing for development projects. But more still needs to be done.”
Nevertheless, the PenCom DG said the inauguration of the council was a watershed for the pension industry. She said the PILC was the pension industry version of the Bankers’ Committee in the banking industry, stating that the former remained a forum for collective leadership, strategic dialogue, and industry-wide coordination.
She said since the passage of the Pension Reform Act in 2004, the industry had made remarkable progress – mobilising long-term savings, restoring dignity to retirement and strengthening financial stability.
Oloworaran said the challenges of coverage, adequacy, governance, and impact demanded more than fragmented effort, but a “united council to set direction, build trust, and safeguard the future of millions of Nigerian workers”.
She said, “But beyond continuity, this council is also about transformation. The world is changing, and so too must we, by innovating in our products, re-engineering our processes, and modernising our systems to deliver pensions that are accessible, transparent, and truly inclusive.”
Oloworaran said, “Pensions are not just an industry concern, they are a pillar of social protection, an instrument of inclusion, and a driver of sustainable economic growth. They embody the promise that hard work in youth will be rewarded with dignity in retirement.”
Essentially, the PILC has a mandate to expand coverage, especially to informal-sector workers, ensuring no Nigerian is left behind; enforce governance and compliance, upholding the highest fiduciary standards; channel pension assets as catalysts for national development while keeping contributors’ interest’s paramount; drive innovation – through new products, improved processes, and integrated systems that deliver more value to contributors and retirees alike; as well as strengthen public confidence, so pensions remain a promise kept.
Cardoso, who was represented by CBN Director, Banking Services, Hamisu Abdullahi, stated that the inauguration of the council ensured that set objectives of the pension industry were realised.
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