Amaka Obiefuna
The National Pension Commission (PenCom) has reaffirmed its commitment to ensuring a peaceful and dignified retirement for Nigerians, announcing the pilot launch of the Pension Industry Healthcare Initiative (PenCare) in March 2026.
Speaking at the 2025 Pension Revolution Summit and Media Conference in Lagos on Thursday, PenCom Director General, Omolara Oloworaran, said the initiative is designed to eliminate retirees’ anxiety over medical expenses by providing free and accessible healthcare, particularly for low-income pensioners.
Oloworaran revealed that the Board of Trustees for PenCare has already been inaugurated, describing the scheme as a historic, industry-wide intervention. She disclosed that the pilot phase aims to enroll 30,000 retirees across Nigeria’s six geopolitical zones.
“Retirement should be a season of peace, not a period defined by anxiety over medical bills. I am pleased to announce that the pilot scheme will be launched in March next year, with plans to expand coverage to more retirees over time,” she said.
The Director General explained that PenCare forms a key pillar of the Pension Revolution 2.0 agenda, which has driven major structural reforms in the pension industry over the past year.
She outlined several milestones achieved by the Commission, including the full automation of critical pension processes, the introduction of accredited pension agents, and the rebranding of the Micro Pension Plan as the Personal Pension Plan to broaden coverage for artisans, traders, gig workers, and other informal sector participants.
Oloworaran also highlighted progress in clearing long-standing pension backlogs, noting that President Bola Ahmed Tinubu approved and disbursed ₦758 billion to settle all outstanding pension liabilities—an action she described as a clear signal that Nigeria honors its obligations to workers and retirees.
She assured stakeholders that the zero-waiting-time policy for approved retirement benefits, which took effect in July 2025, would be sustained to ensure immediate payment upon retirement.
On compliance and regulation, the DG disclosed that strengthened enforcement measures have resulted in pension recoveries of ₦4.04 billion between January and November 2025—representing a 180 percent increase compared to 2024.
According to her, the recent increase in capital requirements for pension operators was a strategic move to build stronger, more resilient institutions with improved risk management, enhanced expertise, and greater capacity to attract and retain skilled professionals.
