James Emejo in Abuja
The Director General, National Pension Commission (PenCom), Ms. Omolola Oloworaran, yesterday inaugurated the Board of Trustees of the Pension Industry Health Care Initiative (PenCare) to enhance pensioners’ access to affordable and quality healthcare under the Contributory Pension Scheme (CPS).
The board is chaired by the pioneer Director General of PenCom, Muhammed Ahmad.
PenCare is a Corporate Social Responsibility (CSR) effort between the commission and licensed pension operators to deliver healthcare to retirees. President Bola Tinubu is expected to officially launch the initiative in November.
Speaking at the inauguration in Abuja, Oloworaran described the health initiative as a watershed moment that places the nation on the path toward a “pension system that not only safeguards the financial security of workers but also protects their health, dignity, and well-being in retirement”.
She said over 20,000 retirees are expected to benefit from the first phase of the programme.
She said, “We are inaugurating hope. We are setting in motion a new chapter in Nigeria’s journey toward inclusive, compassionate, and globally competitive social security.
“This is indeed a watershed moment, one that places our nation on the path toward a pension system that not only safeguards the financial security of workers but also protects their health, dignity, and well-being in retirement.
“The PenCare Initiative represents a visionary partnership between the National Pension Commission and Licensed Pension Operators, a union of expertise, compassion, and responsibility.
“This vision draws directly from the leadership and policy direction of His Excellency, President Bola Ahmed Tinubu, whose administration has consistently emphasised the need to strengthen Nigeria’s social protection systems and improve the quality of life for all citizens, especially our senior citizens.”
She said it was under the President’s clear directive that the PenCom was tasked to put in place a framework that ensures retirees under the CPS have access to affordable and quality healthcare.
The PenCom boss further stated that the event stands as a testament to Tinubu’s commitment to building a Nigeria where those who have devoted their productive years to national service can look forward to retirement that is healthy, dignified, and secure.
She said through PenCare, “we are building a structure that aligns with international best practices in social protection, mirroring the integrated healthcare and pension systems of advanced economies, yet designed to meet the realities and aspirations of our nation.”
According to her, the initiative is both a social responsibility and a statement of leadership, demonstrating that the country’s pension industry is ready to set standards, not merely follow them.
However, she said the Board of Trustees carries a crucial responsibility to provide strategic oversight and direction for the PenCare initiative.
The body has core mandates to formulate policies and operational frameworks to ensure retirees under the CPS have access to affordable, quality healthcare; selecting, accrediting, and supervising Health Maintenance Organizations (HMOs) and other healthcare providers in accordance with established standards and national health regulations, and ensure transparency, accountability, and sustainability in the management of PenCare’s funds and partnerships.
The board will also seek to promote collaboration and advocacy across the pension and healthcare sectors to strengthen access, service delivery, and the overall welfare of retirees.
Oloworaran said members of the board have been carefully selected for their integrity, competence, and deep professional experience in the pension, health, and financial sectors.
She said, “As Trustees, you hold a sacred public trust, to steer this initiative toward tangible impact and to ensure that it becomes a model of effective partnership between public institutions and private operators.
“We are fully aware that the task ahead is significant.
The challenges of rising healthcare costs and an ageing population are real, but so too are the opportunities to innovate and lead.
“Together, we can redefine how a nation cares for its retirees, ensuring that the end of active service marks not decline, but a season of dignity and well-being.
“As we inaugurate this Board today, let us be guided by a broader vision: a pension industry that is financially sound, socially responsible, and people-centred. One that manages not only funds, but futures. That invests not only in assets, but in people.”
She further acknowledged that the “journey ahead will demand creativity, collaboration, and courage, but I have no doubt that together, we will set a new global benchmark for inclusive social protection.
“To our retirees and RSA contributors, PenCare is our promise to you. It is a tangible demonstration that the pension industry, under the leadership and policy direction of President Bola Ahmed Tinubu, cares not only about your savings but also about your well-being.
“You built this nation, and now, this initiative stands to help safeguard your health and comfort in retirement.
“Our collective mandate is clear, to continue building a pension system that inspires confidence, fosters equity, and upholds the dignity of every Nigerian worker.”
However, in his remarks, Ahmad, on behalf of board, expressed gratitude for the honour to serve and contribute to the journey of making healthcare accessible to retirees.
He noted that the initiative was long-overdue but expressed joy that it’s finally being implemented.
He also promised that the board will deliver on its role to supervise the establishment and management of the scheme, particularly the governance standard.
According to him, the scheme will cover insurance for retirees, adding that the whole idea was to start with the most vulnerable and cover as many people as possible when it stabilises.
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