NECA commends PenCom Board inauguration, calling it a major step for transparency, governance, and protection of Nigeria’s N28 trillion pension assets

The Nigeria Employers’ Consultative Association (NECA) has commended the federal government for inaugurating the Governing Board of the National Pension Commission (PenCom), describing the development as a crucial step toward enhancing governance, transparency, and accountability in Nigeria’s pension sector.

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Mr. Adewale-Smatt Oyerinde, Director-General of NECA, noted in a statement that the inauguration comes after a prolonged delay that had raised concerns among employers and stakeholders about the oversight of pension assets and the integrity of the Contributory Pension Scheme (CPS).

“The constitution of the PenCom Board is both timely and commendable. It addresses a significant governance gap and reinforces confidence in the management of pension funds, now valued at over N28 trillion, which represent the retirement security of millions of Nigerian workers,” Oyerinde said.

NECA praised the federal government under President Bola Ahmed Tinubu, GCFR, for restoring PenCom’s statutory governance structure in accordance with the Pension Reform Act 2014.

The Association also aligned with the Secretary to the Government of the Federation, Senator George Akume, who tasked the Board to uphold the highest standards of corporate governance, ensure strict oversight, and avoid interference in management operations.

Oyerinde emphasised that a clear separation between governance and management is essential for institutional effectiveness.

“Strong oversight, without operational interference, is fundamental to sustaining accountability and safeguarding contributors’ funds,” he said.

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He added that while the business community remains committed to fulfilling its statutory obligations under the CPS, that commitment must be matched by strong governance frameworks that guarantee the safety, security, and efficient management of pension contributions.