Business

PenCom, PenOp Spotlight PCRS Successes, Challenges, and Strategic Future at 1-Year Anniversary

Published

2 months ago

July 28, 2026

BY NKECHI NAECHE-ESEZOBOR—The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has stressed the need for sustained collaboration among regulators, pension operators, employers, technology providers, payment solution partners, and other stakeholders to drive the continued growth and transformation of Nigeria’s pension industry.

Speaking at the first anniversary of the Pension Contribution Remittance System (PCRS) and Payment Solution Service Provider (PSSP) Framework, the PenCom DG stated that the progress recorded since the implementation of the initiative demonstrates the power of collective efforts and partnerships in achieving institutional transformation.

She noted that the successful implementation of the PCRS required extensive collaboration across stakeholder engagement, system development, testing, integration, and capacity building. According to her, the achievement was not the result of any single organisation, but a reflection of the commitment of the entire pension ecosystem, including PenCom, the Pension Fund Operators Association of Nigeria (PenOp), Pension Fund Administrators (PFAs), Pension Fund Custodians (PFCs), the 11 PSSP partners, employers, and other supporting organisations.

The DG emphasised that collaboration would remain critical as the industry continues its digital transformation journey. She affirmed that PenCom would continue to work with stakeholders to improve operational efficiency, strengthen pension administration, and enhance service delivery through technology, while ensuring that the industry responds effectively to the changing expectations of contributors and employers.

She also identified cybersecurity, data protection, and data integrity as key priorities, stressing that the increasing reliance on digital platforms makes it essential to protect contributors’ information and maintain the integrity of pension systems. Consequently, she urged stakeholders to uphold robust cybersecurity standards and risk management practices.

Looking ahead, she called for deeper adoption and compliance with the PCRS framework, continuous innovation, and stronger cooperation across the pension ecosystem. She added that improved remittance infrastructure would also support the Commission’s broader objective of expanding pension coverage and making participation in the Contributory Pension Scheme easier, more transparent, and attractive to more Nigerians.

Describing the PCRS and PSSP Framework as important milestones in the modernisation of Nigeria’s pension industry, she urged stakeholders to build on the achievements of the first year. She stated that the future of the industry would depend on the ability of all stakeholders to remain united in pursuing innovation, integrity, excellence, and improved retirement security for Nigerian workers.

She commended PenOp, PSSPs, PFAs, PFCs, employers, and all stakeholders whose commitment, innovation, and collaboration contributed to the celebrated milestones, noting that these achievements demonstrate what is possible when regulatory leadership, industry expertise, and technology-driven solutions converge around a shared vision.

Earlier, in his welcome address, the President of PenOp, Donald Onuoha, stated that one year after the introduction of PCRS, the initiative has recorded measurable progress. This includes the integration of Payment Solution Service Providers under a regulatory and operational framework, industry-wide audits, and ongoing efforts to identify and close gaps in the remittance process.

He acknowledged, however, that the implementation has faced challenges, including settlement failures, delays in transferring funds, incorrect payment details, and issues with contribution schedule formats.

He applauded PenCom for its oversight and support, while also appreciating employers, the Nigeria Employers’ Consultative Association (NECA), and Payment Solution Service Providers for their roles in the new system.

On the way forward, Onuoha urged PCRS stakeholders to focus on consolidation, stronger accountability, increased coverage, and expanding the system to reach more employers and contributors. He highlighted that managing over ₦30 trillion in assets for millions of Nigerians carries a significant public trust, making efficient service delivery and the protection of contributors’ funds a shared responsibility.

Also speaking, the Chief Executive Officer of PenOp, Anthonia Ifeanyi Okoro, stated that the event served to celebrate the success story of the PCRS and recognise the contributions of key stakeholders who helped make the system operational.

She explained that the occasion offered an opportunity to celebrate achievements, share success stories, discuss challenges encountered and overcome during the first year, and set a clear direction for the future.

She emphasised that the continued collaboration of all stakeholders will remain crucial in leveraging the system to transform and strengthen Nigeria’s pension industry.

The post PenCom, PenOp Spotlight PCRS Successes, Challenges, and Strategic Future at 1-Year Anniversary appeared first on Business Today NG.

Related Topics:1Year Anniversary Challenges future PCRS PenCom PenOp spotlight Strategic Successes

Up Next

Glasgow 2026: Ajayi Wins Bronze as Eseme Storms to Commonwealth Games 100m Gold in Historic Glasgow Final

Don't Miss

MCP startup Runlayer accuses Rippling of stealing its product idea

Click to comment

Business

Ondo Police Arrest Two Suspected Armed Robbers in Akure, Recover Revolver

Published

6 hours ago

October 3, 2026

PlateauReports

The Ondo State Police Command unde the leadership of CP Felix Ohagwu psc, mnips, mspsp has recorded another significant breakthrough in its ongoing efforts to combat armed robbery and other violent crimes in the state, following the arrest of two suspected members of an armed robbery syndicate and the recovery of a locally made revolver and other incriminating exhibits in Akure.

