PenCom Unveils Health Care Initiative for Pensioners
By Patience Ikpeme
The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has inaugurated the Board of Trustees of the Pension Industry Health Care Initiative (PenCare), a new scheme designed to provide pensioners with access to affordable and quality healthcare under Nigeria’s Contributory Pension Scheme (CPS).
The initiative, described as a landmark social protection measure, is a joint Corporate Social Responsibility (CSR) project by PenCom and licensed pension operators. It aims to ensure that retirees under the CPS can access medical services without financial distress. President Bola Ahmed Tinubu is expected to officially launch the programme later in November.
The Board of Trustees of PenCare will be chaired by Muhammed Ahmad, PenCom’s pioneer Director General. The board’s role includes providing strategic oversight, developing operational policies, supervising healthcare providers, and ensuring transparency and sustainability in the management of the initiative.
Speaking at the inauguration ceremony in Abuja, Oloworaran described PenCare as “a watershed moment that places the nation on the path toward a pension system that not only safeguards the financial security of workers but also protects their health, dignity, and well-being in retirement.”
She announced that over 20,000 retirees are expected to benefit from the programme’s first phase. “We are inaugurating hope. We are setting in motion a new chapter in Nigeria’s journey toward inclusive, compassionate, and globally competitive social security,” she said.
Oloworaran explained that PenCare was conceived as a partnership between PenCom and licensed pension operators, combining institutional expertise with social responsibility. According to her, the initiative aligns with President Bola Tinubu’s commitment to strengthening Nigeria’s social protection systems and improving the quality of life, particularly for senior citizens.
She added that the PenCare framework mirrors integrated healthcare and pension systems in advanced economies while adapting to Nigeria’s realities. “PenCare demonstrates that Nigeria’s pension industry is ready to set standards, not merely follow them,” Oloworaran said.
Addressing the newly inaugurated trustees, she charged them with the responsibility of steering the initiative toward measurable impact. “As Trustees, you hold a sacred public trust, to steer this initiative toward tangible impact and to ensure that it becomes a model of effective partnership between public institutions and private operators,” she stated.
While acknowledging the challenges posed by rising healthcare costs and an aging population, Oloworaran expressed confidence in the board’s capacity to innovate and lead. “Together, we can redefine how a nation cares for its retirees, ensuring that the end of active service marks not decline, but a season of dignity and well-being,” she said.
In his response, Board Chairman Muhammed Ahmad expressed gratitude for the confidence reposed in the trustees and pledged to uphold sound governance standards in the implementation of the initiative. He said the scheme was long overdue but timely, considering the growing needs of retirees.
“The scheme will cover insurance for retirees, starting with the most vulnerable and gradually covering as many people as possible when stabilized,” Ahmad stated.
With PenCare, Nigeria’s pension industry seeks to expand its focus beyond financial management to include holistic welfare for retirees. The initiative, backed by President Tinubu’s administration, signals a shift toward a pension system that “inspires confidence, fosters equity, and upholds the dignity of every Nigerian worker.”
