The Federal Government has inaugurated the Governing Board of the National Pension Commission (PenCom), urging members to uphold top-tier corporate governance and protect over ₦28 trillion in pension assets under the Contributory Pension Scheme (CPS).
At the ceremony in Abuja, Secretary to the Government of the Federation, George Akume, described PenCom as a cornerstone of Nigeria’s financial system, entrusted with the retirement savings of millions of citizens. He emphasized the government’s commitment to a transparent, resilient, and credible pension framework.
Akume highlighted the Board’s duties, including providing strategic direction, policy guidance, and oversight in line with the Pension Reform Act 2014. He stressed the importance of separating governance from daily administration, warning that interference could weaken accountability and institutional effectiveness.
With pension assets exceeding ₦28 trillion, Akume urged the Board to enforce strong internal controls, risk management, and transparency to maintain public confidence in the system. He also affirmed the administration’s dedication to meeting pension obligations and ensuring retirees receive timely benefits.
Chairman of the PenCom Board, Agbaje Opeyemi Olukayode, expressed gratitude for the appointment and pledged to uphold corporate governance, integrity, and leadership principles. He noted that the Board plans to leverage pension funds for national development, particularly in sectors like infrastructure and housing.
PenCom Director-General, Omolola Oloworaran, welcomed the inauguration, stating it restores the Commission’s full governance structure and strengthens oversight. She pledged close collaboration with the Board to ensure decisions benefit contributors and retirees while advancing the goals of Nigeria’s pension industry.
