The Federal Government has inaugurated the Governing Board of the National Pension Commission (PenCom).
Speaking at the inauguration ceremony in Abuja on Monday, 23 March 2026, Secretary to the Government of the Federation (SGF), Senator George Akume, charged to uphold the highest standards of corporate governance and safeguard over ₦28 trillion in pension assets under the Contributory Pension Scheme (CPS).
He noted that PenCom remains a critical pillar of Nigeria’s financial sector, entrusted with the retirement savings of millions of Nigerians. He said the event demonstrates the government’s commitment to a pension system that is transparent, resilient, and trusted.
The SGF described the Board’s role as one of “national importance,” as members are expected to provide strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014 (PRA) and other relevant frameworks.
He urged members that while the Board is responsible for oversight, management must be allowed to handle day-to-day operations.
According to him, any interference in operational matters would weaken accountability and undermine institutional effectiveness.
On the scale of responsibility before the new Board, the SGF said that the pension industry has grown significantly, with assets now exceeding N28 trillion and millions of contributors depending on the CPS for financial security in retirement.
He called for zero tolerance for misconduct, urging the Board to prioritise strong internal controls, robust risk management, and transparency in decision-making.
“The actions of the Board must reinforce public confidence in the pension system and assure contributors that their savings are safe, secure, and well managed,” he said.
Reaffirming the government’s commitment to the sector, the SGF said the administration of President Bola Ahmed Tinubu remains resolute in meeting pension obligations. He noted that steps have been taken to address outstanding liabilities and restore confidence, with a focus on ensuring that retirees receive their benefits with dignity, certainty, and timeliness.
The SGF concluded by formally inaugurating the Board, expressing confidence that members would deliver exemplary leadership, disciplined governance, and sustained commitment to the Nigerian people.
Speaking on behalf of members, the Chairman of the PenCom Board, Agbaje Opeyemi Olukayode, expressed appreciation to Bola Ahmed Tinubu for finding the Board members worthy of the national assignment.
Olukayode said the new board members are fully committed to upholding the ideals articulated by the SGF, particularly in the areas of corporate governance, integrity, strong leadership, and a clear distinction between governance and oversight.
The Chairman pledged the Board’s determination to advance the administration’s agenda by leveraging pension funds as a catalyst for national development, mainly in infrastructure, housing, and other critical sectors of the economy.
Also speaking, the Director-General of PenCom, Ms Omolola Oloworaran, expressed appreciation to the SGF for inaugurating the Board and for providing oversight during the period the Commission operated without one.
CPS: Nigerian govt inaugurates PenCom Board to protect N28 trillion asset
