The Federal Government has inaugurated the Pension Industry Leadership Council (PILC), a multi-stakeholder body designed to foster synergy between the regulator and industry operators while addressing persistent challenges in Nigeria’s pension system.
Speaking at the inauguration in Abuja, George Akume, Secretary to the Government of the Federation (SGF) underscored the urgency of reforming the sector to expand coverage, improve transparency, and leverage the industry’s trillions of naira in assets to finance critical infrastructure while safeguarding contributors’ retirement savings.
The SGF said the government was committed to ensuring that every Nigerian worker enjoys retirement security anchored on transparency and trust.
“Security for every Nigerian and accountability from the government are not negotiable. We must expand coverage beyond the formal sector, scale up micro pensions, and leverage digital platforms to reach millions of Nigerians who work outside the structured system,”
He noted that while significant progress had been made in pension reforms since 2004, millions of Nigerians in the informal sector remained excluded. According to him, expanding coverage is not only a moral obligation but also an economic necessity.
Akume added that pension assets should be invested prudently in ways that contribute to sustainable national development.
“We must mobilise pension assets safely and transparently to support infrastructure, energy, housing, and other long-term capital projects,” he said.
Omolola Bridget Oloworaran, Director-General of PenCom, described the Council as a “national priority” to strengthen governance, expand coverage, and bolster public confidence in the pension sector.
Since the launch of the Contributory Pension Scheme (CPS) in 2004, PenCom has mobilized long-term savings, restored dignity to retirees, and promoted financial stability.
However, Oloworaran noted that critical gaps remain in coverage, adequacy, governance, and the sector’s broader impact on national development.
He added: “For better synergy in the industry between operators and the Commission, the regulator, the Pension Industry Leadership Council was inaugurated by the SGF of the Federation.
“Since 2004, the CPS, the Contributory Pension Scheme, has mobilized long-term savings, restored retirement dignity, and bolstered financial stability.
(Business Day)
