The Secretary to the Government of the Federation (SGF) Sen. George Akume, has urged members of the Pension Industry Leadership Council (PILC) to be more transparent, inclusive and economically transformative.
Akume, who stated this while inaugurating the council in Abuja on Thursday, said that the council represents foresight, synergy, and shared commitment among government, regulators, operators, and social partners.
He said that this would guarantee dignity and security for Nigerian workers in retirement.
“This is a historic milestone in the country’s pursuit of financial security, economic transformation, and generational stability for workers.
“The Contributory Pension Scheme (CPS) was introduced in 2004, and stands as one of the most enduring institutional reforms of our democracy.
“It`s achievements in transparency, governance, and the accumulation of investment reserves that have boosted workers’ confidence,” the SGF said.
Akume said that the persistent challenges confronting the pension system included inflation, limited coverage of the informal sector, inadequate long-term capital for infrastructure, and erosion of public trust.
He urged the council to serve as a hub for ideas, problem-solving, and consensus-building.
Five strategic objectives for the Council included, Strengthening Trust, through accountability, transparency, and strict governance standards.
Others are expanding Coverage, by scaling up the Micro Pension Plan to include artisans, traders, and SMEs.
It also includes mobilising Pension Assets for development by investing in infrastructure, housing, renewable energy, and SMEs to create jobs and stimulate growth.
Digital Transformation, by deploying biometric verification, mobile access, and unified databases to modernise service delivery and combat fraud.
Akume said that it is also saddled with Policy Advocacy, by positioning the council as a strategic think-tank to influence broader economic and labour policies.
The SGF reiterated that President Bola Tinubu’s administration was committed to supporting the industry under the Renewed Hope Agenda.
He described pensions as a tool for social protection and a catalyst for inclusive economic growth.
“Workers’ savings will remain secure, prudently managed, and harnessed to accelerate our nation’s progress.
“This council must become a model of collaboration that secures the social contract and delivers real value to our people,” he said.
Akume urged the council members to bring vision, courage, and integrity to their generational assignments.
He commended the National Pension Commission (PenCom) for its commitment towards the industry.
Earlier, the Director-General of PenCom, Omolola Oloworaran, said that since the passage of the Pension Reform Act of 2004, the industry had mobilised long-term savings, restored dignity to retirement, and strengthened financial stability.
She said that the council, as the next phase in the industry’s transformation, must lead the second great evolution of the pensions system.
Oloworanran said that pensions had gone beyond an industry concern, representing a pillar of social protection, an instrument of inclusion, and a driver of sustainable economic growth.
“The newly inaugurated council has been tasked with five key mandates: expanding pension coverage to informal-sector workers, enforcing governance and compliance across operators.
“Channelling pension assets toward national development while prioritising contributors’ interests, driving innovation in products, processes, and systems.
“Also strengthening public confidence in pensions as a promise kept,” Oloworaran said.
The PenCom boss said that the challenges were coverage, adequacy, governance, and impact, adding that it demands more than a fragmented effort.
She called for a united council to set direction, build trust, and safeguard the future of millions of Nigerian workers.
Oloworaran urged members to approach the task ahead with unity and foresight, emphasising that the council’s success would determine the financial security of future generations.
