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The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has emphasized that ethical governance remains the cornerstone of institutional resilience, particularly in an era defined by technological disruption and rapid change.
Oloworaran made the remarks at the 20th anniversary conference of the Society for Corporate Governance Nigeria (SCGN), themed “Strengthening Ethical Governance in a Disrupted World: Reflection of Governance Journey for a Sustainable Future.” She was represented by PenCom’s Secretary and Legal Adviser, Sani Muhammad.
Reaffirming the Commission’s dedication to transparency and accountability, the PenCom DG said the pension industry is “built on trust and long-term stewardship,” adding that regulators must uphold that trust through ethical leadership, robust oversight, and public accountability.
“At the National Pension Commission, we fully appreciate the centrality of ethical governance to institutional resilience and sustainability. The pension industry is built on trust and long-term stewardship,” she stated.
Oloworaran noted that PenCom’s governance framework continues to evolve through regulatory reforms, compliance enforcement, and technological integration. In September, the Commission issued a Revised Guideline on Corporate Governance for Licensed Pension Fund Operators, to be applied alongside the Nigerian Code of Corporate Governance (2018). The new framework sets minimum governance requirements while encouraging operators to exceed those standards.
Tracing the sector’s transformation, she recalled that the Pension Reform Act of 2004 marked the first major turning point in Nigeria’s pension administration, establishing the Contributory Pension Scheme (CPS) and restoring public confidence in retirement savings.
Building on this legacy, Oloworaran announced the launch of “Pension Revolution 2.0” in September 2025—a comprehensive reform agenda designed to deepen transparency, improve ethical compliance, and strengthen operational efficiency across the pension ecosystem.
“Pension Revolution 2.0 is more than just a regulatory reform. It is a renewal of trust and a bold national strategy that ushers in a new era of dignity for retirees, inclusion for workers, and resilience for our national economy,” she explained.
As part of this initiative, PenCom has introduced several regulatory instruments, including the Revised Guidelines on Corporate Governance, the Revised Guidelines on Appointment to Boards and Senior Management of Pension Operators, the Guidelines on Significant Shareholding, the Revised Regulations on Investment of Pension Fund Assets, and the Whistleblowing Guidelines. These, she said, collectively raise the bar for governance, risk management, and financial inclusion.
Oloworaran further warned that institutions ignoring ethics amid disruption risk losing credibility, legitimacy, and viability. She stressed that rapid technological change, evolving business models, and global interconnectednessmake ethics more crucial than ever before.
She commended the SCGN for championing corporate integrity and providing a vital platform for reflection and dialogue within Nigeria’s governance landscape.
“On behalf of the National Pension Commission, I reaffirm our unwavering commitment to uphold the highest standards of ethical governance and regulatory integrity. We remain a committed partner in advancing governance excellence, ethical leadership, and sustainability for future generations,” Oloworaran concluded.
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