The Managing Director and Chief Executive Officer of FCMB Pensions Limited, Mr Christopher Bajowa, has disclosed that the company has paid out more than N200 billion in pension benefits to retirees and other beneficiaries since it began operations. He said the figure reflects the organisation’s commitment to supporting Nigerians in retirement, while also showing that there is still more work to be done to improve pension coverage and service delivery across the country.
Bajowa made the disclosure in Abuja during a sensitisation walk organised by FCMB Pensions as part of activities to mark 20 years of the Pension Fund Administration business in Nigeria. The walk formed part of the company’s efforts to engage directly with the public, especially operators of micro and small businesses, on the importance of pension savings and long-term financial planning.
Speaking at the event, the FCMB Pensions chief executive said that although the company has disbursed a large amount in benefits over the years, it is not yet satisfied with the level of impact it has achieved. According to him, the organisation is focused on doing more by expanding access, improving service quality, and ensuring that more Nigerians, particularly those in the informal sector, are brought into the pension system.
He explained that FCMB Pensions is increasingly investing in digital technology to improve how it relates with customers and how quickly and efficiently services are delivered. Bajowa said the goal is to ensure that customers can easily access pension services through multiple channels, including digital platforms and physical offices, without unnecessary delays or stress.
“All efforts are geared towards deploying digital technologies to get close to customers and also deliver services with speed and efficiency,” he said. “We are also looking at opportunities in the Micro Pension segment, which is currently the focus area of our regulator, the National Pension Commission, PenCom. This is to ensure that more Nigerians are included in the pension system.”
He noted that the Micro Pension Plan represents a major opportunity to deepen pension inclusion in Nigeria, especially among traders, artisans, transport workers, and other self-employed individuals who are not covered under the formal Contributory Pension Scheme. Bajowa said this was the reason FCMB Pensions decided to take its awareness campaign directly to marketplaces and areas where micro businesses operate.
According to him, the sensitisation walk was designed to create awareness, educate people in the informal sector, and convince them of the benefits of participating in the pension scheme regulated by PenCom. He added that many people in the informal sector still lack adequate information about how micro pension works and how it can help them plan better for old age.
“As you know, at this time, micro pension is the focus area for our regulator, and it represents a big opportunity to grow inclusion in the pension industry,” Bajowa said. “That is why we are commencing this walk to the marketplace where a lot of micro businesses operate. This will enable us to educate them and convince them to be part of PenCom activities in the country.”
The FCMB Pensions boss also spoke on the broader state of the pension industry in Nigeria, noting that despite economic challenges such as low retiree payouts and rising inflation, pension assets under the Contributory Pension Scheme have continued to grow. He said total pension assets have now exceeded N26 trillion, showing resilience and steady growth within the system.
He added that customer feedback remains an important part of FCMB Pensions’ operations, as it helps the company identify gaps and improve its services. According to him, feedback from contributors and retirees provides valuable insights that guide decision-making and service enhancements.
“We take customers’ feedback very seriously because we learn from these feedbacks,” he said.
Bajowa further explained that the sensitisation walk was not just symbolic, but a practical step towards ensuring that no segment of society is excluded from pension coverage. He said FCMB Pensions is committed to reaching people where they live and work, especially those who may not normally walk into pension offices or engage with formal financial institutions.
The walk, which started from the FCMB Pensions office located in the Central Business District of Abuja, proceeded through major streets and ended at the popular Wuse Market. During the walk, staff of FCMB Pensions engaged traders and other informal sector operators, shared information materials, and explained how the Micro Pension Plan works and why it is important.
According to the company, the outreach reflects its broader inclusion strategy, which aims to ensure that customers can reach FCMB Pensions through digital platforms, physical offices, and other accessible channels. The firm said this multi-channel approach is necessary to meet the diverse needs of Nigeria’s growing and largely informal workforce.
As FCMB Pensions marks 20 years of operations, the company says it remains focused on strengthening trust, expanding coverage, and supporting national efforts to build a sustainable and inclusive pension system that works for all Nigerians.
