Nigeria: FG inaugurates PenCom board, tasks members on governance

The Federal Government has inaugurated the Governing Board of the National Pension Commission (PenCom), charging members to uphold the highest standards of corporate governance and safeguard over ₦28 trillion in pension assets under the Contributory Pension Scheme (CPS).

The Secretary to the Government of the Federation, George Akume, gave the charge during the inauguration ceremony in Abuja, describing PenCom as a critical pillar of Nigeria’s financial system entrusted with the retirement savings of millions of citizens.

Akume said the event underscores the government’s commitment to a pension system that is transparent, resilient, and credible, noting that the Board’s responsibilities include providing strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014.

He stressed the need for a clear separation between governance and administration, warning that interference in the Commission’s day-to-day operations would weaken accountability and undermine institutional effectiveness.

Highlighting the scale of responsibility before the Board, Akume noted that the pension industry has expanded significantly, with assets exceeding ₦28 trillion and millions of contributors relying on the CPS for financial security in retirement.

He called for zero tolerance for misconduct, urging the Board to prioritise strong internal controls, risk management, and transparency in decision-making to reinforce public confidence in the system.

The SGF added that the administration of Bola Ahmed Tinubu remains committed to meeting pension obligations, with steps taken to address outstanding liabilities and ensure retirees receive their benefits promptly and with dignity.

Chairman of the PenCom Board, Agbaje Opeyemi Olukayode, expressed appreciation to the President for the appointment, assuring that members would uphold the principles of corporate governance, integrity, and effective leadership.

Olukayode said the Board would support national development by leveraging pension funds for critical sectors such as infrastructure and housing.

Director-General of PenCom, Omolola Oloworaran, welcomed the inauguration, noting that it restores the Commission’s full governance structure and strengthens oversight.

She pledged close collaboration with the Board to ensure decisions deliver tangible benefits to contributors and retirees, expressing confidence in a productive working relationship aimed at advancing the objectives of the pension industry.