The Federal Government has inaugurated a new Governing Board for the National Pension Commission (PenCom), charging members with the critical responsibility of protecting over ₦28 trillion in pension assets and strengthening confidence in Nigeria’s retirement system.
At the inauguration ceremony in Abuja on Monday, Secretary to the Government of the Federation, George Akume, described PenCom as a central pillar of Nigeria’s financial architecture, noting that its stability is directly tied to the welfare of millions of workers and retirees.
He stressed that the Board’s role carries “national significance,” as the Contributory Pension Scheme (CPS) remains the primary safety net for Nigerians in retirement. Introduced under the Pension Reform Act 2014, the CPS has grown into one of Africa’s largest pension frameworks, with assets now exceeding ₦28 trillion—making it a critical pool of long-term domestic capital.
Akume urged the Board to provide strong policy direction and uphold corporate governance standards, while maintaining a clear separation between oversight and management functions to ensure institutional efficiency.
“With assets of this magnitude, there must be zero tolerance for misconduct,” he said, calling for strict adherence to transparency, robust internal controls, and effective risk management systems.
He added that the Board’s decisions must reinforce public trust and reassure contributors that their retirement savings are secure and prudently managed.
Reaffirming the administration’s commitment, Akume said President Bola Ahmed Tinubu remains focused on clearing pension liabilities and ensuring retirees receive their benefits promptly and with dignity—an issue that has long challenged Nigeria’s pension system before the CPS reforms.
Responding, Board Chairman Agbaje Opeyemi Olukayode pledged that members would uphold integrity, discipline, and accountability in the discharge of their duties.
He also signalled the Board’s intention to explore strategic investments of pension funds in key sectors such as infrastructure and housing—areas widely seen as capable of driving economic growth—while ensuring strict protection of contributors’ funds.
In her remarks, PenCom Director-General Omolola Oloworaran described the inauguration as timely, noting that it restores full governance capacity to the Commission after a period of transition.
She expressed readiness to work closely with the Board to deepen reforms, enhance efficiency, and ensure that the pension system delivers measurable benefits to contributors and retirees.
The inauguration is expected to strengthen oversight within PenCom at a time when Nigeria’s pension industry is under increasing scrutiny to balance safety, returns, and its potential role in national development.
