Tinubu Warns Pension Operators Against Reckless Investments

President Bola Tinubu has cautioned pension fund administrators and custodians against putting workers’ retirement savings into reckless investments, emphasizing that pursuit of higher yields or national development projects must not endanger the financial security of contributors.

According to a report by Punch Newspaper on Thursday, October 29, 2026, while speaking through Secretary to the Government of the Federation George Akume at the National Pension Conference in Abuja, Tinubu insisted on transparent management and strict risk controls.

The President urged pension operators to diversify portfolios responsibly and beat inflation, revealing that his administration approved N738bn for outstanding pension obligations and commenced the minimum pension guarantee scheme to cushion vulnerable retirees against economic hardship.

Speaking at the event, PenCom Director-General Omolola Oloworaran reported that national pension assets grew by 53 percent to N31.8tn in August 2026, though she expressed deep concern that many private-sector workers are still retiring into poverty.

To address systemic gaps, Oloworaran directed pension fund administrators and custodians to complete mandatory recapitalisation by June 30, 2027, while announcing plans to launch the Pension Security Initiative on November 10 to expand coverage across the country.

She also highlighted recent administrative breakthroughs, including significant pension payouts for federal retirees, retirement benefit processing within 48 hours, and the introduction of a new exit benefit scheme specifically targeting treasury-funded federal ministry workers.

Rounding off the presentations, House Committee Chairman Jallo Mohammed revealed that the National Assembly is currently reviewing the Pension Reform Act 2014 and actively engaging NNPC Pension Fund Limited to ensure strict compliance with established regulatory guidelines.

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