The National Pension Commission (PenCom) has dismissed claims that its recently launched Pension Revolution 2.0 reforms were designed to favor the business interests of a particular family, reaffirming that the initiative is aimed at strengthening Nigeria’s pension industry and protecting retirees.
In a statement seen by BusinessNG Newspaper , Ibrahim Buwai, Head of Corporate Communications at PenCom, emphasized that the reforms, introduced under Director General Ms. Omolola Oloworaran, are intended to enhance transparency, governance, and resilience within the Contributory Pension Scheme (CPS).
The Commission noted that concerns raised about corporate governance provisions for principal owners were taken out of context and are standard measures aligned with global best practices. These measures include re-election every three years, external annual performance evaluations, and restrictions on sensitive board committees, ensuring ownership influence is visible and regulated.
PenCom also clarified recent misunderstandings regarding Leadway Pensure and NLPC PFAs, whose fines were adjusted after a careful review, stressing that administrative sanctions were never overturned and complied with fully. The Commission insists these actions demonstrate zero tolerance for infractions, rather than favoritism toward any entity.
Highlighting its accomplishments, PenCom said the reforms and ongoing initiatives are focused on enhancing retiree welfare. This includes the approval of a N758 billion bond to clear outstanding CPS liabilities, implementation of Pension Boost 1.0 benefiting over 233,000 retirees, automation of Pension Clearance Certificate applications, a forthcoming free healthcare initiative, and the launch of a redesigned Personal Pension Plan for the informal sector.
Concluding, PenCom stressed that its actions serve the best interests of retirees and the nation, with reforms aimed at dignity, inclusion, and a resilient pension system, rather than private interests.
