The National Pension Commission (PenCom) has unveiled Pension Revolution 2.0, a new wave of reforms designed to reinforce Nigeria’s pension industry, deepen financial inclusion, and secure sustainable retirement savings for citizens.
Director-General of PenCom, Omolola Oloworaran, announced the initiative on Monday via her official X (Twitter) handle, describing it as a “transformative programme of reforms” that builds on two decades of progress since the Pension Reform Act of 2004.
She said the reforms, which will be rolled out in phases, aim to raise standards across critical areas such as investment, risk management, corporate governance, compliance, service delivery, and financial inclusion.
“This is more than regulatory reform; it is a renewal of trust, an evolution of our system, and a bold national strategy,” Oloworaran stated.
According to her, two revised guidelines have already been released — covering appointments to boards and senior management positions, and corporate governance standards. These, she added, set the tone for the stronger governance framework envisioned under Pension Revolution 2.0.
The DG also disclosed that, in line with President Bola Tinubu’s directive, PenCom will within three months pilot health insurance coverage for retirees and activate a minimum pension guarantee to safeguard dignity and ensure a decent standard of living.
The initiative further targets: Enabling dignity for retirees through health insurance and a pension safety net. Optimising investment performance to deliver sustainable long-term returns. Expanding pension coverage to the informal sector. Harnessing technology and innovation to improve access and service delivery. Unlocking pension assets as a financing tool for national development.
Oloworaran stressed that these measures represent a bold step forward for Nigeria’s pension system, aimed at positioning it as a catalyst for both individual security and national economic growth.
