PenCom DG Announces Fresh Reforms at South-east Sensitisation Workshop
PenCom DG Announces Fresh Reforms at South-east Sensitisation Workshop
Amby Uneze in Owerri
The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has reaffirmed the commission’s commitment to ensuring dignity and security for Nigerian workers and retirees under the Contributory Pension Scheme (CPS).
Speaking at the Sensitisation Workshop on the Workings of the Contributory Pension Scheme for Pensioners in the South-east Zone held in Owerri, capital of Imo State yesterday, jointly organised by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC), Ms. Oloworaran described the CPS as “a national success story that has rewritten Nigeria’s pension narrative from chaos to confidence.”
The Director General, represented by Commissioner, Inspectorate, Mr. Samuel Chigozie Uwandu, noted that the pension system, once marred by arrears and unpaid entitlements, has evolved into a transparent, sustainable, and inclusive mechanism protecting the retirement security of over 10 million Nigerians across the public and private sectors, including self-employed individuals under the newly rebranded Personal Pension Plan (PPP).
According to her, pension assets have now exceeded N25 trillion, channelled into key sectors to drive economic growth and national development. She revealed that over 844,000 retirees currently receive either regular monthly pensions or lump-sum benefits through the CPS — a testament to its reliability and efficiency.
Oloworaran unveiled a series of bold reforms under the “Pension Revolution 2.0” initiative aimed at improving benefits, strengthening governance, and restoring trust in the system.
Among these innovations and novel developments is Pension Boost 1.0, in which pensions for over 241,000 retirees have been enhanced, raising total monthly pension payments from N12.1 billion to N14.8 billion effective June 2025.
The PenCom DG also said there is now zero Waiting Time for Pension Payments as since July 2025, retirees no longer wait to access their pensions, as payments are now made immediately upon retirement.
She told the retirees that a new framework has been developed in collaboration with the Office of the Head of the Civil Service to reintroduce gratuity payments for federal workers under the CPS.
Furthermore, the DG said President Bola Ahmed Tinubu has approved the issuance of N758 billion bonds to clear outstanding pension liabilities and arrears dating back to 2007 — a move the DG described as “a bold and compassionate intervention that will bring relief to pensioners and strengthen confidence in the system.”
In addition, she said PenCom has issued five major regulations, including Whistle-blowing Guidelines for Pension Assets, a revised Investment Regulation, and Guidelines for the newly introduced Accredited Pension Agents under the Personal Pension Plan.
Participants were excited when the DG announced that later this year, PenCom will roll out a free health insurance package for low-income pensioners to enhance their welfare beyond financial pensions.
Oloworaran emphasised that reform is an ongoing process. “We are not resting on our laurels,” she said. “Our goal is to ensure that every Nigerian worker and retiree can confidently rely on the CPS for a dignified retirement.”
She acknowledged that despite remarkable progress, some challenges persist — notably limited coverage among states and private employers, and lingering public skepticism rooted in the failures of the past.
“This workshop is part of our nationwide effort to rebuild trust,” she stated. “It provides an opportunity to listen, explain, and strengthen confidence in the system.”
The DG also announced the introduction of a new Enrolment Application System designed to streamline and simplify the retiree registration process. The system will feature a more user-friendly interface and faster processing times, particularly for the 2026 retiree enrolment exercise and the one-off enrolment of employees of treasury-funded MDAs with accrued pension rights.
Looking ahead, Oloworaran outlined PenCom’s strategic focus areas, including diversifying pension asset investments, strengthening governance, expanding coverage — especially in the informal sector — and enhancing welfare through health and gratuity buffers.
“The Contributory Pension Scheme belongs to all of us,” she said. “Its success depends on collaboration, advocacy, and trust. Together, we can build a future where every Nigerian worker retires with dignity and peace of mind.”
She urged participants to engage actively in the discussions, stressing that the workshop was not just about policies, but about co-creating a stronger, fairer pension system for the nation.
In his remarks, Chairman, National Salaries, Incomes and Wages Commission (NSIWC), Ekpo U. O. Nta, maintained that pension is provided to offer financial security in old age, ensuring retirees can maintain their standard of living, reduce poverty, and prevent them from being a burden on their families or the government.
Represented by Mr. Chika Ochor, he said that pension serves as a replacement for earned income after stopping work due to age or health, providing a steady financial stream through investments and contributions made during one’s working years.
Amby Uneze in Owerri The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has reaffirmed the commission’s commitment to ensuring dignity and security for Nigerian workers and retirees under
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