PENCOM mobilises traders, others for personal pension scheme in Edo

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By Ozioruva Aliu

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BENIN CITY — The National Pension Commission (PENCOM) has called on traders, retirees, youths, and other Nigerians to enrol in its Personal Pension Plan (PPP) to secure their financial future.

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Director-General of PENCOM, Omolola Oloworaran, made the call during the launch of the scheme in Edo State among traders drawn from markets across the seven local government areas in Edo South Senatorial District.

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Represented by the Commission’s National Commissioner, Finance, Dr. Charles Emukowhate, the DG also commended President Bola Ahmed Tinubu for approving the payment of N758 billion to clear outstanding pension and gratuity arrears.

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She explained that the timing of the launch in March was deliberate, aligning with the celebration of International Women’s Day.

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As part of the incentives, she disclosed that PENCOM would match contributions made by enrollees up to N20,000. She added that the savings would attract interest, and contributors could begin withdrawals three months after their initial deposit.

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According to her, the scheme is targeted primarily at individuals in the informal sector, including traders, artisans, and self-employed professionals.

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“We are mobilising and sensitising women on the benefits of the Personal Pension Plan across the country. However, it is open to everyone—men and women alike.

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“We are providing a matching contribution of up to N20,000. This aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu, who has also taken bold steps in clearing outstanding pension liabilities amounting to N758 billion,” she said.

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She emphasised the importance of personal savings, particularly for women who dominate the trading sector, urging them to prepare for retirement.

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“Save small today and gain big tomorrow. You cannot always depend on family; the best support system is the one you build for yourself,” she added.

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Declaring the programme open, Edo State Governor, Monday Okpebholo, represented by the Commissioner for Labour and Productivity, Hon. Godwin Eshieshe, described the initiative as timely and beneficial, particularly for low-income earners.

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He noted that the programme aligns with ongoing efforts by the federal and state governments to improve the welfare of ordinary citizens, especially those in the informal sector.

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In her goodwill message, Iyeki (leader of market women) in the state, Josephine Ibhaguezejele, pledged to mobilise traders across markets, wards, and the three senatorial districts to participate in the scheme.

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