Key Takeaways
- • PenCom Director-General Omolola Oloworaran set a one-year target for pension fund administrators (PFAs) and other industry stakeholders to open three million additional funded Retirement Savings Accounts (RSAs), announced on October 29, 2026 at the National Pension Conference and Awards in Abuja.
- • The initiative targets informal workers such as traders, farmers and transport operators, with access through the Personal Pension Plan (PPP) and accredited pension agents; PenCom says the goal is funded accounts rather than mere registrations.
- • PFAs and custodians must complete recapitalisation by June 30, 2027, while President Bola Tinubu is slated to launch the Pension Security Initiative in November 2026.
- • Five leading PFAs captured 54.41% of new RSA registrations in Q1 2026, led by Stanbic IBTC Pension Managers with 25,024 registrations (17.47%).
- • Nigeria's pension assets have reached ₦31.48 trillion, according to Legit.ng's earlier reporting.
Summary
The National Pension Commission (PenCom) has directed Pension Fund Administrators (PFAs) and other industry stakeholders to open three million additional funded Retirement Savings Accounts (RSAs) within one year. PenCom Director-General Omolola Oloworaran announced the target on Thursday, October 29, 2026, at the National Pension Conference and Awards in Abuja, held as part of National Pension Week 2026. According to Oloworaran, the initiative aims to expand pension coverage beyond payroll-based participation to millions of Nigerians working outside the formal employment sector, including traders, farmers and transport operators. Through the Personal Pension Plan (PPP) and accredited pension agents, PenCom intends to reach previously underserved Nigerians. Oloworaran stressed that the target refers to three million genuinely funded accounts rather than registrations, and said PFA owners have already committed to achieving it.
Oloworaran outlined five strategic reforms for the next decade. Beyond coverage expansion, the Commission plans to strengthen retirement security and launch the Pension Security Initiative, which President Bola Tinubu is scheduled to unveil in November 2026, according to Nairametrics. PenCom also pledged tougher enforcement against employers defaulting on pension obligations, using its statutory powers under the Pension Reform Act to recover outstanding contributions owed to workers. On operator strength, she reiterated that all PFAs and custodians must complete recapitalisation by June 30, 2027, and advocated responsible pension investments in infrastructure, housing, electricity and productive enterprises, while stressing that pension assets remain workers' deferred earnings and must be protected.
Represented by Secretary to the Government of the Federation George Akume, Tinubu urged pension operators to prioritise accountability, regulatory compliance and prudent investment, warning against reckless investments that could jeopardise contributors' retirement savings. Awabah CEO Tunji Andrews urged accredited pension agents to intensify public awareness campaigns and expand participation.
Industry data showed five leading PFAs accounted for 54.41% of new RSA registrations in the first quarter of 2026. Stanbic IBTC Pension Managers led with 25,024 registrations (17.47%), followed by AccessARM, FCMB Pensions, TangerineAPT and Trustfund Pensions. Legit.ng separately reported that Nigeria's pension assets have climbed to ₦31.48 trillion, which PenCom attributes to reforms delivering higher monthly payments and faster clearance of outstanding benefits.
Oloworaran outlined five strategic reforms for the next decade. Beyond coverage expansion, the Commission plans to strengthen retirement security and launch the Pension Security Initiative, which President Bola Tinubu is scheduled to unveil in November 2026, according to Nairametrics. PenCom also pledged tougher enforcement against employers defaulting on pension obligations, using its statutory powers under the Pension Reform Act to recover outstanding contributions owed to workers. On operator strength, she reiterated that all PFAs and custodians must complete recapitalisation by June 30, 2027, and advocated responsible pension investments in infrastructure, housing, electricity and productive enterprises, while stressing that pension assets remain workers' deferred earnings and must be protected.
Represented by Secretary to the Government of the Federation George Akume, Tinubu urged pension operators to prioritise accountability, regulatory compliance and prudent investment, warning against reckless investments that could jeopardise contributors' retirement savings. Awabah CEO Tunji Andrews urged accredited pension agents to intensify public awareness campaigns and expand participation.
Industry data showed five leading PFAs accounted for 54.41% of new RSA registrations in the first quarter of 2026. Stanbic IBTC Pension Managers led with 25,024 registrations (17.47%), followed by AccessARM, FCMB Pensions, TangerineAPT and Trustfund Pensions. Legit.ng separately reported that Nigeria's pension assets have climbed to ₦31.48 trillion, which PenCom attributes to reforms delivering higher monthly payments and faster clearance of outstanding benefits.
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