Stakeholders in Nigeria’s pension industry have called for increased government funding, stronger institutional collaboration, and policy reforms to enhance regulatory effectiveness and improve contributor welfare.
The calls were made on Saturday at the inaugural Pension Industry Leadership Retreat organised by the Pension Fund Operators Association of Nigeria (PenOp) in Lagos.
A financial expert and former Head of the Surveillance Department at the National Pension Commission (PenCom), Mr. Ehimeme Ohioma, said the Commission lacked sufficient funding to effectively carry out its oversight responsibilities and protect pension assets.
“PenCom lacks adequate funding to fulfil its regulatory mandate. I urge the Federal Government to address this for effective industry oversight,” Ohioma said.
He also called for legislative intervention to tackle persistent challenges such as delayed benefit payments and inadequate retirement income. He urged the National Assembly to enact laws barring government agencies from exiting the contributory pension scheme and to support the diversification of PenCom’s investment portfolio into foreign assets.
“To do this successfully, stakeholders must develop the necessary skills, and the executive must be actively involved,” he added.
Echoing similar concerns, the Chairman of the Senate Committee on Establishment and Public Service, Senator Oluwole Fasuyi, emphasised the need for deeper collaboration among regulators, operators, and lawmakers to tackle emerging sector challenges and restore public confidence.
“We must collaborate more to transform the pension narrative and prioritise contributors’ wellbeing,” Fasuyi said.
He noted rising dissatisfaction among contributors, with the committee receiving an increasing number of petitions from individuals seeking to opt out of the scheme. Nonetheless, he stressed that expanding public awareness and inclusion remained top priorities for the legislature.
Fasuyi also called for the National Assembly to be included in all key industry engagements to enhance accountability and ensure that policies reflect the needs of contributors.
Describing Pension Fund Administrators (PFAs) as both financial and social institutions, Fasuyi said they must balance profit-making with the imperative of safeguarding contributors’ welfare.
Other speakers at the retreat included former PenCom Director-General, Mr. Mohammed Ahmad, who underscored the importance of strong institutional partnerships to drive reform and performance.
Former Managing Director of Premium Pension, Mr. Umar Mairami, advocated for increased enrolment and the introduction of tax incentives to attract wider participation, while Dr. Faruk Aminu, a former PenCom investment head, urged lawmakers to mandate higher employer contributions and enforce policy consistency to improve pension adequacy.
