PenCom's Oloworaran Targets 3 Million New Pension Accounts

Omolola Oloworaran, the Director-General of the National Pension Commission (PenCom), announced a target to open three million additional funded Retirement Savings Accounts (RSAs) by 2027. This announcement was made during her keynote address at the National Pension Conference and Awards in Abuja, part of the Pension Week 2026 activities.

Oloworaran emphasized the need for five major reforms in the pension industry over the next decade, focusing on transitioning from mere savings to security for retirees. She highlighted the importance of funded accounts, stating that they represent a future for individuals.

The initiative is set to be supported by the owners of pension fund administrators. Additionally, President Bola Ahmed Tinubu, represented by Secretary to the Government of the Federation, Senator George Akume, called for stronger regulatory oversight and responsible management of pension funds.

The Head of the Civil Service of the Federation, Olumuyiwa Abel Enitan, reaffirmed the government's commitment to improving pensioners' welfare under the Renewed Hope Agenda.