James Emejo in Abuja

Director General, National Pension Commission (PenCom), Ms. Omolola Oloworaran, has said the commission has implemented pension reforms which were thought to be impossible before she assumed office.

She added that “what was impossible had become possible having to build a transparent and sustainable pension system in Nigeria”.

Oloworaran spoke at the opening of 2025 Customer Service Week with the theme, “Mission Possible”, in Abuja.

She noted that the theme also resonated deeply with PenCom’s vision of ensuring that every Nigerian worker in the public, private, or informal sector enjoys a secured and dignified retirement life.

Represented by PenCom acting Commissioner Inspectorate, Samuel Chigoze Uwandu, she said the impossible was achieved by tireless efforts of the pension industry to look for improvement in service and commitment.

She said, “This approach has reaffirmed our commitment to the people we serve; the contributors, retirees, operators, employers, and other stakeholders who we consider our partners.

“This is a reminder that behind every regulation and every reform is a human story of individuals who have entrusted their future to the pension system. Our duty is to ensure we justify that trust through efficiency, transparency, responsiveness to those we serve.

“In pursuit of this goal, the commission recently unveiled a new phase of pension administration known as Pension 2.0. This initiative is a bold step towards modernising and expanding the pension industry, driven by three key principles: innovation, inclusion, and integrity.”

The PenCom boss explained that, “Under Pension 2.0, the Commission has introduced several landmark regulatory instruments. Among these is the Guideline on the Administration of Retirement Savings Accounts in Foreign Currency, which provides a framework for Nigerians working in foreign companies and Nigerians working abroad to participate in the CPS.

“This innovation ensures that the pension system remains responsive to the realities of a global workforce and supports the inclusion of Nigerians in the diaspora. Equally transformative is the Guideline on the Personal Pension Plan (PPP) designed to bring self-employed persons and informal sector workers into the Contributory Pension Scheme.

“The Personal Pension Plan embodies the spirit of “Mission Possible”, as it breaks long-standing barriers to financial inclusion and ensures that every Nigerian, regardless of income or occupation, can build a secure retirement.

“To enhance access and participation, the Commission also developed the Framework for the Engagement of Accredited Pension Agents. These agents will play a pivotal role in marketing and selling the Personal Pension Plan nationwide, thereby extending the reach of pension services to communities and individuals who were previously underserved.”

She stressed that effective service delivery remained the cornerstone of today’s public trust, adding that PenCom will continue to strengthen its service culture, promote open communication, and enhance the digital interfaces through which contributors and retirees continue to interact with the pension system.

Furthermore, Oloworaran also clarified that the commission issued the Revised Guidelines for Corporate Governance for Licensed Pension Fund Operators (LPFOs) to reinforce accountability, transparency, and ethical conduct across the pension industry, all of which are essential to sustaining public trust and service excellence.

She also said the Recapitalisation Requirement for LPFOs was a major step towards strengthening the financial resilience of the pension industry by ensuring that the operators are adequately capitalised to secure the pension assets under management.

She maintained that the commission was safeguarding all pension assets and promoting a more stable, efficient, and competitive industry.

Oloworaran said, “Collectively, these initiatives demonstrate that PenCom’s mission is indeed possible and already being realised. Pension 2.0 is not merely about reform; it is about transforming the customer experience.

“It is about ensuring that contributors are protected and can access their retirement savings accounts seamlessly and promptly. Similarly, the employers find compliance processes straightforward and transparent.

She however, hailed the cooperation of all stakeholders including pension fund operators, employers, media, MDAs present, and the public for their continued partnership in advancing the cause of retirement security.

She said, “Together, we are proving that with collaboration, innovation, and commitment, the mission to deliver a sustainable and customer-focused pension system in Nigeria is not just possible, it is achievable.”

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