Speech by DG of PenCom at Inauguration of the Pension Industry Leadership Council

Extracts from the speech delivered by Omolola Oloworaran Director General, National Pension Commission (PenCom) at the Inauguration of the Pension Industry Leadership Council.

Our very distinguished Guest of Honour, the Secretary to the Government of the Federation, His Excellency Senator Akume, who is on his way and whose unconditional support and effective oversight we deeply appreciate.

The Honourable Minister of Finance, represented here today by Director Ali Mo.
The Governor of the Central Bank of Nigeria, represented by my good friend, Director Abdulai.
Also here today, another good friend, the Commissioner of the National Insurance Commission (NAICOM).
Managing Directors and Executive Officers of licensed Pension Fund Operators.
The Acting Chairman and Members of the Executive Committee of PenCom.
The Management and staff of the National Pension Commission.
All staff of licensed Pension Fund Operators here today.
Esteemed members of the press.
Distinguished guests, ladies and gentlemen.

It is a great honour to welcome you to this historic inauguration of the Pension Industry Leadership Council (PICL).

Today, we take a decisive step forward — establishing for the pension industry what the Bankers’ Committee has long represented for the banking industry: a forum for collective leadership, strategic dialogue, and industry-wide consultation.

This moment is very significant. Since the passage of the Pension Reform Act in 2004, our industry has made remarkable progress: mobilizing long-term savings, restoring dignity to retirement, and strengthening financial stability.

Yet, the challenges before us — coverage, adequacy, governance, and impact — demand more than fragmented efforts. They require a unified council to set direction, build trust, and safeguard the future of millions of Nigerian workers.

But beyond continuity, this council is also about transformation. The world is changing and so too must we — by innovating in our products, re-engineering our processes, and modernizing our systems to deliver pensions that are accessible, transparent, and inclusive.

Ladies and gentlemen, this is a national priority. The presence of the Secretary to the Government of the Federation underscores the importance of this council. Pensions are not just an industry concern — they are a pillar for social protection, an instrument of inclusion, and a driver of sustainable economic growth. They embody the promise that hard work in youth will be rewarded with dignity in retirement.

Our mandate as a council is clear:

• We will expand coverage, especially to informal sector workers, ensuring that no Nigerian is left behind.
• We will enforce governance and compliance, upholding the highest fiduciary standards across the industry.
• We will channel pension assets as catalysts for national development, while keeping contributors’ interests paramount.
• We will drive innovation through new products, improved processes, and integrated schemes that deliver more value to contributors and retirees alike.
• We will strengthen public confidence so that pensions remain a promise kept.

This is our call to leadership. Just as the reforms of 2004 marked the first revolution, this council must now lead the second great revolution in our pension system.

At our recent leadership retreat, we set bold goals for the industry — goals that this council is uniquely positioned to drive from vision to reality. What we do here will shape the security and prosperity of generations to come.

Let me therefore urge us all to approach this task with courage, foresight, and unity. If we succeed — and I am confident that we will — history will remember this council as the turning point where the Nigerian pension industry moved from promise to shared responsibility.

On this note, let me express my deep gratitude again to the Secretary to the Government of the Federation for agreeing to inaugurate this council and for his unwavering support.

I also thank all operators present today, and the dedicated PenCom team, for your commitment to the collective vision we share.

Together, we will build not just a stronger pension system, but a more secure and prosperous Nigeria.

Thank you all, and God bless Nigeria.

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