PenCom Urges CSOs to Drive Accountability in Pension Reform

By Oluwakemi Kindness 

The National Pension Commission, PenCom, has called on civil society organisations to serve as partners and watchdogs in ongoing Pension Reform 2.0.

The call comes as the Federal Government settles long-standing pension liabilities and rolls out reforms aimed at rebuilding trust in the pension system.

Speaking on Tuesday, in Abuja, at the 2025 PenCom Civil Society Conference, the Director-General of PenCom, Omolola Oloworaran, said the involvement of civil society is critical to the success of the reforms.

She described civil society groups as trusted voices in communities and key actors in promoting inclusion, fairness, and accountability in the pension sector.

Represented at the event by the Director of Contributions and Bonds Redemption, Usman Musa, the PenCom boss revealed that President Bola Ahmed Tinubu approved and released seven hundred and fifty-eight billion naira to clear outstanding pension liabilities, some dating back to 2007.

She said the intervention sends a strong signal that the government is committed to honouring its obligations to workers and retirees.

PenCom also announced the restoration of zero waiting time for the payment of accrued pension rights, effective July 2025, ending delays that previously lasted months or even years.

According to her, retirees now receive their pension benefits as and when due.

To improve pension benefits, PenCom introduced Pension Boost 1.0, which has added over two-point-six-eight billion naira to monthly pension payments nationwide.

She explained that the reform goes beyond figures, noting that it directly impacts the welfare and dignity of retirees.

On financial inclusion, the Director-General announced the restructuring of the Micro Pension Scheme into a Personal Pension Plan, designed to accommodate artisans, traders, workers, and other informal-sector participants.

She noted that the introduction of Accredited Pension Agents under the new framework would also create employment opportunities, particularly for young Nigerians.

The PenCom leadership stressed that civil society organisations remain vital partners in educating Nigerians on the importance of pension savings, describing pension as a right and not a privilege.

In a goodwill message, the Chairperson of the Contributory Pension and Happy Retirement Advocacy, COPEHRA, Sani Mustapha, highlighted the importance of pension preparedness, especially for those approaching retirement.

He called for stronger pension education for self-employed Nigerians, traders, and artisans to prevent hardship in old age.

Also speaking, the Chairperson of the Conference of Civil Society of Nigeria, Dr. Adams Otaku, commended PenCom’s leadership and called for deeper collaboration between the Commission and civil society groups.

He appealed for civil society representation on the Pension Industry Leadership Council, stressing that effective pension reform must reflect the realities of both the formal and informal sectors.