PenCom DG Says Recapitalisation Central to Strengthening Pension Sector
By Patience Ikpeme
The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has said that the ongoing recapitalisation exercise is central to the Commission’s reform strategy aimed at building a stronger, more resilient pension sector capable of withstanding financial shocks and protecting contributors’ funds.
Speaking at the Commission’s 2025 Customer Service Week Seminar in Abuja with the theme “Mission Possible,” Oloworaran described the recapitalisation exercise as a key pillar in PenCom’s drive to improve the financial stability and long-term sustainability of Nigeria’s pension industry.
According to her, the initiative was designed to ensure that Pension Fund Administrators (PFAs) possess sufficient capital to secure pension assets, foster fair competition, and sustain public confidence in the contributory pension system.
“With the continuous growth of pension assets and the expanding participation base of the Contributory Pension Scheme (CPS), recapitalisation has become critical to align the industry’s capital structure with its operational and investment realities,” Oloworaran said.
She explained that the recapitalisation initiative is an integral part of the Commission’s new reform framework known as Pension 2.0, which focuses on innovation, inclusion, and integrity as the next phase in the evolution of Nigeria’s pension system.
As part of the new framework, PenCom has introduced several policy measures, including the Guideline on the Administration of Retirement Savings Accounts in Foreign Currency, which allows Nigerians in the diaspora and those working abroad to participate in the CPS. The Commission has also rolled out the Personal Pension Plan (PPP), which aims to integrate self-employed individuals and informal sector workers into the pension scheme.
To promote inclusion, Oloworaran said the Commission had developed a Framework for the Engagement of Accredited Pension Agents to expand the reach of the Personal Pension Plan in rural and underserved areas. In addition, PenCom has issued Revised Guidelines for Corporate Governance for Licensed Pension Fund Operators (LPFOs) to improve ethical conduct, accountability, and transparency within the industry — all of which complement the recapitalisation policy.
“Recapitalisation, combined with strong governance standards, ensures that operators remain financially sound and accountable to contributors and retirees. Our mission is to build a sustainable and customer-focused pension system that Nigerians can trust,” she stated.
Oloworaran further noted that under the Pension 2.0 agenda, PenCom will continue to modernise pension administration through digital transformation, enhanced service delivery, and stronger collaboration with stakeholders across the financial ecosystem.
Also speaking at the event, Mrs. Ngozi Akinbodewa, Head of Operations at SERVICOM, represented by Duruba Sesugh, called on PenCom to ensure that retirees receive their benefits promptly. She commended the Commission for recognising its employees’ commitment to improving customer service and for prioritising user experience in the pension sector.
She said, “PenCom’s efforts in improving service quality are commendable, but it is equally important that retirees continue to enjoy timely access to their benefits, which reinforces trust in the pension system.”
The Customer Service Week Seminar served as part of PenCom’s broader effort to celebrate service excellence while reaffirming its commitment to reforms that will secure the future of Nigeria’s pension system and the welfare of retirees.
