By Nana Musa
The Federal Government of Nigeria has inaugurated the governing board of the National Pension Commission (PenCom), urging the members to uphold high standards of corporate governance.
Secretary to the Government of the Federation (SGF), Sen. George Akume, made the statement during the inauguration in Abuja, on Monday.
He urged the members to safeguard the N28 trillion pension assets under the Contributory Pension Scheme (CPS).
Akume said that PenCom remains a critical pillar of Nigeria’s financial sector, entrusted with the retirement savings of millions of Nigerians.
He said this event demonstrates government’s commitment to a pension system that is transparent, resilient, and trusted.
The SGF said that the board’s role was of national importance, members are expected to provide strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014 (PRA) and other relevant frameworks.
Akume said that the members should drew a firm line between governance and administration.
He told the members that while the board was responsible for oversight, management must be allowed to handle the day-to-day operations.
According to him, any interference in operational matters would weaken accountability and undermine institutional effectiveness.
The SGF said that the pension industry has grown significantly, with assets now exceeding N28 trillion and millions of contributors depends on the CPS for financial security in retirement.
Akume also 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.
The SGF said that the administration of President Bola Tinubu remains resolute in meeting pension obligations.
According to him, steps has been taken to address outstanding liabilities and restore confidence, with a focus on ensuring that retirees receive their benefits with dignity, certainty, and timeliness.
Akume, also expressed confidence that members would deliver exemplary leadership, disciplined governance, and sustained commitment to the Nigerian people.
Speaking on behalf of members, the Chairman of the PenCom board, Mr Agbaje Olukayode, commended Tinubu for finding the members worthy of the national assignment.
Olukayode said the members were 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 that 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.
The Director-General (D-G) of PenCom, Ms Omolola Oloworaran, said that the inauguration was timely and significant, as it strengthens governance within PenCom by restoring the board’s oversight functions.
She commended the SGF for inaugurating the board and for providing oversight during the period the commission operated without one.
Oloworaran said 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 D-G reiterated her commitment to working collaboratively with the board, anchored on a shared responsibility to serve the interests of Nigerians.
She said that every decision of PenCom board must ultimately deliver tangible benefits to contributors and retirees.
“I looked forward to a productive and collaborative working relationship with the board,” Oloworaran said.
