The Federal Government on Monday inaugurated the Governing Board of the National Pension Commission, directing members to uphold corporate governance and safeguard over N28tn in pension assets under the Contributory Pension Scheme.\n<\/p>\n
This was contained in a statement issued by PenCom on Monday.\n<\/p>\n
Speaking during the inauguration ceremony in Abuja, the Secretary to the Government of the Federation, George Akume, described PenCom as \u201ca critical pillar of Nigeria\u2019s financial sector, entrusted with the retirement savings of millions of Nigerians.\u201d\n<\/p>\n
Akume said the inauguration reflects the government\u2019s commitment to building \u201ca pension system that is transparent, resilient, and trusted.\u201d<\/p>\n
He described the Board\u2019s responsibility as one of \u201cnational importance,\u201d noting that members are expected to provide strategic direction, policy guidance and effective oversight in line with the Pension Reform Act 2014 and other relevant frameworks.\n<\/p>\n
He also cautioned against interference in management duties, stressing that \u201cwhile the Board is responsible for oversight, Management must be allowed to handle day-to-day operations.\u201d\n<\/p>\n
According to him, any interference in operational matters \u201cwould weaken accountability and undermine institutional effectiveness.\u201d<\/p>\n
The SGF noted that the pension industry has grown significantly, with assets exceeding N28tn and millions of contributors depending on the CPS for financial security in retirement.\n<\/p>\n
He urged the Board to adopt zero tolerance for misconduct and prioritise strong internal controls, risk management and transparency.\n<\/p>\n
\u201cThe actions of the Board must reinforce public confidence in the pension system and assure contributors that their savings are safe, secure, and well managed,\u201d he was quoted in the statement as saying. <\/p>\n
Akume added that the administration of President Bola Tinubu remains committed to meeting pension obligations, noting that steps have been taken to address outstanding liabilities and ensure retirees receive their benefits \u201cwith dignity, certainty, and timeliness.\u201d\n<\/p>\n
He expressed confidence that the Board would provide disciplined governance and deliver on its mandate.\n<\/p>\n
Speaking on behalf of the Board, its Chairman, Opeyemi Agbaje, thanked the President for the appointment, saying members are committed to upholding corporate governance, integrity and strong leadership.\n<\/p>\n
He added that the Board would support national development by leveraging pension funds, particularly in infrastructure, housing and other critical sectors of the economy.<\/p>\n
Also speaking, the Director-General of PenCom, Ms Omolola Oloworaran, commended the SGF for providing oversight during the period the commission operated without a board.\n<\/p>\n
Oloworaran said the inauguration was \u201ctimely and significant,\u201d as it restores the Board\u2019s oversight function and strengthens governance within the commission.\n<\/p>\n
Oloworaran pledged to work collaboratively with the Board, stressing that \u201cevery decision of PenCom Board must ultimately deliver tangible benefits to contributors and retirees.\u201d\n<\/p>\n
She expressed confidence in a strong partnership between management and the Board in advancing the objectives of the pension industry.\n<\/p>\n
The PUNCH in August 2025 reported that the federal government bowed to the threat of a strike by the Nigeria Labour Congress for not constituting the governing board of the National Pension Commission by appointing Opeyemi Agbaje as the chairman.\n <\/p>\n","protected":false},"excerpt":{"rendered":"The Federal Government on Monday inaugurated the Governing Board of the National Pension Commission, directing members to uphold…\n","protected":false},"author":2,"featured_media":400187,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177],"tags":[79,169832,18,181671,19,17,181672,164140,181673,165258,122442,181674,234,235,4036],"class_list":{"0":"post-400186","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-contributory-pension-scheme","10":"tag-eire","11":"tag-george-akume","12":"tag-ie","13":"tag-ireland","14":"tag-national-pension-commission","15":"tag-nigerian-government","16":"tag-opeyemi-agbaje","17":"tag-pencom","18":"tag-pension-assets","19":"tag-pension-reform-act-2014","20":"tag-personal-finance","21":"tag-personalfinance","22":"tag-retirement-savings"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/400186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=400186"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/400186\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/400187"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=400186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=400186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=400186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}