From right: Pioneer Director General National Pension Commission, Muhammed Ahmad; Director General, Omolola Oloworaran and Managing Director/Chief Executive Officer First Pension Custodian Nigeria Limited, Oloruntimilehin George at the event.
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Chuks Udo Okonta
The National Pension Commission (PenCom) has said it hopes to achieve about 20 million pension contributors by the end of year 2027, as against the over 10.65 million that is attained.
The Director-General of PenCom Ms. Omolola Oloworaran, said this today at the Pension Industry Leaders’ Retreat in Lagos.
According to her the target would be achieved through the expansion of Personal Pension Plan (PPP) formerly known as MIcro Pension Plan (MPP); engagements with stakeholders; enforcement of pension compliance certificates, especially by state governments amongst other initiatives.
She noted that the retreat has provided opportunities for the industry to adopt new strategies, stating that the resolutions reached will be fully implemented before the end of first quarter 2026.
On pension contributions, she said the industry expects a 50 per cent growth, stating that pension growth is essential for economic growth and development.
As at February 28, 2025 the pension fund assets was N23.27 trillion and Retirement Savings Account (RSA) holders 10.65 million.
