By Taiye Olayemi<\/p>\n
Mrs Omolola Oloworaran, Director-General, National Pension Commission (PenCom), has urged pension operators yet to meet recapitalisation requirements to comply urgently ahead of the July 2027 deadline.<\/p>\n
Oloworaran gave the charge at the 11th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE), in Lagos.<\/p>\n
The conference had the theme: \u201cPost-Recapitalisation Market Dynamics in Insurance and Pension Sectors\u201d.<\/p>\n
She said recapitalisation was necessary to strengthen institutions, improve resilience against financial shocks and protect contributors\u2019 retirement benefits.<\/p>\n
\u201cI would like to warn the industry that all those who have not met the recapitalisation requirements must comply urgently. There is no going back,\u201d she said.<\/p>\n
Oloworaran said recapitalisation should not merely produce bigger institutions but also improve service delivery and retirement outcomes.<\/p>\n
She urged regulators and operators to ensure that reforms translated into tangible benefits for Nigerians.<\/p>\n
\u201cIf the people we exist to serve do not feel the impact, what is the importance of the reforms?\u201d she asked.<\/p>\n
The PenCom boss said the commission was shifting its focus from accumulating pension assets to ensuring their effective allocation for better returns to contributors.<\/p>\n
She urged pension and insurance editors to hold regulators and operators accountable for the impact of their policies.<\/p>\n
Also speaking, Mr Wale Oshin, Group Chief Executive Officer, Custodian Investment Plc, urged insurance companies and pension operators to strengthen collaboration to improve retirement security.<\/p>\n
Oshin said recapitalisation provided an opportunity to strengthen institutions, improve technology and enhance their capacity to meet long term obligations.<\/p>\n
He, however, stressed that increased capital must translate into better services and benefits for customers.<\/p>\n
He also called for greater attention to annuities and retirement income, warning that inadequate benefits could undermine public confidence in the pension system.<\/p>\n
Meanwhile, Mrs Ebere Nwoji, Chairman of NAIPE, said the conference was organised to examine how capital raised by insurance and pension institutions could be invested prudently.<\/p>\n
She commended the Commissioner for Insurance, Mr Olusegun Omosehin, for completing the insurance industry\u2019s recapitalisation exercise.<\/p>\n
Nwoji congratulated the 50 insurance and reinsurance institutions that met the requirements and urged Nigerians to take advantage of the sector\u2019s improved financial capacity by purchasing insurance policies.<\/p>\n
She also urged pension fund administrators (PFAs) to meet the revised capital requirements before the July 2027 deadline.<\/p>\n
According to her, operators unable to meet the requirements independently should begin merger discussions early to ensure business continuity.<\/p>\n
Nwoji commended Oloworaran\u2019s Pension Revolution 2.0 reforms, saying they could improve retirees\u2019 welfare and reduce poverty in old age.<\/p>\n
Mrs Ekeoma Ezeibe, President of the Nigerian Council of Registered Insurance Brokers, congratulated NAIPE and pledged the council\u2019s continued support for the association.<\/p>\n