BY NKECHI NAECHE-ESEZOBOR—Nigeria’s pension industry is set for a major expansion push as the National Pension Commission (PenCom) intensifies efforts to bring more workers into the contributory pension scheme.

Director-General of PenCom, Omolola Oloworaran, disclosed that the commission is aiming to achieve at least 85 percent coverage of Nigerian workers under the scheme. She spoke during a joint annual roundtable session with the leadership of the Trade Union Congress of Nigeria (TUC), part of ongoing stakeholder engagements to deepen transparency, trust, and collaboration in pension administration.

Oloworaran said the commission is deploying multiple strategies, including incentives and expanded outreach, to drive participation across both formal and informal sectors. A key focus is the newly rebranded Personal Pension Plan, previously known as micro pensions, designed to attract a broader segment of Nigerians, particularly those outside formal employment.

“We want a situation where at least 85 percent of Nigerian workers are on the scheme or have the intention to participate,” she said, noting that widening pension coverage remains central to PenCom’s reform agenda.

To boost grassroots adoption, PenCom has introduced accredited pension agents tasked with engaging Nigerians directly in markets, rural communities, and informal workplaces. Unlike Pension Fund Administrators (PFAs), which largely operate at corporate levels, these agents are expected to build trust and drive enrollment at the community level.

The initiative also creates a new business stream, particularly for fintech firms, as accredited agents can earn up to 40 percent of PFA fees on an annuity basis. According to Oloworaran, this model is expected to attract new entrants into the pension ecosystem and accelerate onboarding.

PenCom is also leveraging public sensitisation campaigns to increase awareness. During recent engagements around International Women’s Day, the commission recorded strong participation and growing interest, especially among women.

Despite these efforts, Oloworaran acknowledged that compliance within the formal sector remains a significant challenge. She stressed the need for stronger collaboration with labour unions to enforce compliance, particularly among employers who fail to remit pension contributions.

At the subnational level, pension adoption remains uneven, with only eight out of Nigeria’s 36 states demonstrating significant compliance. PenCom said it is intensifying engagements with state governments and labour organisations to improve adoption rates.

The commission also highlighted the flexibility of the Personal Pension Plan, which allows voluntary contributions for individuals, including provisions for parents to save on behalf of their children from birth.

Oloworaran expressed optimism about the future of the industry, noting that ongoing reforms, expanded participation channels, and increased stakeholder collaboration would position Nigeria’s pension system for stronger growth and sustainability.

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BY NKECHI NAECHE-ESEZOBOR—Filing your motor insurance claim doesn’t have to be difficult if you follow the steps below:

1 Notification

The first thing to do is inform your insurance company as soon as an incident occurs. Let them know what happened and whether you were at fault or not. The longer you delay reporting, the more the claims process may be delayed. Prompt reporting helps speed things up.

2. Inspection

Once the claim has been reported, the insurance company will assign a loss adjuster or staff member to verify your claim.

3.  Documentation

Gather all documents needed to support your claim, such as: your policy number, a valid means of identification, a police report (for theft or serious accidents), and receipts or repair estimates for the damage.

4. Fill and Submit the Claim Form

Your insurer will provide a claim form—either online, by email, or at their office. Complete and submit the form along with your supporting documents.

5. Assessment and Claim Payment

The insurance company will review your claim and supporting documents and may send a loss adjuster or assessor to inspect the damage. Once the assessment is complete, a discharge voucher will be issued to the vehicle owner.

After the discharge voucher has been signed and returned to the insurance company, the insurer will proceed with payment or arrange repairs based on your policy coverage and the agreed terms. Payment timelines may vary, but some claims are settled within 2–5 working days after approval, depending on the company.

If you have followed these steps and your claim is still being denied, you can file a complaint with the National Insurance Commission (NAICOM) via complaints@naicom.gov.ng or info@naicom.gov.ng.

You may also contact the Nigerian Insurers Association (NIA) by email at info@nigeriainsurers.org or submit a complaint through their website: https://nigeriainsurers.org/submit-a-complaint/

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