The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has charged Pension Fund Administrators (PFAs) and different business stakeholders to open three million additional funded Retirement Savings Accounts by 2027.
Oloworaran disclosed this in Abuja on Thursday on the National Pension Conference and Awards in Abuja, as a part of actions for the Pension Week 2026.
Delivering her keynote deal with, Oloworaran maintained that 5 main reforms, or shifts, should happen throughout the subsequent 10 years to additional reposition Nigeria’s pension business.
She mentioned that, by the Personal Pension Plan (PPP), accredited pension brokers and different initiatives, the Commission would attain Nigerians the place they’re.
To obtain this, she disclosed that she had requested business gamers to decide to opening three million additional funded lively accounts throughout the subsequent yr.
“And the good news: the owners of all our pension fund administrators have committed to that. Not registrations, 3 million funded active accounts, new accounts. Because an empty account is a statistic, but a funded account is a future and might just be the beginning of planning the security of that future,” she added.
She mentioned a part of ongoing reform is from financial savings to safety, making certain that no Nigerian who has served and labored for the nation and saved for retirement ought to develop outdated.
According to her, that promise will materialise in November, 2026 when President Bola Tinubu launches the Pension Security Initiative.
She additionally known as for a shift from dedication to enforcement, including that, throughout the subsequent decade, the Commission would use each energy conferred on it by the Pension Reform Act to recuperate what’s owed to staff.
She suggested each employer in Nigeria to see pensions not as deductions however as a declaration that the individuals who construct their companies won’t be deserted after they can now not work.
Also talking, President Bola Ahmed Tinubu, represented by the Secretary to the Government of the Federation, Senator George Akume, known as for stronger regulatory oversight, improved compliance and better duty throughout the pension ecosystem.
He warned towards reckless funding choices, stressing that pension funds should be managed professionally and with due regard for the pursuits of contributors and retirees.
According to the President, funding choices ought to be primarily based on rigorous assessments of dangers and returns.
He charged PenCom to maintain its position as a forward-looking regulator by imposing related legal guidelines and requirements with out worry or favour whereas making certain that pension fund directors and different operators remained accountable.
In the identical vein, the Head of the Civil Service of the Federation, Olumuyiwa Abel Enitan, additionally reaffirmed the Federal Government’s dedication to bettering pensioners’ welfare below President Bola Tinubu’s Renewed Hope Agenda.
Enitan mentioned retirees deserved recognition and appreciation for his or her contributions to nationwide growth.
“Our retirees have worked, they have toiled and have contributed to the building of this nation. So they deserve to be recognised, rewarded and appreciated,” he mentioned.
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