File photo: PenCom
The Federal Government on Monday unveiled the Governing Board of the National Pension Commission, directing members to uphold corporate governance and safeguard over N28tn in pension assets under the Contributory Pension Scheme.
This was contained in a statement issued by PenCom on Monday.
Speaking during the inauguration ceremony in Abuja, the Secretary to the Government of the Federation, George Akume, described PenCom as “a critical pillar of Nigeria’s financial sector, entrusted with the retirement savings of millions of Nigerians.”
Akume said the inauguration reflects the government’s commitment to building “a pension system that is transparent, resilient, and trusted.”
He described the Board’s responsibility as one of “national importance,” noting that members are expected to provide strategic direction, policy guidance and effective oversight in line with the Pension Reform Act 2014 and other relevant frameworks.
He also cautioned against interference in management duties, stressing that “while the Board is responsible for oversight, Management must be allowed to handle day-to-day operations.”
According to him, any interference in operational matters “would weaken accountability and undermine institutional effectiveness.”
The SGF noted that the pension industry has grown significantly, with assets exceeding N28tn and millions of contributors depending on the CPS for financial security in retirement.
He urged the Board to adopt 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 was quoted in the statement as saying.
Akume added that the administration of President Bola Tinubu remains committed to meeting pension obligations, noting that steps have been taken to address outstanding liabilities and ensure retirees receive their benefits “with dignity, certainty, and timeliness.”
He was confident that the Board would provide disciplined governance and deliver on its mandate.
Speaking on behalf of the Board, its Chairman, Opeyemi Agbaje, thanked the President for the appointment, saying members are committed to upholding corporate governance, integrity and strong leadership.
He added that the Board would support national development by leveraging pension funds, particularly in infrastructure, housing and other critical sectors of the economy.
Also speaking, the Director-General of PenCom, Ms Omolola Oloworaran, commended the SGF for providing oversight during the period the commission operated without a board.
Oloworaran said the inauguration was “timely and significant,” as it restores the Board’s oversight function and strengthens governance within the commission.
Oloworaran promised to work in collaboration with the Board, stressing that “every decision of PenCom Board must ultimately deliver tangible benefits to contributors and retirees.”
She expressed confidence in a strong partnership between management and the Board in advancing the objectives of the pension industry.
In August 2025, the federal government bowed to the threat of a strike by the Nigeria Labour Congress for not constituting the governing board of the National Pension Commission by appointing Opeyemi Agbaje as the chairman.
