The National Pension Commission (PenCom) has ruled out any extension of the June 30, 2027 deadline for pension fund administrators (PFAs) and pension fund custodians (PFCs) to complete their recapitalisation.
The Director-General of PenCom, Omolola Oloworaran, stated this on Thursday while outlining the commission’s next phase of reforms, stressing that operators must strengthen their financial capacity to protect workers’ retirement savings.
“We are not changing our minds,” Oloworaran said, insisting that all operators must meet the deadline. “Size is what we have achieved. Strength is what we now demand,” she added.
She said the recapitalisation exercise was part of efforts to strengthen pension institutions, improve investment performance and ensure that contributors’ savings generate returns capable of protecting them against inflation.
The PenCom boss also disclosed plans to expand pension coverage by securing commitments from pension fund administrators to open three million additional funded and active pension accounts by 2027.
She stressed that the target went beyond registering new contributors to ensuring that the accounts receive regular contributions. “Not registrations, three million funded active accounts, new accounts, because an empty account is a statistic, but a funded account is a future,” she said.
