The Director-General of Nigeria’s National Pension Commission (PenCom), Omolola Oloworaran, has dismissed suggestions that the agency’s latest pension reforms are politically motivated, saying its work is driven by a mandate to improve the lives of ordinary Nigerians rather than electoral calculations.
Oloworaran was responding to criticism that the launch of the PenCare Initiative on Tuesday – on the eve of the 2027 general election, could give President Bola Tinubu political mileage.
“Why now? Is there ever a time that is bad for doing good for ordinary Nigerians, for putting a smile on people’s faces?” she said.
“I don’t get involved in politics, as you guys know. I never talk about politicians or anything politics. We just do our work.”
Oloworaran, appointed by President Tinubu in July 2024, said PenCom’s reform programme had been under way since she assumed office, with several initiatives predating the current political moment.
She cited last year’s “Pension Post” initiative and a 32,000-naira consequential pension increase.
The DG also pointed to a January adjustment for retirees of the Nigeria Social Insurance Trust Fund, which she said produced increases exceeding 1,000% for some beneficiaries.
“We should have waited till December, right?” They got over 1,000% increase,” she noted.
Oloworaran added that PenCom had originally planned to announce its latest measures in September, but shifted the timetable to October at the request of industry stakeholders.
“If my work makes the President look good, then it means I am doing what he has hired me to do,” she said.
“But we are not working because of elections. We are working because that’s the mandate that we have, and the President is supporting us 1,000%.”
Pension 2.0 Agenda
PenCom has framed its agenda as “Pension 2.0,” a package of measures designed to expand coverage, modernise administration and improve service delivery.
Retirement-benefit approvals that once took as long as 21 months are now processed within 48 hours, according to figures presented by Oloworaran.
More than 241,000 retirees have received higher monthly payments under the commission’s Pension Boost initiative.
Pension assets rose to N31.48 trillion in June from N20.79 trillion in July 2024.
Over the same period, 938,229 Nigerians joined the Contributory Pension Scheme.
Oloworaran said PenCom would intensify enforcement against employers who deduct pension contributions from workers’ pay but fail to remit the funds to employees’ retirement accounts.
The commission has sought support from the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to assist in its enforcement drive and compliance.
“What we want to do is make life difficult for employers who are not contributing pensions. We will not stop until we get there.”
Under Nigeria’s contributory pension arrangement, employers are required to contribute 10% of an employee’s monthly emoluments, while employees contribute 8%.
PenCom said cumulative recoveries from defaulting employers reached 36.6 billion naira as of July.
Oloworaran said her goal was a system in which every employer participates, including small businesses and household employers.
“If you have a house girl, a house girl is a full-time employee. You must contribute pensions,” she said, citing practices she said she had observed abroad.
“That’s what we are trying to bring to Nigeria. Does it matter what time it is, provided ordinary Nigerians are benefiting?” she asked.
“Frankly, it doesn’t concern me,” the Director-General said.
