By Niyi Jacobs
The National Pension Commission (PenCom) has emphasized the importance of sustainability and Environmental, Social, and Governance (ESG) considerations in the Nigerian pension industry.
Speaking at the 2024 annual corporate governance conference, Acting Director-General Omolola Oloworaran stressed that pension fund operators must prioritize sustainability-focused governance to ensure long-term value creation and secure retirees’ legacy. She highlighted the growth of the Contributory Pension Scheme (CPS) in Nigeria, with pension assets reaching N21.25 trillion as of August 2024, and the need for pension funds to advocate for sound corporate governance and ESG standards.
Oloworaran proposed initiatives such as a Stewardship Code, Pension Leadership Council, and Nigerian Sustainable Pension Principles to enhance governance and sustainability in the industry.
This shift towards ESG and sustainability is crucial for the Nigerian pension industry to contribute to a sustainable economy and secure value for retirees ¹.
