- FG Inaugurates PenCom Board, Tasks Members On ₦28tn Pension Assets
- SGF warns against interference, urges transparency and accountability in operations
- New board pledges strong governance, focus on contributors and national development
The Federal Government on Monday inaugurated the Governing Board of the National Pension Commission, charging members to uphold corporate governance and safeguard over ₦28 trillion in pension assets under the Contributory Pension Scheme.
The inauguration ceremony, held in Abuja, was confirmed in a statement issued by the commission.
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EKO HOT BLOG reports that speaking at the event, the Secretary to the Government of the Federation, George Akume, described PenCom as a vital institution in Nigeria’s financial system.
“PenCom is a critical pillar of Nigeria’s financial sector, entrusted with the retirement savings of millions of Nigerians,” he said.
Akume stated that the inauguration reflects the government’s commitment to building “a pension system that is transparent, resilient, and trusted.” He added that the board’s responsibility is of national importance, requiring strategic direction, policy guidance and effective oversight in line with the Pension Reform Act 2014.
He, however, cautioned against interference in the commission’s daily operations. “While the Board is responsible for oversight, Management must be allowed to handle day-to-day operations,” he said, warning that interference could weaken accountability.
The SGF noted that the pension industry has recorded significant growth, with total assets exceeding ₦28 trillion and millions of Nigerians relying on the scheme. He urged the board to maintain zero tolerance for misconduct while strengthening internal controls, risk management and transparency.
“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 added.
Akume also reaffirmed the commitment of President Bola Tinubu to meeting pension obligations, noting that steps have been taken to clear outstanding liabilities and ensure retirees receive their benefits promptly.
Responding on behalf of the board, Chairman Opeyemi Agbaje thanked the President for the appointment and pledged to uphold corporate governance, integrity and strong leadership. He added that the board would explore ways to support national development by leveraging pension funds for infrastructure, housing and other key sectors.
Also speaking, the Director-General of PenCom, Omolola Oloworaran, described the inauguration as timely, noting that it restores the commission’s full governance structure.
“Every decision of PenCom Board must ultimately deliver tangible benefits to contributors and retirees,” she said, expressing optimism about a strong working relationship between the board and management.
The inauguration follows earlier concerns over delays in constituting the board. The government had appointed Agbaje as chairman in August 2025 after pressure from organised labour.
The development is expected to strengthen oversight and boost confidence in the management of pension funds across Nigeria.
