Akume stresses transparency and discipline as new board takes charge of Nigeria’s multi-trillion-naira retirement savings system….
The Federal Government has formally inaugurated the Governing Board of the National Pension Commission (PenCom), charging its members with the critical responsibility of protecting over N28 trillion in pension assets under Nigeria’s Contributory Pension Scheme.
At the inauguration ceremony held in Abuja, the Secretary to the Government of the Federation, George Akume, described PenCom as a cornerstone of the nation’s financial system, noting that it holds the retirement savings of millions of Nigerians.
He said the constitution of the Board underscores the administration’s resolve to strengthen a pension system that is transparent, resilient, and widely trusted.
According to Akume, the role of the Board carries significant national importance, requiring members to provide strategic leadership, policy direction, and effective oversight in line with existing laws, including the Pension Reform Act 2014.
He, however, drew a clear line between governance and operations, warning against undue interference in management functions. While the Board is responsible for oversight, he stressed that day-to-day activities must remain the responsibility of the commission’s management to preserve accountability and institutional efficiency.
With pension assets now exceeding N28 trillion, Akume noted that the industry has witnessed substantial growth, making it even more important for the Board to uphold the highest standards of integrity. He urged members to adopt a zero-tolerance stance on misconduct while prioritising transparency, risk management, and robust internal controls.
“The responsibility before you is to sustain public confidence and ensure that contributors’ funds remain secure and properly managed,” he said.
Akume also reaffirmed the commitment of President Bola Tinubu to meeting pension obligations, adding that ongoing efforts are aimed at clearing outstanding liabilities and ensuring retirees receive their benefits promptly and with dignity.
Board Pledges Strong Governance
Responding on behalf of the Board, Chairman Opeyemi Agbaje expressed appreciation for the confidence reposed in the members, pledging to uphold strong corporate governance, integrity, and accountability.
He said the Board would also explore ways to channel pension funds into key sectors of the economy, including infrastructure and housing, in a manner that supports national development while protecting contributors’ interests.
PenCom DG Hails Development
The Director-General of PenCom, Omolola Oloworaran, described the inauguration as both timely and significant, noting that it restores the full governance structure of the commission after a period without a board.
She commended the SGF for maintaining oversight during the interim and pledged continued collaboration between management and the Board to advance the objectives of the pension industry.
Oloworaran emphasised that every decision taken by the Board must ultimately translate into tangible benefits for contributors and retirees, expressing confidence in a productive working relationship going forward.
Background
The inauguration comes months after concerns were raised over delays in constituting the Board, with pressure mounting from organised labour, including the Nigeria Labour Congress.
The eventual appointment of Agbaje as chairman helped to address those concerns, paving the way for the reconstitution of the commission’s leadership and a renewed focus on strengthening Nigeria’s pension system.
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