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Anthonia Ifeanyi-Okoro, the Acting MD/CEO,Pension Fund Operators Association of Nigeria (PenOp), in this conversation with SYLVESTER ENOGHASE, speaks on how Federal Government’s commitment to honouring pension promises has provided a more sustainable framework for managing legacy liabilities. Excerpts:
What do you suggest are the takehome for participants at this ‘Pension Revolution Summit: a 365 days scorecard’?
Today’s engagement comes at an important moment in the evolution of Nigeria’s pension system. It is an opportunity to reflect on how far we have come, to clarify key developments, and to share a forward-looking vision for an industry that continues to play a critical role in Nigeria’s economic stability and social welfare.
Let me begin by acknowledging the significant impact of Pension Boost 1.0. This initiative marked a turning point in addressing one of the most persistent legacy challenges of the pension system, the settlement of accrued pension rights.
Through deliberate policy action and improved coordination, long-standing bottlenecks were eased, confidence was restored, and thousands of retirees will receive benefits that had been outstanding for years. Pension Boost 1.0 demonstrated what is possible when policy, regulation, and industry align around a shared objective.
Are you saying Pension Boost 1.0 has restored hope to thousands of retirees making them to receive benefits that had been outstanding for years? Yes. By building on that momentum of Pension Boost 1.0, we are now witnessing the transition towards what many have rightly described as Pension Revolution 2.0, a phase focused not only on fixing the past, but on strengthening the future.
A key milestone in this journey is the provision of ₦758 billion in Federal Government bonds to offset outstanding accrued rights obligations. This intervention reinforces the Government’s commitment to honoring pension promises and provides a more sustainable framework for managing legacy liabilities.
We are very confidence and optimistic that at the same time, the industry is expanding its reach and deepening compliance. Through innovative approaches such as Personal Pension Plan (PPP) and initiatives like the Pension Compliance Certificate (PCC), coverage is widening, enforcement is improving, and more Nigerians especially in the informal and private sectors are being brought into the pension safety net.
Equally important is the deliberate creation of space for innovation and improved performance. The revision of investment guidelines has enhanced flexibility, strengthened risk management, and supported the delivery of improved, risk-adjusted returns for contributors, this will also reflect inflation backed investments.
Please, be specific of how these reforms have turn around the industry for good.
These reforms have position the pension industry not just as a custodian of savings, but as a longterm investor in Nigeria’s growth and development.
Taken together, these developments tell a clear story: the foundation for a stronger, more resilient pension industry has been firmly laid.
As we look ahead to 2026, we do so with optimism confident that the coming years will deliver shared goals, collective progress, and tangible benefits for contributors and retirees alike.
What about the penOp?
At the Pension Fund Operators Association of Nigeria (PenOp), we remain delighted to partner, support, and collaborate with all stakeholders particularly the National Pension Commission.
We are deeply grateful for a revolutionary, innovative, and digitally led regulator that continues to create an enabling environment for sustainability, accountability, and the consistent delivery of value to our most important customers: Nigeria’s retirees.
We are very optimistic that initiatives such as PENCARE, the embedding of ongoing special projects, and the inauguration of the Pension Industry Leadership Council (PILC) have set a strong tone for the year ahead.
These are not isolated efforts, but the beginning of a broader set of benefits the pension industry will deliver in the New Year and beyond.
We firmly believe that the pension industry is a cornerstone of the Nigerian economy and of Nigeria’s future.
It mobilises long-term capital, supports financial markets, underpins infrastructure financing, and most importantly provides dignity and security in retirement. This is a role we are deeply passionate about.
Looking ahead, our focus will be clear: deeper engagement, deeper education, deeper sensitization, deeper collaboration, and deeper partnerships.
We remain committed to staying transparent, building and deepening trust, and consistently delivering benefits that justify the confidence Nigerians place in the pension system.
We are more committed to ensuring international best practices in the pension industry are observed through our ambitions for deeper education, engagement and sensitization by the operators in Nigeria.
Can you please, throw more lights on the mandates of the association?
PenOp is the trade association and umbrella body of all licensed pension funds in Nigeria.
It is an independent, non-governmental, non-political, and non-profit organization established to promote the operations of the pension industry in Nigeria It ensures that international best practices are observed by the operators registered in Nigeria and serves as the umbrella body for all licensed pension funds in Nigeria, including Pension Fund Administrators (PFAs) It is an impact focused organization and a market building enterprise that was established to promote the operations of the pension industry in Nigeria, provide for self-regulation, and ensure that international best practices relating to the industry are observed by the operators registered in Nigeria. It engages with various stakeholders to ensure that the pension industry has a positive impact on the operators, the contributors and the economy as a whole.
The National Pension Commission (PenCom), in collaboration with PenOp, has introduced a new process for pension payments from employers.
This involves nine approved Payment SolutionService Providers (PSSPs) to ensure a smooth transition and successful implementation of the new interface.
All employers were required to adopt this system by the first quarter of 2025.
To ensure accurate and timely remittance of pension contributions by employers, the platforms are equipped with direct validation features for contributors’ PINs and PFAs, seamlessly integrated with the National Pension Commission’s database.
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