The arrests were made on 27th September 2026 by operatives of the Violent Crime Response Unit (VCRU), Ondo State Command, acting on credible intelligence. The suspects, identified as Isreal Abakah, male; 35 years old and Gbene Emmanuel, male; 37 years old, were apprehended at different locations within Akure metropolis following intelligence-led operations.

Preliminary investigations revealed that the suspects allegedly belong to an armed robbery syndicate suspected of terrorising residents of Akure and its surrounding communities. In the course of the operation, operatives conducted a raid on the gang’s hideout in the Olufoam area of Akure, where a locally made revolver capable of holding four rounds of ammunition was recovered.

Other exhibits recovered during the operation include suspected criminal charms, a laptop, motorcycle mirrors and a number plate. The suspects have confessed to their involvement in several armed robbery operations within Akure metropolis and its environs. Their alleged confessions and the recovered exhibits are currently being subjected to further investigation to establish the full extent of their criminal activities and deligent prosecution.

The Command has intensified efforts to apprehend the remaining members of the syndicate who are currently at large and to identify individuals and communities that may have been affected by the gang’s alleged criminal activities. The ongoing investigation is also aimed at recovering additional exhibits and establishing the possible involvement of the suspects in other reported cases of armed robbery.

The Commissioner of Police, Ondo State Command, CP Felix Ohagwu, psc, mnips, mspsp, commended the operatives for their professionalism and swift response to credible intelligence. He reiterated the Command’s determination to dismantle criminal networks and ensure that individuals involved in violent crimes are brought to justice in accordance with the law.

The Commissioner further urged residents to remain vigilant and promptly report suspicious movements and activities to the nearest police station or through established police communication channels. He emphasised that timely and credible information from members of the public remains essential to the successful prevention and detection of crime.

The Ondo State Police Command assures residents that it will sustain its intelligence-led operations and other proactive security measures to safeguard lives and property across the state.

The post Ondo Police Arrest Two Suspected Armed Robbers in Akure, Recover Revolver appeared first on Business Today NG.

Business

Airtel Money sets IPO price at £1.96 per share, targets £5.3bn valuation

Published

2 days ago

October 2, 2026

PlateauReports

Airtel Mobile Commerce N.V. (Airtel Money), the mobile money business of Airtel Africa, has set the offer price for its planned initial public offering (IPO) at £1.96 per share, implying an estimated market capitalisation of £5.3 billion ($7.0 billion) at admission.

Airtel Africa disclosed this in a statement on Thursday, saying Airtel Money intends to list its ordinary shares on the London Stock Exchange, with admission currently expected on 14 October.

The planned listing followed Airtel Africa’s announcement on 23 September of its intention to undertake an IPO for Airtel Money, which operates mobile money services across several African markets.

Listing offer

Under the offer, certain existing shareholders of Airtel Money are expected to sell 270 million existing shares. Also, an additional 27 million shares may be sold if the over-allotment option is fully exercised.

Airtel Africa said it does not expect to sell its existing Airtel Money shares in the offer, except pursuant to the over-allotment option.

The telco said it would remain a “long-term strategic shareholder” in Airtel Money and support the business as it moves into its next phase as an independently listed company.

Based on current indications from existing shareholders, approximately 16.5 per cent of Airtel Money’s issued ordinary share capital is expected to be held in public hands if the over-allotment option is not exercised.

This could rise to approximately 17.5 per cent if the maximum additional shares are sold, according to Airtel Africa.

Airtel Money expects the level of public ownership to make it eligible for inclusion in the FTSE UK indices.

The company said it intends to apply for admission of its ordinary shares to the equity shares category of the Official List of the UK Financial Conduct Authority and for trading on the London Stock Exchange’s Main Market.

Airtel Money said further details of the offer would be contained in its prospectus, which it said would be made available on Airtel Money’s IPO website, subject to applicable access restrictions, on Thursday.

READ ALSO: What Dangote IPO signals – NGX Chairman

Airtel Africa has been planning to spin off its mobile money business from its core telecoms operations following the financial subsidiary’s performance in previous years.

Its mobile money unit, Airtel Money, logged a strong performance in 2025, recording $1.4 billion in turnover, more than one-third higher than what it reported a year before.

Airtel Africa is a leading provider of telecommunications and mobile money services, with operations in 14 countries in sub-Saharan Africa.

Airtel Africa provides an integrated offer to its subscribers, including mobile voice and data services, as well as mobile money services, both nationally and internationally.