The Federal Government has inaugurated the Governing Board of the National Pension Commission, charging members to uphold corporate governance and safeguard over N28tn in pension assets under the Contributory Pension Scheme.
This was disclosed in a statement issued by PenCom on Monday following the inauguration ceremony held in Abuja.
Speaking at the event, the Secretary to the Government of the Federation, George Akume, described the commission as a vital institution in Nigeria’s financial system.
“PenCom is a critical pillar of Nigeria’s financial sector, entrusted with the retirement savings of millions of Nigerians,” he said.
Akume noted that the inauguration reflects the government’s commitment to building a pension system that is transparent, resilient, and trustworthy.
He emphasised that the board’s role is of national importance, requiring strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014.
“The Board’s responsibility is one of national importance. Members are expected to provide strategic direction, policy guidance and effective oversight,” he stated.
The SGF also warned against interference in the commission’s daily operations, stressing the need to maintain clear boundaries between governance and management.
“While the Board is responsible for oversight, Management must be allowed to handle day-to-day operations. Any interference would weaken accountability and undermine institutional effectiveness,” he added.
Akume highlighted the growth of the pension industry, noting that assets have exceeded N28tn, with millions of Nigerians relying on the scheme for retirement security.
He urged the board to maintain zero tolerance for misconduct and prioritise transparency, risk management, and strong internal controls.
“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.
He further assured that the administration of President Bola Tinubu remains committed to meeting pension obligations and addressing outstanding liabilities.
Speaking on behalf of the board, Chairman Opeyemi Agbaje expressed appreciation for the appointment and pledged commitment to good governance.
“We are committed to upholding corporate governance, integrity, and strong leadership in carrying out our responsibilities,” he said.
Agbaje added that the board would explore ways to leverage pension funds to support national development, particularly in infrastructure and housing.
Also speaking, the Director-General of PenCom, Omolola Oloworaran, described the inauguration as timely and significant.
“The inauguration restores the Board’s oversight function and strengthens governance within the commission,” she said.
She assured that management would work closely with the board to ensure that decisions translate into tangible benefits for contributors and retirees.
“Every decision of the PenCom Board must ultimately deliver tangible benefits to contributors and retirees,” Oloworaran added.
