LAGOS, Nigeria — Stanbic IBTC Pension Managers has thrown its weight behind two major reforms introduced by Nigeria’s National Pension Commission (PenCom), aimed at expanding access to retirement savings through a rebranded Personal Pension Plan and new guidelines for foreign currency contributions.
At a media briefing held in Lagos, company executives praised the reforms as transformative steps toward greater inclusion, flexibility, and relevance in Nigeria’s pension system. The initiatives were unveiled during PenCom’s “Pension Revolution 2.0” launch in late September.
The new guidelines allow Nigerians living abroad, foreign nationals working in Nigeria, and employees paid in foreign currency to contribute to pension savings in dollars or other foreign currencies. The rebranded Personal Pension Plan also broadens access for informal sector workers and enables voluntary contributions from formal employees.
“These reforms recognize that today’s workforce is diverse and dynamic,” said Olumide Oyetan, Chief Executive Officer of Stanbic IBTC Pension Managers. “Whether you’re a gig worker, a freelancer, or earning in foreign currency, you now have a pathway to secure retirement.”
Oyetan emphasized that the reforms were the result of extensive collaboration between regulators and industry operators, shaped by feedback from contributors seeking more relevant and accessible pension options.
Edidiong Akan, Head of Compliance, highlighted the potential of the new investment guidelines to support Nigeria’s infrastructure development. “PenCom has adjusted asset class allocations to allow pension funds to contribute more meaningfully to infrastructure and other strategic sectors,” she said, noting the introduction of security lending and repurchase transactions.
Nike Bajomo, Executive Director of Business Development, underscored Stanbic IBTC’s leadership in the micro pension space, revealing that the firm accounts for 51% of industry-wide contributions in that category. “We’ve invested heavily in this space, even though it’s expensive. With 70 million eligible workers and only 11 million enrolled, the opportunity is massive,” she said.
Efe Omoduemuke, Executive Director of Investment, described the foreign currency pension framework as the final piece in a comprehensive retirement savings system. “Before now, we were highly restrictive. This framework opens up the market and allows contributors to take full advantage of global investment opportunities,” he said.
Lara Osunsoko, Executive Director of Operations, explained that contributors under the new system can access up to 60% of their accumulated funds after six months, with withdrawals permitted twice a year. At retirement, contributors can choose to receive benefits in either naira or foreign currency.
Stanbic IBTC Pension Managers reaffirmed its commitment to educating Nigerians about the new options and helping them navigate the evolving pension landscape.
