Lilian Igwu
The Federal Government has inaugurated the Governing Board of the National Pension Commission (PenCom), reinforcing its commitment to strengthening oversight and accountability in the management of pension assets valued at over N28 trillion.
The inauguration, held in Abuja, marks a renewed phase in the governance of Nigeria’s Contributory Pension Scheme, following a period in which the commission operated without a formal board. Government officials say the development is aimed at restoring institutional balance, improving supervision, and deepening confidence in the pension system.
Speaking at the ceremony, the Secretary to the Government of the Federation, Senator George Akume, emphasized that PenCom occupies a strategic position within Nigeria’s financial architecture, given its responsibility for safeguarding the retirement savings of millions of contributors across the country. He noted that the scale of assets under management places a significant duty on the newly constituted board to act with discipline, transparency, and a strong sense of national responsibility.
According to him, the establishment of the board reflects the administration’s broader objective of building a pension framework that is not only stable but also credible in the eyes of contributors and stakeholders. He stressed that governance at the board level must be clearly separated from day-to-day management functions, warning that interference in operational activities could weaken accountability structures and reduce institutional efficiency.
Akume further charged the board to prioritize robust internal controls, effective risk management systems, and strict adherence to ethical standards. He described the responsibility before the members as one that directly impacts public trust, noting that contributors must remain confident that their funds are secure and professionally managed.
He also reiterated the commitment of the current administration to addressing pension obligations owed to retirees, assuring that ongoing efforts are geared toward ensuring timely and dignified payment of benefits. He expressed optimism that with proper oversight, the pension system would continue to evolve in a way that supports both retirees and the broader economy.
In his remarks, the Chairman of the newly inaugurated board, Opeyemi Agbaje, expressed appreciation to the Federal Government for the confidence reposed in the board members. He stated that the team is committed to upholding the principles of corporate governance, integrity, and accountability in carrying out its mandate.
Agbaje added that the board intends to play an active role in supporting national development by exploring responsible ways in which pension assets can contribute to critical sectors such as infrastructure and housing, while maintaining strict safeguards to protect contributors’ funds.
Also speaking, the Director-General of PenCom, Ms. Omolola Oloworaran, described the inauguration as a significant milestone for the commission. She noted that the absence of a governing board had created a governance gap that has now been addressed, allowing for improved oversight and strategic direction.
She expressed readiness to work closely with the board, stressing that collaboration between management and the governing body would be essential in achieving the core objectives of the pension system. According to her, decisions taken by the board must ultimately translate into measurable benefits for both contributors and retirees.
The reconstitution of the board follows earlier public and labour concerns over delays in its formation, with stakeholders insisting that a functional governing structure is critical to maintaining confidence in the management of pension funds and ensuring compliance with regulatory standards.
With the board now in place, attention is expected to shift toward strengthening policy direction, enhancing transparency, and consolidating reforms within the pension industry to better serve contributors and sustain long-term financial stability.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.