‎The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, says the commission is committed to ensuring that Nigerians retire with dignity and financial security rather than depend on handouts.

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‎Oloworaran stated this in Abuja during Summit Day at the ongoing National Pension Week 2026, describing the commitment as the fundamental principle behind the Contributory Pension Scheme.

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‎She disclosed that Nigeria’s pension assets increased by about ₦11 trillion between July 2024 and August 2026, adding that millions of Nigerians now have access to secure retirement savings accounts.

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‎The PenCom boss also announced that the President had approved an exit benefit scheme for retirees of federal government treasury-funded Ministries, Departments and Agencies (MDAs). According to her, the scheme is expected to increase pension benefits by more than 1,000 per cent.

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‎She added that the reforms aim to ensure retirement benefits are paid within 48 hours, while outstanding pension arrears are now being settled.

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‎Oloworaran further outlined five key shifts expected to shape Nigeria’s pension sector over the next decade, including expanding pension coverage through the Personal Pension Plan and moving beyond savings accumulation to improved retirement security.

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‎She also disclosed that President Bola Tinubu is expected to launch the Pencare initiative and the Minimum Pension Guarantee on November 10, 2026, as part of efforts to protect retirees from financial hardship.

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‎The PenCom Director-General called for stronger collaboration among federal, state and local governments, employers, organised labour, private-sector operators, industry stakeholders and the media to strengthen the pension system. She also urged employers to prioritise pension compliance and called for increased support for the Pension Protection Fund.