The federal government has inaugurated the Governing Board of the National Pension Commission (PenCom), charging members to uphold transparency, accountability, and sound corporate governance in the management of more than N28-trillion in pension assets.
Speaking at the ceremony in Abuja on Monday, George Akume, Secretary to the Government of the Federation (SGF), described PenCom as a critical pillar of the financial system. He noted that the commission is entrusted with safeguarding the retirement savings of millions of Nigerians under the Contributory Pension Scheme (CPS).
Mandate for strategic oversight
Akume said the inauguration reflects the government’s commitment to building a pension system that is transparent, resilient, and widely trusted. He noted that the board is expected to provide strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014.
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However, the SGF cautioned against interference in the commission’s day-to-day operations, stressing the need for a clear separation between governance and management functions. “While the board is responsible for oversight, management must be allowed to handle operations,” he said. “Any interference will weaken accountability and undermine institutional effectiveness”.
Focus on risk management and infrastructure
Highlighting the scale of the industry, Akume noted that pension assets have grown to exceed N28-trillion. He called for zero tolerance for misconduct, urging board members to prioritise internal controls, robust risk management, and transparency in decision-making.
Agbaje Opeyemi Olukayode, Chairman of the board, pledged to uphold the principles of integrity and effective oversight. Olukayode said the board would explore ways to leverage pension funds as a catalyst for national development, particularly in infrastructure and housing, to align with the administration’s economic agenda.
Restoring governance functions
Omolola Oloworaran, PenCom Director-General, said the inauguration was timely as it restores the board’s oversight function. She emphasized that collaboration between management and the board must be anchored on a shared responsibility to serve contributors and retirees.
Oloworaran expressed confidence in a productive relationship with the new board, reaffirming the commission’s commitment to sustaining public trust and delivering tangible benefits to Nigerians.
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