PenCom targets 20 million MPP subscribers in two years

The National Pension Commission (PenCom) has revealed plans to deploy a new marketing strategy into its Micro Pension Plan (MPP) to onboard 20 million on the scheme before the end of 2026.

The commission’s Director General, Omolara Oloworaran, said this in a presentation at the PenCom Media Conference in Lagos.
The new DG, who took over from Aisha Dahir-Umar, highlighted the shortcomings of the current MPP, saying that it lacks resonance with the diverse informal sector, estimated to include 70 million Nigerians.

To deal with the challenge of the scheme in the industry, Oloworaran said the commission intends to redesign the scheme with a new structure and technological integration that would improve accessibility and scalability.

The existing challenges, she said, underpinned a period of stagnation, leaving the industry struggling to recover from low public awareness and trust. Dahir-Umar’s administration faced allegations of neglect, with over 800 companies, including media houses, embroiled in litigation for non-remittance of pension funds.

Under the new DG, PenCom has pledged to engage media owners directly to ensure regular remittance of funds, addressing a long-standing issue that has left workers, particularly in the media sector vulnerable.

This engagement led to the commission’s recovery of N28.5 billion in outstanding funds so far, signalling a renewed commitment to transparency and accountability.

Oloworaran has reassured retirees and contributors under the Contributory Pension Scheme (CPS) of more flexible withdrawal options and increased accessibility.

According to her retirees can access up to 50 per cent of their savings as a lump sum upon retirement, provided the remaining balance supports sustainable monthly payments.

As the industry awaits the revamped MPP, stakeholders are confident that Oloworaran’s leadership will restore trust, drive participation and secure the financial future of millions of Nigerians.

The determined target of onboarding 20 million contributors reflects PenCom’s renewed focus on innovation, accountability and inclusion – a stark contrast to the challenges of the past, she said.