The National Pension Commission (PenCom) has urged small enterprise homeowners to remit staff’ pension contributions as required by regulation and make retirement planning a precedence relatively than rely solely on their companies for revenue in outdated age.
Samuel Uwandu, PenCom’s commissioner for inspectorate, gave the recommendation on Tuesday at an engagement with small and medium-sized enterprises (SMEs) and casual sector operators in Lagos, on the second day of the 2026 National Pension Week.
The 2026 National Pension Week is scheduled to run from 26 to 30 October planning and inspiring wider participation in Nigeria’s pension system.
At the occasion, Mr Uwandu stated well timed remittance of pension contributions was each a authorized obligation and a duty employers owed staff whose efforts contributed to the success of their companies.
“Pension contributions deducted from employees’ salaries must be treated with the seriousness they deserve and remitted in accordance with the laws of the Federal Government of Nigeria,” he stated.
He warned that delayed or unremitted contributions may undermine staff’ retirement safety and weaken public confidence within the pension system.
“Compliance with pension obligations is not merely a regulatory requirement; it is an expectation and responsibility of business leadership, and respect for the people who help make the business succeed,” he stated.
The commissioner stated workers’ data, abilities and dedication have been important to enterprise progress, including that employers ought to recognise their contributions by assembly their statutory obligations, paying salaries when due and offering secure working circumstances.
“Employees are not simply a cost of doing business. They are partners in building the enterprise,” he stated.
Plan for retirement
Mr Uwandu additionally urged entrepreneurs to put together financially for retirement as an alternative of assuming their companies would proceed producing revenue indefinitely.
He stated many enterprise homeowners devoted their most efficient years to constructing their enterprises, reinvesting earnings and supporting their households however paid little consideration to their very own retirement.
According to him, enterprise homeowners ought to take into account how they’d maintain themselves when age, sickness, financial difficulties or different circumstances made it troublesome to proceed working.
“As your business grows, you should also begin to prepare for your financial future and retirement,” he stated.
He suggested entrepreneurs to domesticate a financial savings tradition, put aside retirement funds individually from their enterprise working capital and discover applicable long-term financial savings preparations.
Mr Uwandu stated the Personal Pension Plan (PPP) beneath Nigeria’s contributory pension framework gives a retirement financial savings choice for eligible self-employed Nigerians and folks working within the casual sector.
He urged enterprise homeowners to search steering from licensed pension fund directors and PenCom on the preparations relevant to them.
“The central message right here is easy: retirement planning mustn’t start solely when an individual is approaching retirement age.
“It should be gained when there is still time to save money, contribute, benefit from long-term accumulation, and build financial resilience,” he stated.
He added that entrepreneurs ought to purpose to retire with dignity relatively than stay fully depending on their companies or monetary help from their households.
Prioritising sustainable progress
Beyond pension compliance, Mr Uwandu urged small enterprise homeowners to strengthen their monetary administration practices to enhance the sustainability of their enterprises.
He suggested them to keep correct monetary information, separate private funds from enterprise accounts, handle revenue and expenditure responsibly, and reinvest an affordable portion of their income into their companies.
READ ALSO: PenCom pushes early pension savings among Gen Z, informal workers
He stated reinvestment may assist enterprise homeowners purchase higher tools, enhance expertise, increase stock, prepare workers and attain new markets by means of promoting.
“Where profits are consumed entirely by immediate personal needs, the business may struggle to expand or withstand unexpected challenges,” he stated.
However, he harassed the necessity to stability reinvestment with private monetary wants, noting that sustainable companies ought to help each progress and the long-term safety of their homeowners.
Mr Uwandu additionally known as on the federal government to present an enabling setting for companies, noting that SMEs contribute to employment, abilities improvement, native manufacturing and financial actions throughout communities.
He inspired members to use the engagement to share experiences, establish sensible options and commit to actions that may enhance the prospects of Nigerian companies and the welfare of their workers.
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