BY NGOZI ONYEAKUSI

The National Pension Commission (PenCom) has disclosed that the Contributory Pension Scheme (CPS) has recorded over 10.5 million contributors even as pension funds assets stood in excess of 21.9 trillion Naira as of October 2024.

This progress according to the Commission demonstrated the strength of the CPS.

The Director General, PenCom Mrs Omolola Oloworaran made this known at a one day workshop organised for the media in Lagos.

 

The National Pension Commission (PenCom) has disclosed that the Contributory Pension Scheme (CPS) has recorded over 10.5 million contributors even as pension funds assets stood in excess of 21.9 trillion Naira as of October 2024.

This progress according to the Commission demonstrated the strength of the CPS.

 

Read the rest of her speech

 

Good morning ladies and gentlemen of the press

Let me start by saying how delighted I am to be here in Lagos, the bustling hub of commerce, culture, and creativity. I must also thank you all for the enthusiasm with which you covered my appointment as the Director General of the National Pension Commission. I’ll admit, though, I had quite a laugh when I saw some of the pictures that accompanied your stories. Let’s just say, some of those pictures were definitely not me.

But it’s all part of the fun, isn’t it? The press always finds a way to keep us humble and on our toes. So, thank you for that—and for giving me an excuse to update my photo on the web!

The theme of this conference, “Tech-Driven Transformation: Shaping the Pension Landscape,” couldn’t be more fitting. Technology has become the backbone of transformation across all sectors, and the pension industry is no exception. At PenCom, we have embraced this transformation wholeheartedly. Today, we have over 10.5 million contributors and oversee pension assets in excess of 21.9 trillion Naira as of October. This progress demonstrates the strength of our contributory pension system, but we are not without challenges. Inflation, for instance, continues to erode the purchasing power of pensioners, and we are actively seeking innovative solutions to address this issue.

We also continue to face the persistent issue of delays in the payment of accrued rights. Recently, 44 billion Naira was approved under the 2024 budget appropriation to settle accrued pension rights for retirees from March to September 2023. Moving forward, we are working with the Federal Government to put in place a sustainable solution that ensures retirees receive their benefits promptly and without undue stress.

Since assuming office, my team and I have been focused on strengthening compliance, enhancing service delivery, diversifying pension assets to optimize returns, improving benefits, and expanding coverage to include more Nigerians, especially those in the informal sector.

The micro-pension initiative, in particular, is something we are very passionate about. It is our way of saying that no one should be left behind, no matter how small their earnings might be. Technology plays a vital role in driving this inclusion, from mobile enrollment to real-time account management to benefits administration. We intend to use technology to scale the micro-pension plan.

Permit me to talk briefly about some of our initiatives. This year, we achieved a major milestone with the launch of the e-Application Portal for Pension Clearance Certificates (PCC) in October. This initiative replaces the previous manual process, enabling companies to seamlessly apply for and receive PCCs online. Since its deployment, we have issued over 38,000 PCCs, significantly enhancing ease of doing business and ensuring compliance.

Additionally, the Pension Industry Shared Service Initiative is in advanced stages of implementation. This initiative will digitize pension contributions and remittances, ensuring seamless processing of contributions and resolving discrepancies caused by incomplete remittance details.

To further enhance contributors’ experiences, we have introduced a revised programme withdrawal template, simplifying access to voluntary contributions and revising the threshold for en-bloc payments in line with the new minimum wage. These measures are designed to make retirement processes more efficient and user-centric.

But beyond policies and systems, what really excites me is the potential to transform lives. Every time I meet a pensioner who is able to live comfortably because of the contributions they made during their working years, it reminds me of why this work is so important. And every time I hear from a young entrepreneur or artisan who has signed up for the micro-pension scheme, it strengthens my belief that we are moving in the right direction.

Now, let me take a moment to acknowledge the role of the media in this journey. You are not just storytellers; you are stakeholders in the success of our pension system. Your ability to inform, educate, and hold us accountable is invaluable. So, I urge you to continue asking the tough questions, highlighting areas that need improvement, and, yes, celebrating the wins when they come. And maybe, just maybe, next time you’ll get my picture right!

As we integrate technology across every aspect of the pension industry—ranging from data and identity management to seamless contributions, investment oversight, regulatory supervision, and service delivery—we are paving the way for a future where the Contributory Pension Scheme (CPS) becomes more accessible, reliable, and sustainable.

However, this transformation cannot succeed without your unwavering support as media practitioners. Your role in amplifying our initiatives and educating stakeholders across Nigeria is essential to achieving this vision.

Together, we can ensure that every Nigerian, including the most vulnerable, has access to a secure and dignified retirement.

In closing, I’d like to thank you all once again for your support and interest in the work we do at PenCom. I wish you a productive and insightful conference and safe travels back to your destinations.

As the festive season approaches, I also extend my best wishes for a joyous Christmas and a prosperous New Year. May this season bring renewed energy and fulfillment as we continue our shared journey of nation-building.

Thank you, and may God bless you. May God bless Nigeria.