By 
The National Pension Commission (PenCom) has reaffirmed that its ongoing recapitalisation exercise for licensed pension fund operators is a strategic move to reinforce the resilience, transparency, and competitiveness of Nigeria’s pension industry.
Speaking at a seminar in Abuja to mark the 2025 Customer Service Week, the Director-General of PenCom, Ms. Omolola Oloworaran, represented by Mr. Samuel Uwandu, Acting Commissioner, Inspectorate Department, said the initiative is designed to ensure that operators are financially robust and capable of protecting the nation’s fast-growing pension assets.
“The recapitalisation requirement for Licensed Pension Fund Operators is a major step towards strengthening the financial resilience of the pension industry. It ensures operators are adequately capitalised to safeguard pension assets under management,” Oloworaran stated. “The Commission remains committed to promoting a more stable, efficient, and competitive pension system that prioritises contributors’ trust and welfare.”
She noted that the recapitalisation policy is part of “Pension 2.0”, a comprehensive reform strategy aimed at modernising pension administration, driving inclusion, and improving customer experience across the industry.
Under the reform, PenCom has introduced several innovative frameworks, including foreign currency-denominated Retirement Savings Accounts (RSAs) to allow Nigerians in the diaspora and employees of foreign-owned firms to participate in the Contributory Pension Scheme.
Oloworaran also highlighted the launch of the Personal Pension Plan, designed to extend pension coverage to self-employed and informal sector workers, describing it as a key milestone in advancing financial inclusion.
“The Personal Pension Plan embodies the spirit of ‘Mission Possible’ by breaking long-standing barriers to pension access and ensuring every Nigerian, regardless of occupation, can secure a dignified retirement,” she said.
To support the initiative, PenCom has accredited pension agents nationwide to promote and sell the plan, particularly targeting underserved communities.
The DG further emphasised the role of the Revised Guidelines for Corporate Governance for Pension Operators, which are intended to strengthen accountability, transparency, and ethical conduct within the sector.
“Every reform is ultimately about people — those who have entrusted their future to the pension system. Our duty is to justify that trust through transparency, efficiency, and service excellence,” she added.
In her remarks, the Head of Operations at SERVICOM, Mrs. Ngozi Akinbodewa, represented by Duruba Sesugh, commended PenCom’s customer-centric reforms, noting that service delivery remains critical to maintaining public confidence. She lauded the Commission’s leadership for aligning with the theme of this year’s celebration, “Mission Possible,” which reflects determination, teamwork, and innovation in achieving service excellence.
Meanwhile, data released by PenCom show that Nigeria’s pension assets surged to ₦25.89 trillion as of August 2025, up from ₦25.79 trillion in July — marking a ₦1.26 trillion increase (5.14%) since June.
The Commission attributed the sustained growth to robust regulatory oversight and the ongoing recapitalisation framework, which mandates that Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs)strengthen their capital bases.
Under the new capital structure, PenCom raised the minimum capital requirements for PFAs and PFCs to ₦20 billion and ₦25 billion, respectively, with a compliance deadline of December 31, 2026. The move, the Commission said, is crucial to enhancing operational capacity and ensuring the long-term stability of pension assets in Nigeria.
Comments