The Federal Government on Monday inaugurated the Governing Board of the National Pension Commission (PenCom), directing its members to uphold strong corporate governance and safeguard over N28tn in pension assets under the Contributory Pension Scheme (CPS).
This was disclosed in a statement issued by PenCom 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 critical pillar of Nigeria’s financial system, entrusted with managing the retirement savings of millions of citizens. He noted that the inauguration underscores the government’s commitment to building a pension system that is transparent, resilient, and widely trusted.
Akume emphasized that the Board’s role is of national importance, requiring members to provide strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014 and other relevant frameworks.
He, however, cautioned against undue interference in management responsibilities. According to him, while the Board is responsible for oversight, the Commission’s management must be allowed to handle day-to-day operations to preserve accountability and institutional effectiveness.
The SGF highlighted the significant growth of the pension industry, with assets now exceeding N28tn, stressing that millions of contributors rely on the CPS for financial security in retirement. He urged the Board to adopt zero tolerance for misconduct and prioritize strong internal controls, risk management, and transparency.
He added that the Board’s actions must reinforce public confidence and assure contributors that their funds are safe, secure, and professionally managed.
Akume further stated that the administration of President Bola Tinubu remains committed to fulfilling pension obligations. He noted that efforts are ongoing to clear outstanding liabilities and ensure retirees receive their benefits with dignity, certainty, and timeliness.
In his response, the Chairman of the Board, Opeyemi Agbaje, expressed appreciation to the President for the appointment, assuring that members would uphold integrity, corporate governance, and strong leadership in the discharge of their duties.
Agbaje also noted that the Board would explore ways to support national development by leveraging pension funds, particularly in key sectors such as infrastructure and housing.
Also speaking, the Director-General of PenCom, Omolola Oloworaran, described the inauguration as timely and significant, noting that it restores full oversight functions and strengthens governance within the Commission.
She commended the SGF for providing guidance during the period the Commission operated without a Board and pledged to work collaboratively with the new leadership. Oloworaran stressed that all decisions of the Board must ultimately deliver tangible benefits to contributors and retirees.
The inauguration follows mounting pressure, including threats of industrial action by the Nigeria Labour Congress over delays in constituting the Board, which the Federal Government has now addressed with the appointment of Opeyemi Agbaje as Chairman.
