Heat the lard/bacon grease in a large heavy-bottomed pot. Add the sofrito and let it cook for just a few seconds. Then add the tomato paste, oregano, cumin, adobo, sazon and bouillon to the pan. Use a wooden spoon to break up the bouillon cube.
Add 2 cups of water to the pan and stir until the tomato paste is fully dissolved and you're left with a red broth.
Add the pigeon peas (with liquid from the can) and olives to the pot. Taste the liquid and add salt and pepper as needed. Bring the pot to a simmer.
Once the water starts simmering, rinse the rice and add it to the pot. Stir and bring the pot to a simmer again. Cover the pot with a lid, turn the burner down low and cook the rice for 25-30 minutes. Don't lift the lid or mix the rice while it's cooking.
Lift the lid and taste the rice. All the water should be absorbed and the rice should be tender. Turn the burner off and re-cover the pot with a lid. Let the rice rest for 10 minutes.
Fluff the rice with a fork (without scraping the bottom of the pan) and serve.