Connect with us

Business

Pension Assets Now N22 Trillion, As Pension Contributors Hit 10.5 Million

Published

on

By Sola Alabadan

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.

The pension assets of the contributory pension scheme in Nigeria was in excess of N21.9 trillion as of October, while the number of contributors has increased 10.5 million employees, says the Director General, National Pension Commission (PenCom), Ms. Omolola Oloworaran.
Speaking at a media conference organised by the commission in Lagos on Thursday, Oloworaran stated that this progress demonstrates the strength of the nation’s contributory pension system, even though there are still challenges. In realisation of the fact that inflation has been eroding the purchasing power of pensioners, she informed that PenCom is actively seeking innovative solutions to address this issue.

She also disclosed that N44 billion was recently approved under the 2024 budget appropriation to settle accrued pension rights for retirees from March to September 2023.
She added that “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 few months ago, “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,” she noted.

Determined to ensure that no one should be left behind, no matter how small their earnings might be, she said the commission intends to use technology to scale the micro-pension plan through mobile enrollment, real-time account management and benefits administration.

According to her, the launch of the e-Application Portal for Pension Clearance Certificates (PCC) in October, 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,” she pointed out.

Additionally, the Pension Industry Shared Service Initiative is in advanced stages of implementation. She said 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, Oloworaran said PenCom has 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.

She further stated that “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”.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Ghana’s Delegation In Nigeria To Marine Cargo Sector

Published

on

By

Commissioner for Insurance, Olusegun Omosehin received delegates from Ghana's Marine Cargo Technical Committee on a study tour of Nigeria's marine cargo sector at his office in Abuja recently. The delegation was led by Mr. Fred Asiedu-Darteh of Ghana Shippers' Authority.

Continue Reading

Business

Stakeholders Assess Progress, Challenges In Implementing Building Insurance Regulations

Published

on

By

The National Insurance Commission (NAICOM) convened the fourth meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction recently in Abuja.
The meeting, chaired by the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, brought together stakeholders to discuss progress and challenges in implementing insurance regulations for public buildings and buildings under construction.

In his opening remarks, Mr. Gam-Ikon welcomed new members from the quantity surveying profession and briefed the committee on NAICOM’s enforcement efforts, which have commenced with third-party motor insurance and are expanding to public buildings and buildings under construction. He emphasized the importance of collaboration with regulatory agencies and highlighted the commission’s focus on claim settlement, citing the example of a fire incident at a Cash and Carry supermarket where insured parties received prompt claim payments.

The committee discussed implementation progress, with the representative from Development Control indicating that they have started enforcing insurance requirements since January 2025 but are awaiting necessary documents to commence full enforcement. Other stakeholders, including the Nigerian Insurers Association (NIA) and the Federal Fire Service, shared their perspectives on the importance of complete documentation, risk assessment, and insurance coverage.

The Chairman of the joint committee, Mr. Gam-Ikon, urged Development Control to establish a database of public buildings and buildings under construction and ensure that only buildings with approved documents are insured. Dr. Talmiz Usman, Director of Legal Enforcement and Market Development at NAICOM, thanked committee members for their support and participation.

The meeting underscored the importance of collaboration and effective implementation of insurance regulations to promote safety and risk management in the construction industry.

Continue Reading

Business

emPLE Partners LASPARK For Tree Planting Initiative

Published

on

By

emPLE has officially flagged off Green emPLE, its company-wide sustainability initiative, with a tree-planting exercise held in partnership with the Lagos State Parks and Gardens Agency (LASPARK) in Lagos.
As part of the launch, emPLE planted 65 trees across strategic locations in Lagos. The carefully selected tree species were chosen for their environmental benefits such as improving air quality, reducing urban heat, and enhancing the city’s ecological balance.
Speaking at the event, Oyinlade Olalekan, Managing Director of emPLE General Insurance Limited, remarked,
“At emPLE, we’re deeply committed to empowering lives—not just through our financial offerings but by actively contributing to a more sustainable world. The launch of Green emPLE and today’s tree-planting activity are key steps in that journey. Sustainability is one of our core values, and we’re proud to be playing our part in building a cleaner, greener Lagos.”
He added,
“We see Green emPLE as a platform for driving real impact, one initiative at a time. This partnership with LASPARK is only the beginning. We look forward to rolling out more activities that reinforce our mission and encourage others to join us in protecting the planet.”
Mrs. Adetoun Popoola, General Manager of LASPARK, also commended the initiative, saying:
“Our mandate at LASPARK is to promote a greener Lagos through tree planting and urban beautification. It’s always encouraging to see private sector organisations like emPLE step forward in support of this mission. Collaborations like this help us get more done and inspire residents and businesses alike to take sustainability seriously. We are excited about what Green emPLE represents and we look forward to more impactful partnerships.”
To acknowledge emPLE’s contribution, LASPARK presented the company with a Tree Planting Certificate, recognising its role in environmental preservation and its ongoing support for climate resilience and green urban development.
Green emPLE is emPLE’s long-term commitment to promoting sustainable practices that support a healthier planet and empower future generations. The initiative reflects the company’s belief that true empowerment goes beyond financial products it includes taking responsibility for the environment and driving long-term positive change.

Continue Reading