Federal Government has inaugurated the Governing Board of the National Pension Commission (PenCom), urging members to uphold standards and protect over ₦28 trillion in pension assets under the Contributory Pension Scheme (CPS).
At the inauguration in Abuja, the Secretary to the Government of the Federation (SGF), Senator George Akume, described PenCom as a critical pillar of Nigeria’s financial system, entrusted with the retirement savings of millions of citizens.
Senator Akume said the inauguration underscores the government’s commitment to a pension system that is transparent, resilient, and credible.
The SGF explained that the Board’s mandate would provide strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014 (PRA) and other relevant frameworks.
Senator Akume also drew a clear distinction between governance and administration, and stressed that the Board was responsible for oversight, Management must retain full control of day-to-day operations.
He called for zero tolerance for misconduct, urging the Board to prioritise strong internal controls, robust risk management, and transparency in decision-making.
Responding on behalf of the Board, Chairman Agbaje Olukayode pledged the Board’s commitment to upholding the highest standards of governance, integrity, and leadership.
He gave assurance that the Board would support the administration’s agenda by leveraging pension funds to drive national development, particularly in infrastructure, housing, and other critical sectors.
The Director-General of PenCom, Ms Omolola Oloworaran, expressed appreciation to the SGF for providing leadership during the period the Commission operated without a Board, noting that his guidance contributed to key institutional achievements.
She emphasised the importance of collaboration between Management and the Board, stressing that all decisions must translate into tangible benefits for contributors and retirees.
Describing the inauguration as both timely and significant, Oloworaran said it restores the Commission’s full governance structure and strengthens oversight. She expressed optimism about a productive working relationship with the Board and reaffirmed PenCom’s commitment to delivering on its mandate.
RN
