Nigerian billionaire businessman and Chairman of Heirs Holdings, Tony Elumelu, has expressed support for the Federal Government’s newly launched pension initiatives, stressing that Nigerians who have contributed to national development deserve financial security and dignity in retirement.
Elumelu made the remarks at the launch of the Presidential Pension Security Initiatives organised by the National Pension Commission in Abuja on Tuesday, November 10, 2026.
In a post shared on his official X account on Wednesday, the businessman said the initiative represented an important commitment to improving the welfare of retired workers.
Elumelu advocates financial security for retirees
Reflecting on the programme, Elumelu said Nigeria must prioritise the welfare of citizens who have spent their productive years contributing to economic development.
“Today, we are making an important statement about the kind of Nigeria we want to build,” he wrote.
He described his vision as a country where hard work and dedicated service would be rewarded with financial stability in retirement.
“A Nigeria where those who have worked hard, served diligently, and contributed to our nation’s development can retire with dignity, security, and peace of mind,” he added.
According to Nairametrics, Elumelu, who delivered goodwill remarks on behalf of pension industry stakeholders, also commended President Bola Tinubu’s administration for introducing measures aimed at protecting vulnerable retirees.
He maintained that national prosperity should not be measured solely by wealth creation but also by how effectively society protects its citizens.
FG introduces N52,500 minimum pension
The event featured the launch of the National Minimum Pension Guarantee Scheme, designed to provide eligible retirees under the Contributory Pension Scheme with a minimum monthly pension of N52,500.
President Tinubu, represented by Senate President Godswill Akpabio, announced the commencement of the programme at the State House Banquet Hall in Abuja.
According to PenCom Director-General Omolola Oloworaran, approximately 173,209 retirees have been identified as eligible beneficiaries.
She explained that the initiative was supported by a Pension Protection Fund containing more than N400bn.
Oloworaran disclosed that 34 per cent of the beneficiaries were from the federal public service, 12 per cent from state governments and 54 per cent from the private sector.
She said the programme fulfilled a provision of Nigeria’s pension legislation that had remained unimplemented for 22 years.
PenCom unveils healthcare support for pensioners
The Federal Government also launched PenCare, a healthcare initiative designed to provide essential medical services to low-income retirees.
Oloworaran disclosed that the pension industry had committed more than N7bn to the programme.
She added that health insurance premiums had already been paid for nearly 30,000 retirees.
The initiative is intended to reduce the financial burden of medical treatment on older Nigerians, particularly those receiving relatively low pensions.
Elumelu welcomes pension, healthcare initiatives
Elumelu described reliable retirement income and access to healthcare as two major concerns facing pensioners.
He maintained that addressing both challenges would improve the quality of life of Nigerians who had contributed to the country’s development.
The businessman also praised the government for recognising the importance of social protection in building a more inclusive economy.
The Presidential Pension Security Initiatives form part of ongoing efforts to strengthen Nigeria’s pension system, improve retirement benefits and expand healthcare access for vulnerable pensioners.
However, eligibility for the minimum pension guarantee remains subject to the requirements of the Contributory Pension Scheme and the programme’s implementation guidelines.
