Ethics must guide disruptions – PenCom DG
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The Director-General of the National Pension Commission, Omolola Oloworaran, has said that the need for ethical governance has become even more critical in an era of disruption.
Oloworaran stated this at the 20th anniversary conference of the Society for Corporate Governance Nigeria, themed ‘Strengthening Ethical Governance in a Disrupted World: Reflection of Governance Journey for a Sustainable Future.’
She was represented at the event by the Commission Secretary and Legal Adviser, Sani Muhammad.
PenCom, in September, issued a Revised Guideline on Corporate Governance for licensed Pension Fund Operators, to be used in conjunction with the Nigerian Code of Corporate Governance 2018. The new corporate governance regulations set out the minimum governance requirements for PFOs but encourage them to strive for higher standards.
Speaking at the conference, the PenCom boss said, “At the National Pension Commission, we fully appreciate the centrality of ethical governance to institutional resilience and sustainability.
The pension industry is built on trust and long-term stewardship.
As a regulator of that industry in Nigeria, PenCom bears a profound responsibility to uphold that trust through transparency, accountability, and unwavering adherence to ethical principles.”
Oloworaran noted that PenCom’s governance journey had been shaped by efforts to strengthen regulatory frameworks, promote compliance, and enhance the integrity of pension fund administration and custody in Nigeria.
“We have prioritised the protection of contributors’ interests, raised the bar for corporate governance standards among licensed pension fund administrators and custodians, and leveraged technology to enhance efficiency, oversight, and transparency,” she said.
“Through these measures, PenCom aims to ensure that the Nigerian pension system remains a model of prudence, stability, and public confidence.”
The PenCom boss recalled that the first major turning point in pension administration came with the Pension Reform Act of 2004, which introduced the Contributory Pension Scheme and revolutionised retirement savings in Nigeria.
“That reform laid the foundation for confidence, discipline, and sustainability in our pension system. In keeping with this legacy, therefore, PenCom launched in September 2025 what we termed Pension Revolution 2.0, which is a transformative programme of reforms that builds on two decades of progress to guide Nigeria’s pension industry into its next phase of growth and resilience,” she said.
According to her, the new initiative marks a national renewal of trust and institutional confidence.
“Indeed, Pension Revolution 2.0 is more than just a regulatory reform. It is a renewal of trust, an evolution of our system, and a bold national strategy. It ushers in a new era of dignity for retirees, inclusion for every Nigerian worker, and resilience for our national economy,” she argued.
Oloworaran explained that the programme had introduced new regulations and guidelines to strengthen ethical and operational standards in the sector.
“Under this programme, PenCom released a number of new regulations, guidelines, and circulars, which include the Revised Guidelines on Corporate Governance; the Revised Guidelines on Appointment to Board and Senior Management of Licensed Pension Fund Operators; the Guidelines on Significant Shareholding in Licensed Pension Operators; the Revised Regulations on Investment of Pension Fund Assets; the Whistleblowing Guidelines; and many others, which I believe you are already aware of,” she said.
She added that each of these regulatory instruments “sets higher standards across critical pillars, from investment and risk management to governance and compliance, to service delivery and financial inclusion.”
“Collectively, these reforms represent a bold step forward for the industry,” she stated.
Emphasising the importance of ethics amid rapid change, Oloworaran said, “In an era of disruption, the need for ethical governance becomes even more critical. Rapid technological change, evolving business models, and global interconnectedness present both opportunities and new risks. Institutions that neglect ethics in the face of disruption risk losing their credibility, legitimacy, and even their viability.”
She went on to commend the Society for Corporate Governance Nigeria for providing a platform for reflection and learning.
“The Nigerian pension industry must live up to this expectation. I congratulate the Society for Corporate Governance on its 20th anniversary, and I commend it for providing this important platform for dialogue, reflection, and mutual learning. Your leadership in advocating for ethics and accountability in institutional governance strengthens the moral and professional fabric of Nigeria’s leadership landscape.”Reaffirming the Commission’s commitment to transparency and ethical leadership, she said, “On behalf of the National Pension Commission, I reaffirm our unwavering commitment to uphold the highest standards of ethical governance and regulatory integrity in the Nigerian pension industry. We remain a willing and eager partner in the national endeavour to strengthen governance, promote ethical leadership, and secure a sustainable future for generations to come.”
