Access Pensions has backed ongoing reforms in Nigeria’s pension industry, following the launch of two initiatives by the National Pension Commission aimed at improving retirement benefits and retirees’ welfare.
The initiatives, unveiled recently at the Presidential Pension Security Initiatives Launch held at the State House in Abuja, include the Minimum Pension Guarantee, which provides for a minimum monthly pension of N52,500 for eligible retirees under the Contributory Pension Scheme, and PenCare, a healthcare programme designed to provide low-income retirees with essential medical services at no cost.
The event, organised by PenCom, also featured the presentation of the Presidential Pension Legacy Award to President Bola Tinubu in recognition of his administration’s interventions in the pension industry.
The award was presented on behalf of the pension industry by the Director-General of PenCom, Omolola Oloworaran, and the Managing Director and Chief Executive Officer of Access Pensions, Sa’adu A. Jijji. The Group Managing Director and Chief Executive Officer of Access Holdings, Innocent Ike, also attended the ceremony.
Tinubu, who was represented by the President of the Senate, Senator Godswill Akpabio, was recognised for his administration’s efforts to address outstanding pension obligations, expand coverage to the informal sector and strengthen the framework for sustainable retirement benefits.
Speaking at the event, Jijji, according to a statement from Access Pensions on Thursday, expressed appreciation to the President for his commitment to repositioning the pension industry, noting that the appointment of the current leadership of PenCom had brought renewed direction and positive changes to the sector.
He particularly acknowledged the appointment of Oloworaran as Director-General of PenCom, describing her leadership as an example of the contributions young professionals and women could make when entrusted with critical responsibilities.
He said, “We are truly grateful to Mr President, first, for appointing the current leadership of the National Pension Commission, and particularly for appointing the Director-General of the Commission.
“We have seen what appointing a young person can do for an industry, and what appointing a woman can bring to an industry. When you have a young woman leading the industry, you can see the difference and the positive changes taking place.
“So, thank you very much, sir, for all the initiatives that have been implemented and for the support we have continued to receive. We are truly grateful.”
Earlier, Oloworaran said the decision to honour Tinubu represented collective recognition by the pension industry of his administration’s interventions, which she said had helped address challenges that previously undermined confidence in the system.
She said the award was presented on behalf of Pension Fund Administrators (PFAs), Pension Fund Custodians, Closed Pension Fund Administrators and PenCom.
“The pension industry, comprising Pension Fund Administrators (PFAs), Pension Fund Custodians, Closed Pension Fund Administrators and, of course, the National Pension Commission, is pleased to present the Presidential Pension Legacy Award to Mr President in recognition of his lasting interventions in the industry,” she said.
Oloworaran noted that the administration’s efforts to clear outstanding pension obligations and extend the benefits of the pension system to previously underserved segments of the population had helped rebuild confidence in the industry.