The Federal Government has inaugurated the Pension Industry Leadership Council (PILC) with a charge to strengthen transparency, inclusiveness, and economic transformation in the management of pensions.
Secretary to the Government of the Federation (SGF), Sen. George Akume, who performed the inauguration in Abuja on Thursday, described the council as a platform of foresight, synergy, and shared responsibility among government, regulators, operators, and social partners.
He said the council is expected to guarantee dignity and financial security for Nigerian workers in retirement, describing the move as a “historic milestone in the country’s pursuit of economic transformation and generational stability.”
“The Contributory Pension Scheme (CPS), introduced in 2004, remains one of the most enduring institutional reforms of our democracy. Its achievements in transparency, governance, and investment accumulation have boosted workers’ confidence,” Akume said.
The SGF, however, noted that challenges such as inflation, low coverage in the informal sector, inadequate long-term capital for infrastructure, and erosion of public trust still undermine the system.
He tasked the council to act as a hub for ideas and consensus-building, anchored on five strategic objectives: Strengthening trust through strict governance and transparency standards. Expanding coverage to artisans, traders, and SMEs under the Micro Pension Plan. Mobilising assets for national development by channeling pension funds into infrastructure, housing, renewable energy, and small businesses. Driving digital transformation through biometric verification, mobile access, and unified databases to modernise service delivery and fight fraud. Policy advocacy to influence broader economic and labour reforms.
Akume reiterated that President Bola Tinubu’s administration views pensions not only as a tool for social protection but also as a catalyst for inclusive growth under the Renewed Hope Agenda.
“Workers’ savings will remain secure, prudently managed, and harnessed to accelerate our nation’s progress. This council must become a model of collaboration that secures the social contract and delivers real value to our people,” he said.
Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, said the establishment of the council represents the “next phase” of pension industry transformation.
Since the passage of the Pension Reform Act in 2004, she said the industry has mobilised long-term savings, restored dignity to retirees, and strengthened financial stability.
“Pensions have gone beyond an industry concern. They now represent a pillar of social protection, an instrument of inclusion, and a driver of sustainable economic growth,” Oloworaran noted.
She added that the council has been mandated to expand coverage, enforce governance, channel assets into development while protecting contributors’ interests, drive innovation, and strengthen public confidence.
Oloworaran stressed that addressing the challenges of coverage, adequacy, and governance requires more than fragmented effort. “The council’s success will determine the financial security of millions of Nigerian workers and future generations,” she said.
