Over 20,000 low-income pensioners to benefit from first phase as commission inaugurates board of trustees in Abuja….
The National Pension Commission (PenCom) has inaugurated the Board of Trustees (BoT) for the Pension Industry Health Care Initiative (PenCare), a new welfare programme designed to provide free health insurance for low-income retirees under the Contributory Pension Scheme (CPS) across Nigeria.
The board was inaugurated on Friday in Abuja, marking what PenCom described as a major milestone in expanding social protection and ensuring dignity in retirement.
Muhammad Ahmad to Chair Nine-Member Board
Inaugurating the board, PenCom named Muhammad Ahmad, the first Director-General of the commission, as chairman of the nine-member BoT.
Other members include Ahmed Lawan, Head of PenCom’s Compliance and Enforcement Committee and Chairman of the PenCare Initiative Committee; Abdulqadir Dahiru, Head of Investment Supervision Department, PenCom; and Anthonia Ifeanyi-Okoro, Chief Operating Officer, Pension Fund Operators Association of Nigeria (PenOp).
Also on the board are Professor Ifeoma Okoye, Radiologist at the University of Nigeria, Nsukka; Bode Olajumoke, Senior Sustainability Risk Manager at Swiss Re; Nike Bajomo, Executive Director, Stanbic IBTC Pension Managers; Dave Uduanu, Managing Director, Access Pensions Limited; Christopher Bayowa, Managing Director, FCMB Pensions Limited; and Helen Da Souza, Citizens Pensions Limited.
‘A New Chapter in Nigeria’s Social Security Journey’
Speaking at the inauguration, PenCom Director-General, Omolola Oloworaran, described the launch of PenCare as “a watershed moment” that opens a new chapter in Nigeria’s journey toward inclusive social protection.
“The PenCare Initiative represents a visionary partnership between the National Pension Commission and licensed pension operators, a union of expertise, compassion, and responsibility,” she said.
Oloworaran explained that the initiative is rooted in the policy direction of President Bola Ahmed Tinubu, whose administration has consistently emphasized the need to strengthen Nigeria’s social protection systems and improve the quality of life for senior citizens.
“It was under the president’s clear directive that the National Pension Commission was tasked to put in place a framework that ensures retirees under the contributory pension scheme have access to affordable and quality healthcare,” she added.
20,000 Retirees to Benefit from Pilot Phase
The PenCom DG said the newly inaugurated board will oversee policy formulation, healthcare provider accreditation, transparency, and sustainability frameworks to ensure the initiative delivers quality healthcare to pensioners.
She announced that over 20,000 retirees are expected to benefit from the pilot phase of PenCare, which will be used to identify and address implementation gaps before a nationwide rollout next year.
Oloworaran further clarified that while PenCare targets CPS retirees, those under the Defined Benefits Scheme (DBS) are also covered by a separate health insurance initiative led by the Pension Transitional Arrangement Directorate (PTAD) in collaboration with the National Health Insurance Authority (NHIA).
“The executive secretary of PTAD is doing a great job in that regard, and I think earlier this year, health insurance benefits were introduced for retirees under the defined benefits scheme,” she said.
Tinubu’s Directive on Free Healthcare for Retirees
President Bola Ahmed Tinubu had, on August 6, directed the immediate implementation of a free healthcare programme for low-income retirees under the contributory pension scheme.
He said the move was part of his administration’s broader effort to strengthen social protection, promote dignity in retirement, and ensure equitable access to healthcare for Nigeria’s ageing population.
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