Omolola Oloworaran’s one year of pension revolution in Nigeria

In just one year at the helm of affairs at the National Pension Commission (PenCom), Omolola Oloworaran, the director-general has reshaped the trajectory of Nigeria’s pension industry with bold reforms, data-driven leadership, and an unwavering commitment to retiree’s welfare.

From strengthening regulatory compliance and expanding pension enrolment to accelerating digital transformation and restoring public trust, Oloworaran one year tenure has delivered results that many considered impossible within such a short period

When President Bola Ahmed Tinubu appointed her as Director-General of PenCom, an appointment later confirmed by the Nigerian Senate on November 21, 2024, few believed she could drive the kind of sweeping reforms required to restore stability to PenCom and the pension industry at large. This skepticism grew from the fact that she inherited a Commission weakened by leadership gaps and a visible absence of direction at critical moments.

Yet, drawing on her strong background in finance and banking, enriched by professional experience across several financial institutions, an accounting degree from the University of Ilorin, and an MBA from Manchester Business School, Omolola Oloworaran has proved critics wrong. Today, she stands out as one of President Bola Ahmed Tinubu’s most impactful appointments.

With high-level intelligence and an exceptional mastery of pension administration, each public engagement she anchors elicits renewed hope and trust among contributors and retirees.

As PenCom’s DG, she has championed wider coverage, strengthened institutional efficiency, and advanced digital systems, while achieving record milestones, including securing approval and disbursement of a N758 billion bond to settle pension liabilities; introducing Pension Boost 1.0, which increased monthly pension payouts by N2.68 billion; automating key pension processes; and inaugurating the Board of Trustees for the PenCare initiative to provide affordable healthcare for CPS retirees.

Disbursement of N758bn bond to settle pension liabilities

The Commission under the Omolola Oloworaran within one year of her tenure secured the approval of Bola Ahmed Tinubu the issuance of a N758 billion bond to settle long-standing pension liabilities, including backlogs and increases owed to retirees under the Contributory Pension Scheme (CPS). The approval is intended to provide relief to pensioners, ensure timely payments, and comply with the National Minimum Wage Amendment Act. The funds is being used to clear outstanding payments and help fund a monthly pension increase of N32, 000 for some retirees.

This bond will be used to pay N387.5 billion in pension increases from 2007 onwards, pay N253 billion in accrued pension rights, and provide N107 billion to the Pension Protection Fund to support low-income retirees. This initiative aims to restore confidence in the pension system by settling long-standing arrears and ensuring timely payments to retirees.

Pension boost 1.0, increasing monthly pension playouts by N2.68 billion

With Pension Boost 1.0 initiated by the DG, retirees numbering 233,000 are were meant to benefit from newly increased monthly pension payments, rising from N8.3 billion to N11.9 billion from June 2025.

The 43.4 percent jump in monthly pension payment approved by the National Pension Commission (PenCom) is for retirees under the Contributory Pension Scheme (CPS), and becomes effective June 2025.

Like the director general, said, this is not a token gesture, it is a strategic leap enabled by strong Retirement Savings Account (RSA) investment performance and visionary economic reforms.

“Effective June 2025, total monthly pension payments under the CPS will increase from N8.3 billion to N11.9 billion, directly benefiting over 233,000 retirees, depending on their pension account balances”.

Automation of processes through automation

PenCom within the one-year tenure of automated key pension processes through dedicated online systems. These digital platforms streamline the issuance of pension clearance certificates, the processing of benefits, and the remittance of pension contributions.

With the automation, employers can now apply for and print their annual Pension Clearance Certificates (PCC) entirely online. This automated system enhances efficiency and transparency, allowing organizations to manage their compliance from their offices via the PenCom website. A PCC confirms an employer’s satisfactory compliance with pension remittances for the previous year and is a prerequisite for government contracts. This new system, launched in collaboration with nine approved Payment Solution Service Providers (PSSPs), replaces the manual process of remitting pension contributions.

PenCom has also introduced innovations to enhance the experience for retirees, including the “I Am Alive” biometric verification initiative, which allows pensioners to confirm their status at any commercial bank, removing the need for physical travel to a central office. The automation of general benefits processing aims to streamline the payment of retirement benefits, ensuring timeliness and security for pensioners.

Board of Trustees for the PenCare

The National Pension Commission (PenCom) has inaugurated the Board of Trustees for the PenCare initiative to provide affordable healthcare for retirees in Nigeria’s CPS. The board, chaired by Muhammed Ahmad, pioneer PenCom director-general is tasked with providing strategic oversight, accrediting healthcare partners, and strengthening service delivery for retirees. The initiative aims to ensure the well-being of retirees, complementing their financial security.

Pension Revolution 2.0

“Pension Revolution 2.0” is PenCom’s major new reform initiative in Nigeria, designed to enhance the pension system since the Pension Reform Act of 2014. Launched in September 2025, the program focuses on expanding coverage, ensuring retiree dignity, and leveraging pension assets for national development.

Key highlights of “Pension Revolution 2.0” include:

Health Insurance and Minimum Pension Guarantee: The initiative pilots health insurance coverage and activates a minimum pension guarantee for retirees to ensure a decent standard of living.

Expanded Coverage: New guidelines have been introduced for the Personal Pension Plan (PPP), previously the Micro Pension Plan, to bring self-employed individuals and informal sector workers under the CPS.

Improved Governance and Compliance: PenCom has continued to release new regulations and guidelines to set higher standards for corporate governance, investment, risk management, and compliance within the pension industry.

Optimized Investment Performance: The reforms aim to enhance investment performance while providing stronger protection for contributors’ funds to ensure sustainable long-term returns.

Streamlined Processes: A new pension contribution remittance system has been introduced to reduce errors and delays, and the process for claiming benefits has been simplified, eliminating prior PenCom approval for eligible payments.

Foreign Currency Contributions: The initiative includes guidelines for accepting and managing foreign currency (FCY) pension contributions, expanding access to Nigerians living abroad (diaspora) and those earning in foreign currency.

The initiative aims to reposition Nigeria’s pension industry for inclusive growth and resilience, building on the foundation of the Pension Reform Acts of 2004 and 2014.

Celebration at Abuja PenCom’s office

The Abuja PenCom headquarters was agog last week as members of staff moved about with an energy that could only come from admiration. Balloons were tucked behind desks, a banner quietly unfurled, and smiles were exchanged like little gifts. Everyone waited.

Then the gates opened. As Oloworaran walked into the premises, the quiet hum of preparation erupted into cheers. The entire Commission rose as one, clapping, singing, and celebrating. What was meant to be a simple entrance to another workday became a heartfelt tribute to her leadership.

She paused, touched by the surprise. These were not just colleagues; they were people whose lives had been shaped by her dedication over the past year. Their excitement told a story of trust earned, progress made, and hope rekindled.

Among the many voices joining in the celebration was the leadership of the NUPCPS. Though not physically present, their message resonated in the air, a message of solidarity, appreciation, and shared purpose.

In their congratulatory letter, comrade Sylva C. Nwaiwu expressed gratitude for a year of vision, compassion, and impactful results.

As Oloworaran looked around at the joyful faces of her team, she felt a renewed sense of responsibility. This anniversary was not just a milestone; it was a promise of greater achievements ahead, of continued service to retirees across Nigeria, and of leadership rooted in humility and purpose.