By NIyi Jacobs
The Federal Government of Nigeria has inaugurated the Governing Board of the National Pension Commission (PenCom), tasking members to uphold strong corporate governance and protect over ₦28 trillion in pension assets.
The inauguration, held in Abuja on Monday, was presided over by the Secretary to the Government of the Federation, George Akume, who described the Commission as a cornerstone of Nigeria’s financial system.
Akume said the Board carries a responsibility of “national importance,” noting that millions of Nigerians depend on the Contributory Pension Scheme (CPS) for financial security in retirement. He emphasised that the government remains committed to building a pension system that is transparent, resilient, and widely trusted.
He urged Board members to provide strategic direction and policy guidance in line with the Pension Reform Act 2014, while maintaining a clear distinction between governance and management. According to him, operational responsibilities must remain with the Commission’s management to ensure accountability and institutional efficiency.
With pension assets now exceeding ₦28 trillion, the SGF called for zero tolerance for misconduct, stressing the need for strong internal controls, effective risk management, and transparency in all decisions.
“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.
Reaffirming the administration’s stance, Akume noted that President Bola Ahmed Tinubu is committed to meeting pension obligations and addressing outstanding liabilities to ensure retirees receive their benefits promptly and with dignity.
Responding on behalf of the Board, Chairman Agbaje Opeyemi Olukayode thanked the President for the opportunity to serve, pledging that members would uphold integrity, discipline, and sound governance practices.
He added that the Board would explore ways to leverage pension funds to support national development, particularly in infrastructure and housing, while safeguarding contributors’ interests.
Also speaking, the Director-General of PenCom, Omolola Oloworaran, described the inauguration as timely, noting that it restores the Commission’s full governance structure.
She expressed readiness to work collaboratively with the Board to strengthen the pension system, stressing that all decisions must deliver tangible benefits to contributors and retirees.
The inauguration marks a significant step in reinforcing oversight within PenCom and boosting confidence in Nigeria’s pension industry.
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