Lagos:Mrs. Omolola Oloworaran, Director-General of the National Pension Commission (PenCom), has emphasized the importance of pension operators meeting the recapitalisation requirements well ahead of the July 2027 deadline.
According to News Agency of Nigeria, Oloworaran made these remarks during the 11th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) held in Lagos. The event focused on ‘Post-Recapitalisation Market Dynamics in Insurance and Pension Sectors.’
Oloworaran highlighted that recapitalisation is crucial for strengthening institutions, enhancing resilience against financial shocks, and safeguarding contributors’ retirement benefits. She urged the industry to comply promptly, stating, “There is no going back.”
Additionally, Oloworaran stressed that recapitalisation should lead to improved service delivery and better retirement outcomes, urging regulators and operators to ensure reforms benefit Nigerians tangibly. She emphasized the importance of shifting focus from accumulating pension assets to their effective allocation for better returns.
Mr. Wale Oshin, Group CEO of Custodian Investment Plc, echoed the need for collaboration between insurance companies and pension operators to enhance retirement security. He noted that recapitalisation should also focus on improving technology and capacity to meet long-term obligations.
Mrs. Ebere Nwoji, Chairman of NAIPE, underscored the importance of prudent investment of capital raised by insurance and pension institutions. She praised Mr. Olusegun Omosehin, Commissioner for Insurance, for completing the insurance industry’s recapitalisation exercise, and congratulated the 50 institutions that met the requirements.
Nwoji encouraged pension fund administrators to meet the revised capital requirements by the deadline, suggesting that those struggling should consider mergers to ensure continuity. She supported Oloworaran’s Pension Revolution 2.0 reforms as a means to enhance retirees’ welfare.
Mrs. Ekeoma Ezeibe, President of the Nigerian Council of Registered Insurance Brokers, pledged support for NAIPE and called for continued efforts to advance the insurance and pension sectors.