The Federal Government on Monday inaugurated the Governing Board of the National Pension Commission (PenCom), tasking its members with upholding corporate governance and ensuring the protection of over N28 trillion in pension assets under the Contributory Pension Scheme (CPS). The announcement was contained in a statement released by PenCom.
During the inauguration ceremony in Abuja, the Secretary to the Government of the Federation (SGF), George Akume, described PenCom as “a critical pillar of Nigeria’s financial sector, entrusted with the retirement savings of millions of Nigerians.” He said the inauguration demonstrates the government’s commitment to building a pension system that is “transparent, resilient, and trusted.”
Akume highlighted the Board’s responsibilities as being of “national importance,” emphasizing that members are expected to provide strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014 and other relevant regulations. He cautioned against interference in management’s day-to-day operations, noting that such interference could weaken accountability and compromise institutional effectiveness.
He stressed that the pension industry has witnessed significant growth, with assets now exceeding N28 trillion, and millions of contributors depending on the CPS for financial security in retirement. The SGF urged the Board to adopt a zero-tolerance approach to misconduct and prioritize strong internal controls, risk management, and transparency. “The actions of the Board must reinforce public confidence in the pension system and assure contributors that their savings are safe, secure, and well managed,” he said.
President Bola Tinubu’s administration, Akume added, remains committed to meeting pension obligations and has taken steps to address outstanding liabilities, ensuring retirees receive their benefits with “dignity, certainty, and timeliness.”
Speaking on behalf of the Board, Chairman Opeyemi Agbaje thanked the President for the appointment, pledging to uphold corporate governance, integrity, and strong leadership. He also emphasized that the Board would leverage pension funds to support national development, particularly in infrastructure, housing, and other critical sectors of the economy.
PenCom Director-General, Omolola Oloworaran, described the inauguration as “timely and significant,” noting that it restores the Board’s oversight function and strengthens governance within the commission. She pledged to work collaboratively with the Board, ensuring that every decision ultimately benefits contributors and retirees.
