The Federal Government on Monday inaugurated the Governing Board of the National Pension Commission (PenCom), charging members to uphold corporate governance and safeguard over ₦28 trillion in pension assets under the Contributory Pension Scheme.
This was contained in a statement issued by the commission following the inauguration ceremony held in Abuja.
Speaking at the event, the Secretary to the Government of the Federation, George Akume, described PenCom as a vital institution in Nigeria’s financial architecture.
He said, “PenCom is a critical pillar of Nigeria’s financial sector, entrusted with the retirement savings of millions of Nigerians.”
Akume added that the inauguration reflects the government’s commitment to building “a pension system that is transparent, resilient, and trusted.”
The SGF stressed that the responsibility of the board is of “national importance,” noting that members are expected to provide strategic direction, policy guidance and effective oversight in line with the Pension Reform Act 2014.
He, however, cautioned against interference in the day-to-day operations of the commission.
“While the Board is responsible for oversight, Management must be allowed to handle day-to-day operations,” he said.
He warned that any interference would undermine accountability and weaken institutional effectiveness.
Akume noted that the pension industry has witnessed significant growth, with total assets exceeding ₦28tn and millions of Nigerians relying on the scheme for retirement security.
He urged the board to adopt a zero-tolerance stance on misconduct while strengthening 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 stated.
The SGF added that the administration of President Bola Tinubu remains committed to meeting pension obligations.
According to him, steps have been taken to address outstanding liabilities and ensure retirees receive their benefits “with dignity, certainty, and timeliness.”
He expressed confidence that the board would deliver disciplined governance and meet expectations.
Responding on behalf of the board, Chairman Opeyemi Agbaje thanked the President for the appointment. He said members are committed to upholding corporate governance, integrity and strong leadership.
Agbaje added that the board would also explore ways to support national development by leveraging pension funds, particularly in infrastructure, housing and other critical sectors.
Also speaking, the Director-General of PenCom, Omolola Oloworaran, described the inauguration as timely.
She commended the SGF for overseeing the commission during the period it operated without a board, noting that the development restores full governance structure.
“Every decision of PenCom Board must ultimately deliver tangible benefits to contributors and retirees,” she said.
Oloworaran expressed optimism about a strong working relationship between management and the board in advancing the objectives of the pension industry.
themomentng reports that the inauguration follows earlier concerns over delays in constituting the board.
Recall that the government, in August 2025, appointed Agbaje as chairman after pressure mounted, including threats of industrial action by organised labour.
The latest move is expected to strengthen oversight and boost confidence in the management of pension funds across the country.
