By David Akinmola
The National Pension Commission (PenCom) has revealed plans to deploy a new marketing strategy into its Micro Pension Plan (MPP) to onboard 20 million Nigerians into the restored scheme before the end of December 2026 in the country.
The commission’s Director General, Miss Omolara Oloworaran, in a paper delivered at the PenCom Media Conference in Lagos.
The new DG, who took over from Mrs. Aisha Dahir-Umar, highlighted the shortcomings of the current MPP, saying that it lacks resonance with the diverse informal sector, estimated to include 70 million Nigerians.
To deal with the challenge of the scheme in the industry, Oloworaran said the commission intends to redesign the scheme with a new structure, and technological integration that will improve accessibility and scalability.
The DG said that the departure from the perceived “dark days” of her predecessor’s tenure, which was criticized for its lack of visibility and stakeholder engagement, the industry insiders recall several missed opportunities to encourage the 20-year-old pension industry, citing key events such as the Senate and House Committees’ pension retreats in Lagos and Uyo, where the former DG’s absence drew public criticism from lawmakers.
These challenges underpinned a period of stagnation, leaving the industry struggling to recover from low public awareness and trust. Dahir-Umar’s administration also faced allegations of neglect, with over 800 companies, including media houses, embroiled in litigation for non-remittance of pension funds.
Under the new DG, PenCom has pledged to engage media owners directly to ensure regular remittance of funds, addressing a long-standing issue that has left workers, particularly in the media sector, vulnerable.
This engagement aligns with the commission’s recovery of N28.5 billion in outstanding funds so far, signaling a renewed commitment to transparency and accountability.
Oloworaran has reassured retirees and contributors under the Contributory Pension Scheme (CPS) of more flexible withdrawal options and increased accessibility.
According to her retirees can now access up to 50 per cent of their savings as a lump sum upon retirement, provided the remaining balance supports sustainable monthly payments.
The revised retirement age limit of 65 years and above further broadens the scope of beneficiaries.
Besides, the commission is working to resolve disbursement delays affecting 18,000 retirees since October 2023. Talks with the federal government are ongoing to clear the backlog, offering hope to thousands of affected pensioners.
As the industry awaits the revamped MPP, stakeholders are confident that Oloworaran’s leadership will restore trust, drive participation, and secure the financial future of millions of Nigerians.
The determined target of on boarding 20 million contributors reflects PenCom’s renewed focus on innovation, accountability, and inclusion—a stark contrast to the challenges of the past.
With a clear vision and actionable strategies, the Oloworaran era signals a transformative chapter for Nigeria’s pension industry, where the Commission is poised to reclaim its position as a catalyst for economic security and growth.
