The National Pension Commission (PenCom) has inaugurated Awabah as Nigeria’s first Accredited Pension Agent (APA), in a move aimed at extending retirement savings to millions of workers in the informal sector and strengthening long-term financial security across the country.
Announcing the initiative in Abuja on Monday, the Director-General of PenCom, Ms. Omolola Oloworaran, said the reform was necessary because more than 90 per cent of Nigeria’s workforce — over 75 million artisans, traders, farmers, transport operators, and small business owners — currently retire without savings or social protection.
“A country cannot be strong when millions grow old in poverty,” she said, adding that the Personal Pensions Plan (PPP) would bridge the gap and serve as a critical pillar of economic infrastructure.
Speaking at the launch, Ms. Oloworaran stressed that financial resilience is built through early savings, planning, and trust, rather than at the point of retirement. She recalled that before the 2004 Pension Reform Act, pensions were often promised without funding, leaving retirees vulnerable.
“That reform replaced uncertainty with structure and discipline,” she said, noting that Nigeria’s pension assets have grown to more than ₦27 trillion, with over 10 million contributors.
She explained that the PPP, rebranded from the Micro Pension Plan in September 2025, would deploy accredited agents to deliver pension services directly to markets, farms, workshops, and rural communities. Digital tools, she added, would enable real-time account access, micro-contributions, and low-cost service delivery. Contributions under the scheme are also tax-deductible, encouraging early savings.
Describing Awabah as a trailblazer, Oloworaran said: “Pioneers do not wait for the future; they build it. Awabah is not just participating in this reform; it is pioneering it.” She added that the accredited agent model would create employment opportunities, with thousands of young Nigerians trained nationwide as pension ambassadors.
The Chief Executive Officer of Awabah, Mr. Tunji Andrews, said the company’s mission is to ensure that no African worker is one mishap away from poverty. He explained that the ValuBah bundle offers personal pension, health insurance, accident cover, and life insurance for as little as ₦3,000 per month, making financial protection accessible to low-income earners.
Andrews commended PenCom for establishing a regulatory framework that supports innovation while safeguarding contributors. “Through this partnership, we can formalise the workforce for financial security, turning productivity into protection,” he said.
Ms. Oloworaran noted that the initiative aligns with President Bola Tinubu’s inclusive growth agenda, ensuring that economic reforms translate into protection and dignity for all Nigerians.
“This reform is about jobs today, savings tomorrow, and security for life. Every contributor enrolled is poverty prevented, and every account opened is dignity secured,” she said.
