Barbara Bako, Abuja.
A delegation from Kenya’s Retirement Benefits Authority (RBA) has arrived in Abuja for a four-day technical study visit aimed at examining Nigeria’s pension regulatory framework and reform experience.
The visit, hosted by the National Pension Commission (PenCom), is taking place from June 8 to 11 and focuses on areas including risk-based supervision, environmental, social and governance (ESG) integration, pension coverage expansion and diaspora pension participation.
Speaking during the opening session, the leader of the Kenyan delegation and Director of Market Conduct and Industry Development at the RBA, John Keah, said the engagement underscores the value of collaboration among African pension regulators seeking to strengthen retirement systems.
Keah said Kenya considers Nigeria’s pension reforms relevant to its ongoing efforts because of similarities in the structure of both countries’ pension systems.
“We are here to learn from Nigeria’s experiences and assess how some of those lessons can be adapted to our own environment. We are particularly interested in PenCom’s ESG initiatives, risk-based supervision framework, strategies for expanding pension coverage to the informal sector and the Diaspora Pension Arrangement,” he said.
He also commended governance measures within Nigeria’s pension system and described the Diaspora Pension Arrangement as an initiative that could improve retirement security and help reduce old-age poverty.
Welcoming the delegation, Director-General of PenCom, Mrs. Omolola Oloworaran, reaffirmed Nigeria’s commitment to sharing knowledge and supporting efforts to strengthen pension systems across the continent.
Represented by the Director of Surveillance, Abdulrahaman Muhammad Saleem, Oloworaran said Nigeria’s Contributory Pension Scheme (CPS) has recorded significant growth since its introduction in 2004.
According to her, pension assets under management have risen to more than N32 trillion, accounting for about 10.4 per cent of the country’s Gross Domestic Product (GDP).
She attributed the growth to sustained regulatory reforms, improved governance standards and stronger supervisory mechanisms designed to safeguard contributors’ funds.
The PenCom chief also highlighted the Federal Government’s recent settlement of outstanding accrued pension rights liabilities, describing it as a major milestone for the CPS.
She explained that the issuance of a government bond to settle the liabilities has enabled accrued pension rights to be transferred directly into retirees’ Retirement Savings Accounts, allowing beneficiaries to access investment returns without prolonged delays.
“The issuance of a Federal Government bond to settle the accrued rights liabilities has transformed the retirement experience for public sector employees. Accrued pension rights are now transferred directly into retirees’ Retirement Savings Accounts (RSA), enabling immediate access to investment returns and eliminating lengthy waiting periods,” she stated.
Oloworaran added that PenCom would continue pursuing reforms aimed at strengthening governance, enhancing retirement security and ensuring the long-term sustainability of the pension system.
The study visit, themed “Risk-Based Supervision and ESG Integration in Pension Funds,” includes technical presentations, interactive sessions and visits to selected Pension Fund Administrators.
The programme will conclude with a feedback session focusing on lessons learned, emerging risks and potential areas of future cooperation between the Nigerian and Kenyan pension regulators.
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