Omolola Oloworaran, the director-general of the National Pension Commission, has urged pension operators yet to meet recapitalisation requirements to comply urgently ahead of the July 2027 deadline.
Ms Oloworaran gave the charge at the 11th Annual Conference of the Nigerian Association of Insurance and Pension Editors on Thursday in Lagos.
She said recapitalisation was necessary to strengthen institutions, improve resilience against financial shocks and protect contributors’ retirement benefits.
“I would like to warn the industry that all those who have not met the recapitalisation requirements must comply urgently. There is no going back,” she said.
Ms Oloworaran said recapitalisation should not merely produce bigger institutions but also improve service delivery and retirement outcomes.
She urged regulators and operators to ensure that reforms translated into tangible benefits for Nigerians, stating, “If the people we exist to serve do not feel the impact, what is the importance of the reforms?”
Ms Oloworaran said PenCom was shifting its focus from accumulating pension assets to ensuring their effective allocation for better returns to contributors. She urged pension and insurance editors to hold regulators and operators accountable for the impact of their policies.
Wale Oshin, Custodian Investment’s boss, urged insurance companies and pension operators to strengthen collaboration to improve retirement security. Mr Oshin said recapitalisation provided an opportunity to strengthen institutions, improve technology, and enhance their capacity to meet long-term obligations.
Mr Oshin restated, however, that increased capital must translate into better services and benefits for customers. He also called for greater attention to annuities and retirement income, warning that inadequate benefits could undermine public confidence in the pension system.
(NAN)