FG Inaugurates PenCom Board, Tasks Members on Governance

The Federal Government on Monday inaugurated the Governing Board of the National Pension Commission (PenCom), charging members to uphold strong corporate governance and ensure the protection of over N28 trillion in pension assets.

Speaking at the ceremony in Abuja, the Secretary to the Government of the Federation, George Akume, described the Commission as a vital institution within Nigeria’s financial system, entrusted with safeguarding the retirement savings of millions of citizens.

He said the inauguration reflects government’s resolve to sustain a pension system that is transparent, resilient, and credible.

The SGF characterised the Board’s responsibilities as critical to national development, noting that members are expected to provide strategic direction and policy guidance in line with the Pension Reform Act 2014 and other regulatory frameworks.

Drawing a clear distinction between governance and administration, Akume cautioned against interference in operational matters, stressing that while the Board is responsible for oversight, management must be allowed to handle day-to-day activities.

On the scale of the Board’s mandate, he highlighted the growth of the pension industry, with assets now exceeding ₦28 trillion and millions of contributors relying on the Contributory Pension Scheme for financial security.

He urged members to maintain zero tolerance for misconduct and prioritise strong 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 said.

Reaffirming government’s commitment, Akume noted that the administration of Bola Ahmed Tinubu is focused on meeting pension obligations, addressing outstanding liabilities, and ensuring retirees receive their benefits promptly and with dignity.

In his response, Chairman of the PenCom Board, Agbaje Opeyemi Olukayode, thanked the President for the appointment and pledged the Board’s commitment to the principles of corporate governance, integrity, and effective oversight.

He said members would work to advance the administration’s agenda by leveraging pension funds to support national development, particularly in infrastructure and housing.

Also speaking, PenCom Director-General, Omolola Oloworaran, expressed appreciation for the inauguration, noting that it restores the Commission’s full governance structure after a period without a board.

She commended the SGF for providing leadership during the interim and reaffirmed management’s readiness to work collaboratively with the Board.

According to her, all decisions of the Commission must ultimately benefit contributors and retirees, adding that the renewed partnership between management and the Board would strengthen the delivery of PenCom’s mandate.