The Federal Government has inaugurated the Governing Board of the National Pension Commission (PenCom), charging members to safeguard over ₦28 trillion in pension assets.
The inauguration took place in Abuja on Monday.
Speaking at the event, the Secretary to the Government of the Federation, George Akume, described PenCom as a key institution in Nigeria’s financial system.
He said the commission manages the retirement savings of millions of Nigerians.
Therefore, he urged board members to ensure transparency, accountability, and strong governance.
Akume explained that the board’s role is to provide, strategic direction, policy guidance and effective oversight
However, he warned against interference in daily operations.
He stressed that management must handle routine activities to maintain efficiency and accountability.
According to the government, Nigeria’s pension industry has grown significantly.
Assets under the Contributory Pension Scheme now exceed ₦28 trillion.
As a result, the board must adopt strict measures to protect contributors’ funds.
Akume also called for zero tolerance for misconduct and stronger internal controls.
Tinubu Administration Reaffirms Commitment
Akume said the administration of Bola Tinubu remains committed to meeting pension obligations.
He noted that the government is taking steps to clear outstanding liabilities.
In addition, efforts are ongoing to ensure retirees receive their benefits on time.
Board Chairman Promises Strong Governance
Speaking on behalf of the board, Chairman Opeyemi Agbaje expressed appreciation for the appointment.
He assured Nigerians that the board would uphold:
- Corporate governance
- Integrity
- Accountability
He also said pension funds could support national development, especially in infrastructure and housing.
The Director-General of PenCom, Omolola Oloworaran, described the inauguration as timely.
She noted that it restores proper oversight and strengthens governance within the commission.
Furthermore, she pledged collaboration between management and the board to improve outcomes for contributors.
The government said the board’s actions must build public trust.
Ultimately, contributors must feel confident that their savings are safe and well managed.
