PenCom Board inaugurated as Akume urges strong governance and NECA backs reforms to protect over N28tn pension assets in Nigeria

Secretary to the Government of the Federation, Senator George Akume, on Wednesday inaugurated the Governing Board of the National Pension Commission (PenCom), charging members to uphold strict corporate governance standards and safeguard over N28 trillion in pension assets under Nigeria’s Contributory Pension Scheme.

The PenCom Board inaugurated ceremony, held in Abuja, underscored renewed federal efforts to strengthen oversight, transparency, and accountability within Nigeria’s pension industry.

Also read: PenCom Enforces Dollar Pension Contribution Reporting

Akume stressed that the board must reinforce public confidence in the pension system by ensuring contributors’ savings remain safe, secure, and efficiently managed.

He warned against weak internal controls and called for zero tolerance for misconduct within the institution.

He emphasised the importance of separating governance from administration, noting that while the board is responsible for oversight and policy direction, management must be allowed to handle daily operational functions without interference.

According to him, any breach of this distinction could undermine accountability and weaken institutional performance in a sector entrusted with the financial security of millions of Nigerians.

The SGF further highlighted the scale of responsibility before the new board, noting that pension assets have grown significantly and now exceed N28 trillion under the Contributory Pension Scheme.

He reaffirmed the federal government’s commitment to meeting pension obligations and restoring confidence among retirees, adding that steps were already being taken to address outstanding liabilities and ensure timely payment of benefits.

Director-General of PenCom, Ms Omolola Oloworaran, welcomed the inauguration, describing it as a critical milestone in restoring full governance structures to the commission after a period of operating without a board.

She pledged strong collaboration with the board, stressing that all decisions must ultimately deliver tangible benefits to contributors and retirees across the country.

Oloworaran expressed optimism that the renewed governance framework would strengthen institutional performance and enhance service delivery within the pension sector.

Board Chairman, Dr Opeyemi Agbaje, also reaffirmed the board’s commitment to upholding integrity, strong leadership, and effective oversight while respecting the boundary between governance and administration.

He said the board would focus on leveraging pension assets as a catalyst for national development, particularly in infrastructure and housing, while maintaining strict adherence to regulatory frameworks.

The Nigeria Employers’ Consultative Association (NECA) welcomed the inauguration, describing it as a timely step toward restoring confidence in the pension system and strengthening regulatory oversight.

NECA Director-General, Mr Adewale-Smatt Oyerinde, said the move addressed a critical governance gap and reinforced accountability in managing pension contributions.

Also read: PenCom Enforces Dollar Pension Contribution Reporting

He urged the board to prioritise transparency, risk management, and global best practices to ensure the long-term sustainability of the Contributory Pension Scheme.