FG Inaugurates PenCom Board
…To Safeguard Nigeria’s ₦28 Trillion Pension Assets
By Patience Ikpeme
The Federal Government on Monday, inaugurated the Governing Board of the National Pension Commission (PenCom), tasking it with upholding impeccable corporate governance over ₦28 trillion in assets under the Contributory Pension Scheme (CPS).
The ceremony, held in Abuja, underscored the administration’s unwavering commitment to a transparent and resilient pension framework amid the sector’s explosive growth.
With millions of Nigerians relying on the CPS for retirement security, the event signals a renewed era of strategic oversight and public trust.Secretary to the Government of the Federation (SGF), Senator George Akume, who presided over the inauguration, positioned PenCom as “a critical pillar of Nigeria’s financial sector, entrusted with the retirement savings of millions of Nigerians.”
He emphasized the Board’s mandate of “national importance,” charging members to deliver strategic direction, policy guidance, and effective oversight in strict adherence to the Pension Reform Act 2014 (PRA) and related frameworks.
Akume drew a sharp distinction between governance and operations, cautioning against overreach. “While the Board is responsible for oversight, Management must be allowed to handle day-to-day operations,” he stated. “Any interference in operational matters would weaken accountability and undermine institutional effectiveness.”
Highlighting the stakes, the SGF pointed to the pension industry’s remarkable expansion, with assets surpassing ₦28 trillion and a vast contributor base pinning their financial futures on the system. He demanded “zero tolerance for misconduct,” urging robust internal controls, risk management, and transparent 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,” Akume affirmed.
The government, under President Bola Ahmed Tinubu, reaffirmed its resolve to honor pension obligations. Akume noted ongoing efforts to clear outstanding liabilities, ensuring retirees receive benefits “with dignity, certainty, and timeliness.”
He formally inaugurated the Board, expressing optimism for “exemplary leadership, disciplined governance, and sustained commitment to the Nigerian people.”Responding on behalf of the members, PenCom Board Chairman Agbaje Opeyemi Olukayode conveyed profound gratitude to President Tinubu for entrusting them with this “national assignment.”
Olukayode pledged full alignment with the SGF’s vision, prioritizing corporate governance, integrity, and a clear governance-administration divide. The Board, he vowed, would harness pension funds to propel national development, channeling investments into infrastructure, housing, and other vital sectors.
PenCom’s Director-General, Ms. Omolola Oloworaran, hailed the inauguration as a “timely and significant” milestone. She thanked the SGF for providing “strategic leadership with clarity and purpose” during the Commission’s boardless interim, which paved the way for key achievements under her tenure. Oloworaran committed to seamless collaboration with the Board, rooted in “shared responsibility to serve the interests of Nigerians.”
She insisted that “every decision of PenCom Board must ultimately deliver tangible benefits to contributors and retirees,” while anticipating a “productive and collaborative working relationship.
“This development arrives at a juncture when Nigeria’s pension sector stands as a cornerstone of financial stability, with CPS assets reflecting disciplined growth since the scheme’s inception.
For contributors and retirees alike, the inauguration promises heightened accountability in a system that has evolved from nascent reforms to a trillion-naira powerhouse, fostering long-term economic resilience.
