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The federal government, yesterday inaugurated the Governing Board of the National Pension Commission (PenCom), charging members to uphold the highest standards of corporate governance and safeguard the over N28 trillion in pension assets under the Contributory Pension Scheme (CPS).
Speaking at the inauguration ceremony in Abuja, the Secretary to the Government of the Federation (SGF), Senator George Akume, said that PenCom remains a critical pillar of Nigeria’s financial sector, entrusted with the retirement savings of millions of Nigerians. He said the event demonstrates government’s commitment to a pension system that is transparent, resilient, and trusted.
Akume described the Board’s role as one of “national importance,” as members are expected to provide strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014 (PRA) and other relevant legal frameworks.
The SGF drew a firm line between governance and administration. He told the members that while the Board is responsible for oversight, Management must be allowed to handle day-to-day operations. According to him, any interference in operational matters would weaken accountability and undermine institutional effectiveness.
On the responsibility before the new Board, he said that the pension industry has grown significantly, with assets now exceeding N28 trillion and millions of contributors depending on the CPS for financial security in retirement.
He, therefore, called for zero tolerance for misconduct, urging the Board to prioritise strong internal controls, robust risk management, and transparency in decision-making.
“The actions of the Board must reinforce public confidence in the pension system and assure contributors that their savings are safe, secure, and well managed,” he said.
Reaffirming government’s commitment to the sector, the SGF said that the administration of President Bola Ahmed Tinubu remains resolute in meeting pension obligations. He noted that steps have been taken to address outstanding liabilities and restore confidence, with a focus on ensuring that retirees receive their benefits with dignity, certainty, and timeliness.
He expressed confidence that members would deliver exemplary leadership, disciplined governance, and sustained commitment to the Nigerian people.
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Speaking on behalf of members, the Chairman of the PenCom Board, Agbaje Opeyemi Olukayode, expressed appreciation to Bola Ahmed Tinubu for finding the Board members worthy of the national assignment.
Olukayode said the new Board members are fully committed to upholding the ideals articulated by the SGF, particularly in the areas of corporate governance, integrity, strong leadership, and a clear distinction between governance and oversight.
The Chairman pledged the Board’s determination to advance the administration’s agenda by leveraging pension funds as a catalyst for national development, mainly in infrastructure, housing, and other critical sectors of the economy.
Also speaking, the Director-General of PenCom, Ms. Omolola Oloworaran, expressed appreciation to the SGF for inaugurating the Board and for providing oversight during the period the Commission operated without one. She noted that, prior to the inauguration, the SGF had offered strategic leadership with clarity and purpose, contributing to key achievements recorded since her assumption of office.
The Director-General reaffirmed a commitment to work collaboratively with the Board, anchored on a shared responsibility to serve the interests of Nigerians. She stressed that every decision of PenCom Board must ultimately deliver tangible benefits to contributors and retirees.
The DG further said the inauguration is timely and significant, as it strengthens governance within PenCom by restoring the Board’s oversight function. She said she looked forward to a productive and collaborative working relationship with the Board.
Oloworaran reaffirmed that both Management and the Board would continue to deliver on PenCom’s mandate and expressed confidence in a strong partnership with all Board members in advancing the objectives of the pension industry.
Reacting, some Retirement Savings Account (RSA) across the country from both Public and private sector, in a telephone interview applauded the development with great expectations from PenCom, believing that the Board members will deploy their expertise to offer top-notch experience to every Retirement Savings Account holder.
“It is a way forward. The oversight function is necessary deliver complete services to the the Nigerian people especially contributors to the Contributory Pension Scheme (CPS). As a contributor, we expect nothing less than good results” a RSA holder, Chima Eze urged.
